This utility can be used to reconcile the transactions posted to
a selected G/L Bank account, against the statement issued by the
bank for the same period.
When the statement worksheet has been balanced agreeing the G/L
transactions to the Bank, the statement can be "finalized" by
clicking the FINALIZE button.
When a statement is "finalized" the Check
Reconciliation is also updated moving any reconciled checks
from Outstanding Checks to Cash Checks.
The Bank Reconciliation is not restricted to the A/P and G/L
checks transactions, the worksheet list includes all transactions
posted to this account in the General Ledger.
The report is not restricted by the Divisional
Restricted Views assigned to the operator.
Note: This is usually an Asset account for the Bank, but a
Liability account can also be entered for reconciliation, which
could be useful to balance a Visa account.
Revenue and Expense accounts are not permitted.
Click MIGRATE to recognize and apply any previously reconciled transactions from the old Account Reconciliation program for this G/L account, creating multiple "finalized" statements by month from the reconciled transactions, that can then be used in this Bank Reconciliation utility.
The date of each migrated statement reflects the later date of either the month end for the date of the G/L transaction, or the month end of the month before the 'reconciled date' of the transaction.
Reconciled statements resulting from the migration can be printed from Print Bank Reconciliation Report.
Note: This migration is best suited to companies that have been
using the old Account Reconciliation
consistently.
It may not be appropriate for firms that have employed it
irregularly or for only a short period, as the migrated data will
be incomplete and could be misleading.
Set Starting Trx For New Reconciliation Period:
This
button is only provided if your firm has not used the old Account Reconciliation program for this G/L
account, and can be used to set the starting point for the
reconciliation period.
Click AUTO REC to set a cut-off date and to flag
any transactions prior to this date as reconciled as of the end of
the month of the transaction.
This provides the ability to start using this Reconciliation
utility at a preferred date.
New G/L Account:
Click START NEW to
ignore the status on any previously reconciled transactions from
the old Account Reconciliation
program.
A catch-up reconcile statement may be required to flag "old"
transactions as reconciled before attempting to reconcile the first
real bank statement.
Note: If this date does need to be corrected, click the CLEAR ALL button to remove all check flags and click ACCEPT to exit, releasing the lock on the Bank Statement Date field when the utility is re-accessed.
When a statement is reversed the Check Reconciliation is also updated moving the previously reconciled checks on the statement from Cash Checks back to Outstanding Checks.
Note: Only the last statement can be re-opened, so if access to an earlier statement is required, each must be reversed in turn to gain access to the older statement.
This value must be reduced to zero to balance the reconciliation before it is considered complete and becomes eligible to "finalize".
Type N (No) for each G/L transaction that is not listed on the
Bank Statement that is currently being reconciled.
These transactions will then be considered outstanding when the
reconciliation is "finalized" and will appear on the transaction
list for the next statement.
The CANCEL button is disabled as any changes to the Reconcile column must be manually reversed if required.
ACTIONS:
Additional actions provided by buttons on
the Bank Reconciliation screen include:
Flag All Transactions as Reconciled:
Click the
SET ALL button to automatically set the
Reconcile flag to Y (Yes) for each transaction for this
account in this reconciliation period.
Individual transactions can then be changed to N (No) manually as
required.
Remove Reconciled Check Flags:
Click the CLEAR
ALL button to set the Reconcile flag to N (No) for
all transactions for this account in this reconciliation
period.
Individual transactions can then be changed to Y (Yes) manually as
required.
Print a Reconcile Statement:
Click the
REPORT button to generate a list of the cleared
payment and receipt transactions, and a list of the outstanding
payment and receipt transactions, with a totals summary for the
statement currently in progress.
This button is only enabled when the Out of Balance field
does not yet equal zero, indicating that all transactions are not
correctly reconciled.
A printer can be confirmed or re-selected from the Printer option
located on the menu bar at the top of the screen.
To re-print any "finalized" statement transactions, use Print Bank Reconciliation Report.
Complete and Close a Reconciled Statement:
Click the
FINALIZE button to accept and close the
reconciliation worksheet for a balanced statement.
This button is only enabled when the Out of Balance field is
equal to zero, and the New Statement Balance equals the
Calculated Statement Balance indicating that the Bank
Statement and the G/L Bank Account agree.
The reconciliation report prints as outlined in Print Bank Reconciliation Report.
A printer can be confirmed or re-selected from the Printer option
located on the menu bar at the top of the screen.
After confirmation that the report is correct, the statement
reconciliation is "finalized" and the Check
Reconciliation is automatically updated moving any checks
reconciled in the Bank Reconciliation to clear them from
Outstanding Checks to become Cashed Checks, dated reconciled as of the
statement date.
The Check Reconciliation - Outstanding and
Cashed Checks - only tracks checks posted from the following
sources:
Fail to Update Check Reconciliation:
Update the G/L Transaction Worksheet with Recent
Postings:
Click the REFRESH button to
re-display the G/L transactions for this account, including any
newly posted transactions in the period.
Export/Import Action to Update the Reconcile Flags displayed on the Bank Reconciliation screen:
Update the Bank Reconciliation Screen with the New
Flags:
Click the IMPORT button to select the
saved tab-delimited text file to be imported from the Select a File to Load window. Only the
'Reconcile' values will be updated.
The import file must be for the same account as the source export
file and any records that no longer exist or any records that have
been changed since the export will be output to an error report and
the import will fail entirely.
When all the entries are valid a spreadsheet report is returned and
the option is provided to update the 'Reconcile' values in
the Bank Reconciliation screen.
Note: If there are "DO NOT MATCH" errors that appear that they should match, contact Texada Client Services to investigate rounding issues where there are greater than 4 decimal places on the transaction.
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