Bank ledgers provide a record of the comings and goings of your money on each bank account. This is similar to you bank statements. Every time you make an expense, the ledgers record a withdrawal. When you encode an income the ledgers record a deposit.

To view you bank ledgers, go to “My Finances > Banking > Ledgers” and select a bank on the list on the main screen.  

The ledger is has many columns and the following are their description.

Cleared Date – the date the transaction was recorded by your bank if the particular ledger is an actual bank account. This is used for bank reconciliation. Transactions that are recorded as offline transactions do not automatically get cleared. One examble would be your check issuances.  You may have made the payment on August 1 but the date of the check is August 5 as in the case of post dated checks. Also, the payee may have not deposited or encashed the check until August 7. As such, the cleared date for the transaction is August 7.

 Actual Date – the date the transaction was encoded into the system by you.

Transaction – the type of transaction whether it’s a withdrawal or deposit and whether cash was used or check.

Credit – 0 when it’s a withdrawal and the amount when it’s a deposit.

Debit – 0 when it’s a deposit and the amount when it’s a withdrawal.

*Debit and Credit here is patterned similar to your bank statements to avoid confusion. But in an accounting sense, they should be opposite as far as your assets are concerned. Bank statements are made in the bank’s perspective. See this very informative page on the subject .

Balance – The sum of all transactions in the bank ledger up to the current record.

Clearing transactions or checks are usually done after you have received your bank statement. The process is actually called bank reconciliation. Here we order the transactions in the same sequence as they are in the bank statements. We also declare the record cleared when they have already reflected in the said statements. To clear transactions,

Click on the date (whether cleared date or actual date) and you will see a new section displayed.

 

Cleared – the date the record is entered in the bank statement.

Order ID – set its value according to position in the bank statement for a particular date.

 

Save your transaction.