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float days [message #440731] Tue, 26 January 2010 19:57
bananaman
Messages: 71
Registered: March 2009
Member
Hi! I'm currently testing the float days feature in the bank transaction code setup. From the user guide, it says:

"Enter the number of float days that you want Cash Management to add to or subtract from the statement date to create an anticipated value date for automatic lockbox receipts."

For the transaction type Receipt, I tried to enter the value '6' in the float days field. To check how this float days work, I prepared a receipt and a bank statement containing that receipt so that this will be reconciled successfully. These are the details before reconciling:

Receipt created in AR:
receipt no. = RN001
amount = 10000
receipt date = 13-JAN-2009
Bank statement:
statement date = 13-JAN-2009
line number = 1
type = Receipt
code = CREDIT
number = RN001
transaction date = 13-JAN-2009
value date = (blank)
amount = 10000
amount reconciled = (blank)
charges = (blank)
status = unreconciled

After running the autoreconciliation program, the status changes from unreconcile to reconciled. Upon checking the receipt history in receipts window, the anticipated date of that receipt is still 13-JAN-2009, which is different from what I expected. I expected that the anticipated value date of this receipt is 19-JAN-2009 (13-JAN-2009 plus 6 float days) since based on the definition of float days above, it will add 6 days from the statement date. What must be wrong with this that made this transaction to have a anticipated value date different from what I expected?

[Updated on: Tue, 26 January 2010 20:04]

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