PENDING ACCOUNT RECONCILING TRANSACTIONS

 

Tutorial: Reconciling Pending account TX Prerequisites: Installation of Stator Lite DEMO or Installation of Stator Standard DEMO or Installation of Stator Professional DEMO Version Specific: No Help File Reference: Accounts/Pending Account/Reconciling Transactions

The Pending account within Stator is designed as a holding account for account transactions which cannot be assigned to any other existing account.

Examples of when an account transaction cannot be assigned to an existing account is when the transaction currency is not the same as any existing account currency. In this instance, the transaction is allocated to the Pending account until such time that it can be reconciled with an exchange rate into any available account.

The Pending Account is automatically supplied with Stator and can be viewed by:

1.  Select "Accounts Management" from the main Stator treeview.
2.  Click on the "Pending Account" tab.
3.  Change the date parameters if required.
4.  Click on the "Retrieve"" button.

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When Pending account transactions exist, Stator will provide an automated notification to alert you that transactions will need to be reconciled into an existing account.

With Pending account transactions present, the following notification screen is displayed when you click on the "Accounts Management" section.

 

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Reconciling a Pending account transaction

1.  Select the pending account transaction you wish to reconcile.
2.  Click on the "Edit" button.
3.  Complete the details which are required on the transaction form.

The picture above shows a US dollar transaction being reconciled to the "Account 1 " which is denominated in Australian Dollars.

Therefore in order to allocate the transaction to the "Account 1" account, the exchange rate is required between US Dollars and Australian Dollars at the time of the transaction.

Actions Required

- Select the account you wish to allocate the transaction to.
- Provide an exchange rate.

4.  Click on the "Apply Change" button to save the changes.

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Finishing the Reconciliation

The final step is to assign the pending transaction to the selected account. This is done by performing the following action:

1.  Select the transactions you wish to allocate to their assigned accounts.
2.  Click on the "Reconcile Selected Transactions" button.

Stator will step through each of the selected pending transactions and assign them to their respective accounts.

Once the transactions are reconciled, they will be removed from the Pending account and will appear in the assigned account.

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Notes for Stator Standard Users

The Pending account can still be utilised to hold account transactions which cannot be assigned to any available account. Because Stator Standard is a single currency program, there is no requirement to provide an exchange rate when performing the reconciliation.