A pre-authorized debit is not instant. Between the moment the amount leaves the co-owner's account and the moment it lands in the syndicate's, a few business days pass. During that window the money exists, but it is with neither party.
Until now, that amount appeared nowhere under a clear name. The result: a board comparing its bank statement to its books saw a gap, and spent time looking for an error that did not exist.
What changed
Bank reconciliation now separates:
- the available balance, the one the bank recognises today;
- amounts in transit, debited from co-owners and not yet deposited.
Items in transit are shown as such, with their debit date, instead of being buried among the discrepancies to explain.
Why it matters to a board
- The gap between the statement and the books becomes a real signal again: if one remains after setting the in-transit amounts aside, it deserves a look.
- Cash position reads correctly. A fund that looks short on a Tuesday may simply be waiting on a Thursday deposit.
- The volunteer treasurer no longer has to reconstruct that calendar from memory.
This view follows the usual permissions: it appears for the roles that already have access to the syndicate's finances.