How to reconcile a Bank Account
- Go to Bank Account Reconciliations
- Click on Process >> New
- Select Bank Account Number & click on OK
- Bank Account Reconciliation screen
- Enter Statement Date
- Click on Process >> Suggest Lines
- The system will update the Ending Date
- Bank Statement Lines updated by the system
- Click on Matching >> Match Automatically
- If applicable, enter Transaction Date Tolerance (Days)
- Click on OK
- Click on Yes
- Below confirmation message appears on the user's screen
- Enter Statement Ending Balance
- Verify Test Report by clicking on Actions >> Posting >> Test Report
- Click on Preview
- Test Report
- Post Bank Reconciliation by clicking on Posting >> Post
- Click on Yes to continue posting
- The posted Statement can be seen from the Bank Account card; click on Bank Account >> Statements
- Click on Manage >> View
- Below is posted Bank Account Statement
- Posted Statement Report can be viewed/printed
- Click on Print
- Click on Preview & Close or Print
- Posted Statement Report
Transfer Difference to General Ledger Entries
- If we find any changes in the Statement, it needs to be entered manually in Bank Statement Lines
- Click on Process >> Transfer to General Journal
- Select Gen. Journal Template from the list
- Select Gen. Journal Batch from the list
- Click on OK
- General Journal line will be created & Opened
- Enter Document No.
- Select Account No.
- Post General Journal by clicking on Post/Print >> Post
- Click on Yes to continue posting
- A confirmation message appears upon posting of General Journal
- Post Journal entry line is updated in Bank Account Ledger Entries & Application entry is updated by the system
- Check Test Report & Post
Many to 1 Matching
You can begin matching manually, then select auto-match. The system will ask if you want to overwrite your manual matching
Undo Posted Bank Reconciliation:
- Open Posted Statements from Bank card by clicking on Bank Account >> Statements
- Click on Undo (The system will recreate the posted bank rec for you to delete and start over or make any changes, then post again).
You can also change the bank rec number to reuse the last number.
- Click on Yes to continue
- Bank Acc. Reconciliation will be created/opened
- Make the necessary changes (Remove Match, Match Manually, etc.)
- Removed one of the lines matching for testing purpose
- Applied Entry is updated false for the selected line
- Delete Unapplied lines from Bank Statement Lines
- Update Statement Ending Balance
- View Test Report
- Post it by clicking on Posting >> Post
- Upon posting of Bank Reconciliation, unapplied entry status is updated to Open (true)
- Previously posted Statement is cleared & newly posted Statement is available (Bank Card >> Bank Account >> Statements)