Bank Reconciliation

1. Bank Reconciliation Presented by: Nancy Ross

2. Bank Reconciliation Selection

3. Create new – Choose Bank – Update “ending date” • Select “Search” button to display data

4. Select cleared checks and deposits

5. As you select checks that have cleared, amount adds to “reconciled” and subtracts from “un-reconciled” • As you select deposits that have cleared, amount adds to “reconciled” and subtracts from “un-reconciled” • Note the total of un-reconciled is the net of un-reconciled checks minus un-reconciled deposits. • When you are finished reconciling for the day, enter F8 to post.

6. Repeat the process each day: • Add a new bank reconciliation • Change the “ending date” if necessary (only transactions up to and including the ending date will display on the screen) • Change the reconcile date if necessary (that is the date posted to the reconciliation file) • Select “search” button to display data.

7. Deposit Inquiry Available

8. Check Inquiry Available • Check detail and voucher tabs shown below; also distribution and activity are available.

9. Setup bank maintenance to use Bank Transfer function.Select bank, and update transfer division.

10. Create a bank transfer on this screen

11. Transfer appears in the Form and To Banks Transfer displays in deposits screen Entry posts through Voucher Register

12. Use the “Add Adjustment” for Bank Charges

13. Verify ending day’s bank statement balance 1. Use the Check Bank Balance Report to easily find today’s GL balance for the bank you are reconciling. 2. Select Accounts Payable – AP Reports -- # 26 Check Bank Balance. 3. Enter the GL code and division for the bank you are reconciling. 4. The opening GL balance and any Distribution amounts from AP, AR and payroll modules will display and calculate in the ending GL balance. 5. The ending GL balance and the un-reconciled amounts should equal the bank statement balance.

14. Check Bank Balance Report Note: If a transaction affecting your bank still exists on a journal (not yet reset), it will not appear on this report. Also, any cash receipts that have not yet been selected for a deposit will not be included in the ending balance.

15. Monthly Bank Reconciliation

16. The monthly reconciliation function is on the AP Daily Processing Menu, #27. Select the dates to be included in the monthly reconciliation. Select the reconciliations to be included by clicking the check box on each line. The opening balance from the last month reconciliation will display, or you can enter the opening balance from the statement. The system will calculate the closing amount; you enter the bank ending balance to see any difference.

17. Reconciling the Bank Amount to GL

19. See the total of an EFT check run – select the EFT line, and see the detail for that EFT run.

20. Questions?