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7.2.13 Update (February 7, 2021)

In This Article…

The following enhancements center around void and deposit slip recordkeeping, as well as their impact on reconciliations. We highly recommend that you share this information with those who handle these functions for your firm.

User Webinar (Feb 2, 2021)

All users were invited to attend one of our pre-release webinars. In these sessions, we reviewed these enhancements, demoed pre & post-release behaviors, and answered any questions. You can watch the recording below. 

Enhancements

New Advanced Settings for Voids (Operating Bank Accounts Only)

Since different situations may warrant different void handling, we have added the following Advanced Settings when voiding operating transactions. 

Maintain Original Transaction Amount (default)
  • This option voids the original transaction without changing its amount and creates a reversing void adjustment entry.
  • The system will default to this option, but you can decide which action is best at the time of voiding.
Change Original Transaction Amount to $0.00
  • This option changes the original transaction amount to $0.00 as of the original transaction date.
  • If you are voiding in a different month, we recommend choosing to maintain the original transaction amount. 
  • If you choose this void option, the system displays a warning asking you to confirm that choice.

By default, the void transaction function maintains the original transaction amount instead of zeroing out the original transaction. At the time of voiding, you can change this setting if needed. 

Important

For trust accounts, voiding will continue to always maintain the original amount for a proper audit trail.

You and your accounting team determine when to use each option. The method you choose will impact your prior reconciliation reporting.

You can access the void settings from the Void Transaction screen under Advanced Settings. 

For additional information, see Void an Operating Bank Transaction.

Increased Visibility of Voided Transactions When Reconciling

To provide greater visibility of voided items, we have added a Voided Transactions tab to your reconciliation screen. This read-only area contains transactions dated that month, which were voided in the current or future month. 

Previous Behavior

Original Transaction Date Void Date Reconciliation Behavior
12/30/20 1/3/21

12/31/20 statement

  • Once you void the transaction, it no longer displayed on the reconciliation screen.
  • Transaction displayed on reconciliation reporting as Uncleared

1/31/21 statement

  • Once you void the transaction, it no longer displayed on the bank reconciliation screen.
  • Transaction displayed on reconciliation reporting as cleared (if reconciled)

Enhanced Behavior

Original Transaction Date Void Date Reconciliation Behavior
12/30/20 1/3/21

12/31/20 statement

  • Once you void the transaction, it moves to the Voided Transactions tab on the reconciliation screen. This read-only information includes the void date and amount.
  • These entries remain in the Uncleared Account Balance from that month until the month in which the void takes place.
  • If you void the transaction in the same month, the items will move to Cleared when you reconcile the statement.
  • Transaction displays on reconciliation reporting as Uncleared

1/31/21 statement

  • Once you reconcile the statement, the system clears the void and includes the void in the Cleared Account Balance. It also lists it under the Voided Transactions, Payments & Deposits tabs as applicable.
  • Once you reconcile the statement, Void and Void Adjustment will display on reconciliation reporting as Cleared.

Increased Visibility of Deposit Slip Transactions When Reconciling

To provide greater visibility of deposits that are a part of a future deposit slip, we have added the Additional Uncleared Deposits tab to your reconciliation screen. This read-only area contains entries dated that month, which are a part of a deposit slip dated a future month.

Previous Behavior

Transaction Slip Date Deposit Slip Date Reconciliation Behavior
12/30/20 1/3/21

12/31/20 statement

  • Once you add a bank transaction to a future month’s deposit slip, it no longer displayed under Deposits or the Uncleared Balance on the reconciliation screen.
  • The transaction does not display on this month’s reconciliation reporting.

1/31/21 statement

  • The full deposit slip amount was displayed under the current month’s Deposit tab.
  • The system included the amount in the Uncleared Balance on the reconciliation screen and that month’s reconciliation reporting until you clear it.

Enhanced Behavior

Transaction Slip Date Deposit Slip Date Reconciliation Behavior
12/30/20 1/3/21

12/31/20 statement

  • The portion dated this month is included in the amount of the uncleared deposits and is listed under the Additional Uncleared Deposits tab. This read-only information includes the deposit slip amount and date.
  • Each transaction you include in this new tab displays as an Uncleared Deposit on reconciliation reporting for that month, ensuring your reconciled book balance and trial balance book balance match.

1/31/21 statement

  • No change

For additional information, see Reconcile Your Bank Account.

Updated on February 8, 2021

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