It is probable that some of the cheques that you wrote out prior to the Start Date are presented to the bank after the Close-Off Date. This may even be true for some deposits received by you if you are not in the habit of daily banking. You need to identify these transactions, and handle them specially.
Before you start, you should make a list of all unpresented cheques as at the Start Date. These are cheques that were written out before the Start Date, but were not presented (i.e. do not appear on your bank statement) until on or after the Start Date.
Enter each cheque as a cash payment as follows:
- Create a new Payment
- Check that the bank account is set correctly, and enter the cheque number, date, and payee for the cheque
This information should be on the cheque butt.
- Type “Unpresented item” in the description
- Code the amount of the cheque to the Setup Account
- Click the Next button to enter the next cheque, or OK for the last
It is important to check your work. Make sure that the amount of the cheques entered into MoneyWorks is the same as the total of unpresented cheques on your list —use the Sum Selection command. Also make sure that they are all dated prior to your startup date, and appear in your Setup Period.