Check and P. Note transactions between divisions are recorded using inter-division group processing slips. If the company has divisions in separate locations, Check and P. Note transactions are tracked and reported separately for each division.
Division is a physical location that is connected to the headquarters of a company or organization, and that independently manages its own commercial transactions. Therefore, checks and P. Notes received are recorded in separate portfolios by divisions. The division of Check or P. Note is specified on Checks/P. Notes Received slip.
Checks and P. Notes issued from division portfolio and status changes are recorded using issued slips and group processing slips respectively. The Division that the transaction is related to is recorded on the Division Number field located on slip headings.
Only the checks and P. Notes of the division on the slip can be selected and transferred on issue slips of checks/ p. notes and group processing slips. In return transactions, the check issue transaction can be returned only to the portfolio of its division.
Checks and P. Notes in the portfolio of a division can be transferred into another division using the Inter-Division Group Processing Slip. In other words, check/P. Note transactions between divisions are recorded using these options.
The upper section of the slip window contains the fields where the Output (O) and Input (I) divisions of the check or p. notes are specified. The Division (O) field is used to enter the current Division of the checks or p. notes, and the Division (I) field is used to enter the Division Number where the checks or p. notes will be transferred.
Checks or P. Notes to be transferred between divisions are selected on the slip lines. The selected records are transferred into the slip lines by clicking on "Transfer" button. If multiple checks or p. notes will be processed between divisions, Group Selection button is used.
Checks and P. Notes of the output division that match the conditions below can be selected for transfer using the Inter-Division Group Processing Slip:
- Checks and P. Notes in portfolio
- Checks NSF at the bank,
- Return transactions NSF at the customer, and checks with NSF status,
- Protested and irrevocable customer promissory notes which appear to be in portfolio, yet not included in it.
When the inter-division check or p. note slip is recorded, checks and P. Notes on the slip lines are transferred into the check and p. note portfolio of the input division. The status of transferred checks and p. notes cannot be changed. The division number of checks and p. notes within the slip is replaced with the input division number by the application.
Changes made upon information regarding checks or p. notes transferred between divisions are performed on Check/P. Note records. The division information for these records is changed using Inter-Division Group Processing Slip, and they are listed on Check/P. Note Slips window with the input division number. The lines on the lower section of the Check/P. Note records displayed using "Update" option are used to track the history of the check or p. notes.
Endorsement Collection Exch. Rate Effect on AR/AP Balance
In check transactions in foreign currency, it is possible to take AR/AP balance with the exchange rate of the endorsement and collection status check's transaction date.
In order to take AR/AP balance by considering exchange rate of the date when any transaction done with "Endorsement" and "Collection" status checks, the user should approve "Endorsement Collection Exch. Rate Will Affect AR/AP Balance" parameter line of the finance parameters.
Reporting and transaction currency info is recorded by using Collection Exchange Rate option located in the right mouse button menu of the issued check and group processing slips.