Transit Account for Bank Postings

With a transit account, 365 business Banking posts carried-out payments to an interim account first and moves them to the bank G/L account once they are reconciled.

Business Value

The bank G/L account only shows what the bank has confirmed. Initiated but not yet executed payments remain visible on the transit account, also at the level of G/L entries, which have no open/closed status in the standard.

Feature Description

• The Transit Account No. field on the bank account posting group defines the interim account.
• When a payment is posted, the bank account ledger entry remains open. Only the balancing entry is posted to the transit account.
• When the bank account ledger entry is closed through the payment reconciliation journal, 365 business Banking automatically moves the amount to the bank G/L account.
• Balance excl. Transit on the bank account card and the Transit Account No., Transit Account Cleared and In Transit fields in the bank account ledger entries show which amounts are still in transit.

Details: Transit account for bank postings