FINSYNC helps you track all of your transactions, even those that have not reached your bank account yet.
Three categories help you track all of your money within FINSYNC:
1) Current Balance - This is what your bank says you have and this number is accurate as of the end of the day yesterday. These balances are calculated based on transactions that are cleared by your bank.
2) Pending Balance - The amount shown here is the sum of all of your money that is in the process of being moved from you to a vendor or from a customer to you that has not cleared to/from your bank account.
Example: A vendor comes by your office to collect on a bill, and you hand them a check for $1000. You should update that bill as "Paid" and choose to update banking. FINSYNC will then show $1000 going out in your pending total.
Note: Money leaving your company is shown as a negative, so it would be represented -$1,000.00. Money coming into your company is shown as a positive. The sum of all of your money both incoming and outgoing that has not cleared your bank is totaled in the "Pending" category.
3) Available Balance - Your available balance is your Current Balance and your "Pending." It represents how much money you "really" have available.
Looking at the example above, this company has recorded a number of outflows (likely bill payments) that have not cleared the bank yet (have not been withdrawn yet).
Note: In the picture shown, the bank account has $552,810.44 but once those payments are withdrawn from the account, $481,582.01 will be available.
You May Also Be Interested In:
- Starting Bank Balance: How To Adjust It
- Bank Accounts & Credit Cards: How to Sync
- Bank Transactions: How To Import
- Bank Transactions: How to Add Old Transactions
For a list of articles related to Bank Accounts, Bank Transactions, Balances and more (Click Here)
For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)