Bank Reconciliation Process
Once you have received a bank statement, use this window to record which
transactions have been processed by the bank and are no longer outstanding.
Bank ID F2
Enter the ID number for the bank and account number on the bank statement. You
can press F2 or the right mouse button to display and select from a pop-up
that lists all the BANK IDs in the database and the account number corresponding to each ID.
After you enter a BANK ID, the system builds a list of unreconciled transactions for the bank account.
Once the list has been built, a pop-up window listing the transactions can be
displayed by pressing the RECONCILE push-button.
Based on the total dollar amount of unreconciled transactions, the system
calculates a BEGINNING BALANCE which is displayed in the following field, BEG BAL. Also, the actual cash balance of the account is displayed in the protected BALANCE field in the BANK INFORMATION portion of the window, along with the account number and the bank's address,
phone and fax.
Beg Bal (Protected)
The BEGINNING BALANCE displayed in this protected field is the actual cash balance of the account
(as displayed in the BALANCE field under the BANK INFORMATION heading) minus all the unreconciled transactions for the account.
End Bal
Your entry in this field should be the ENDING BALANCE for the account as shown on the bank statement. Your entry can be up to nine
digits long, including two decimal places.
End Stmt Date
Defaults to the last day of the previous month. This date is established as
the reconciliation date when the reconciliation is completed. On a partial
reconciliation, this date is not saved. It may be changed to fit your statement date.
When running a RECONCILIATION REPORT, the ending statement dates are the same
as the reconciliation dates.
Difference (Protected)
Once you make an entry in the previous field, END BAL, the system calculates the difference between the amounts in the BEG BAL and END BAL fields and displays it here. As you select transactions from the RECONCILE
pop-up, the DIFFERENCE is updated to reflect the amount of each selected transaction.
Deposits (+) (Protected)
This protected field displays the total amount of all the RECEIVABLES and positive ADJUSTMENT JOURNAL transactions that have been marked as reconciled in the RECONCILE pop-up window.
Payments (-) (Protected)
This protected field displays the total amount of all the PAYABLES and negative ADJUSTMENT JOURNAL transactions that have been marked as reconciled in the RECONCILE pop-up window.
This push-button opens a pop-up window which you use to select the individual
transactions appearing on the bank statement that need to be reconciled. The
pop-up displays the general ledger SOURCE JOURNAL for the transaction, the DATE and AMOUNT of the transaction, and a DESCRIPTION. The ID column in the pop-up displays the receipt number for RECEIPTS, the check number for CHECKS, the payment batch number for DEPOSITS, and the general ledger journal ID for ADJUSTMENTS.
To select a transaction for reconciliation, use the mouse to click once on the
appropriate line. When the transaction is selected, a check mark appears at
the far left end of the line. Click with the mouse a second time to de-select a
line and remove the check mark. You can also use the keyboard to select
transactions by using the UP ARROW and DOWN ARROW arrows on your keyboard to highlight
a line and pressing ENTER. Pressing ENTER a second time de-selects the transaction.
Once you have selected all the transactions that appear on the bank statement,
press ESCAPE. The pop-up closes and the amounts shown in the DIFFERENCE, DEPOSITS (+) and PAYMENTS
(-) fields are updated.
The DIFFERENCE field displays 0.00 when the account is balanced. You can SAVE the record even if a DIFFERENCE other than 0.00 is shown, but the system displays a warning message to confirm that you want
to SAVE a partial reconciliation.