Cash and Match Open Checks

Explanation

This activity is used to cash the open checks in the application using bank statement information and to reconcile those cashed checks with the bank statement transactions.

Prerequisites

A bank statement must have been loaded into the system, and the loaded statement must include cashed check transactions.

System Effects

Any open check which matches the check number (series ID), currency, and amount of the transaction selected from the bank statement will be cashed. As a result, a transaction will be  created in the cashbook, which will be reconciled with the transaction selected from the bank statement. This will cause the Reconciled check box in the Customer Check window or Supplier Check window or Repayment Check window to be selected.  The customer, supplier and repayment checks included in a check cashing proposal will be cashed only if the proposal is not used in an existing mixed payment having Not Approved status.

Window

Transaction Matching (Dialog Box)

Related Window Descriptions

Automatic Transaction Matching (Dialog Box)
Automatic Transaction Matching

Procedure

1. Open the Automatic Transaction Matching dialog box from the IFS Applications Navigator.
2. Enter the cash account. The reconciliation date, payment institute, and period will be retrieved by the system.
3. Click OK. The Automatic Transaction Matching window will display all the transactions that have not been matched/finally matched by the given reconciliation date. You will find cashbook transactions on the upper section and the bank statement transactions on the lower section of the table.
4. Select a cashed check transaction in the bank statement section, right-click and then click Cash and Match Check.
5. The Cash and Match Check dialog box opens, populated with checks that match the selection criteria.
6. Select a check and click OK.