When the fields in the upper section of this screen are completed, click this button to automatically populate the tabs in the lower section of the screen.This function enables you to reconcile your GL Accounts with the statement that you receive from your bank. It also enables you to record interest income and fee expense without having to make separate GL entries.
Tip: Bank Reconciliation Report
Run the Bank Reconciliation Report to ensure that all transactions have been recorded. The report details beginning and ending bank balances for a specified account- compare it to your bank statement before starting the Bank Reconciliation Journal to be sure your starting balance is correct. Also run the report after your Bank Reconciliation is complete to be sure your ending balance is correct.
The Bank Reconciliation Journal supports Intercompany Processing:
1. GL Entity Ids are required for Interco customizations.
2. All entities must reference the same Company when intercompany is ON.
3. The system posts Company Security Rn to GLH Security Rn when intercompany is ON.
If you track more than one account, a reconciliation entry should be done for each.
Do not use the Clear Checks Function when Bank Reconciliation is used, since the function sets the clear date. Voided Checks will not be loaded into the Reconciliation viewer; they are already reconciled based on the fact that they have been voided.
The Delete Record and Delete Line are not available in this Journal to avoid inadvertent deletions by the user. If you must change an entry, note that blanking the CL box on a Check entry will blank the Date Reconciled in the Check record so that the check will once again be eligible for reconciliation.
The system allows an unbalanced transaction to be saved, but does not post it to GL. Once the transaction is completed and balanced, it will be posted to GL when it is saved. The system will prevent a new entry for the same GL Account/Entity if an unreconciled entry is found.
The software prevents the user from changing previously 'finalized' Bank Reconciliation Journal transactions.
This release refines the edit validation so that any existing Bank Reconciliation transaction may qualify as eligible for edit, provided the edit won’t undermine or conflict with a more recent transaction. This means that transactions may be “undone” via edit in reverse transaction id sequence in order to work backwards to address an issues in Bank Reconciliation transactions prior to just the last one posted versus previously when ONLY that last transaction posted could be edited.
Since multiple GL accounts are present in the ‘parent’ tab of this journal, simple range filters (where you enter the GL Account Id) will not work for these "encapsulated" fields. To enable the user to filter on a specific parent GL Account, special filter ranges with the necessary SQL to filter on a specific GL Account have been added for the GL Bank Account Id:, GL Fees Account Id: and GL Interest Account Id:. When you first access the Range screen, the GL Bank Account range will be completed as follows:
GL Bank Account Id:
sql= gl_bnk_glaccnt_rn in (select glaccnt_rn from glaccnt where glaccnt_id like '%')
Suppose that your firm uses more than one Bank Account. To filter Entries for a specific GL Bank Account, simply replace the % in the SQL statement with the GL Bank Account Id you wish to filter on. For example, to filter on the GL Bank Account Id 1005, simply change the SQL statement in the range to:
sql= gl_bnk_glaccnt_rn in (select glaccnt_rn from glaccnt where glaccnt_id like '1005')
Tip: Saving Ranges
Rather than adjust the SQL statement each time you use the filter, you may save your settings as a range. See Save Filter Range for details.
Period Id:
The Accounting Period to which this reconciliation is assigned. The system validates that the Accounting Period is Active before allowing the user to continue with the reconciliation.
Effective Date:
The Effective Date of the reconciliation. This date must fall within the date range of the accounting period.
When the fields in the upper section of this screen are completed, click this button to automatically populate the tabs in the lower section of the screen.
All auto-fill actions are based on the Effective Date; checks, deposits and transfers dated after the Effective Date you enter will not be imported.
If the user clicks the Auto Fill button in an existing entry the system asks “Retain previously record reconciliation info?”. If Yes is clicked, the system will merge existing transaction lines with any un-reconciled lines that are discovered. If No is clicked, existing transaction lines will be replaced by all un-reconciled lines, enabling you to effectively restart the entry.
GL Bank Account:
GL Account:
The account that you are reconciling. The system verifies that the GL Account Type is set to 'Bank' for this account.
GL Entity:
The GL Entity affected, if any (required for Intercompany Processing). All entities must reference the same Company when intercompany is ON.
GL Account and Entity Validations:
Validation denies a change to the GL Account or Entity fields when the viewer is not in Add mode.
If the viewer is in Add mode, changing the GL Account and/or Entity fields will automatically clear all child lines; this forces the user to Auto-Fill for the currently selected GL Account/Entity combination.
Interest Account:
GL Account:
The Income Account to be credited with the Total Interest Earned. The system verifies that the GL Account Type is set to Normal. A warning “Interest is normally posted to an income account” if the GL Account Type Category is not set to 'Income' for this account.
GL Entity:
The GL Entity affected, if any (required for Intercompany Processing). All entities must reference the same Company when intercompany is ON.
Fees Account:
GL Account:
The Expense Account to be debited with the Total Fees Charged. The system verifies that the GL Account Type is set to Normal. The system will display a warning “Fees is normally posted to an expense account” if the GL Account Type Category is not set to “expense” for this account.
GL Entity:
The GL Entity affected, if any (required for Intercompany Processing). All entities must reference the same Company when intercompany is ON.
Beginning Balance:
The Beginning Balance from your bank statement for this account.
Total Interest Earned:
The total interested earned for this account, as listed on your bank statement.
Total Fees Charged:
The total fees charged on this account, as listed on your bank statement.
Total Transfers: Total Checks: Total Deposits:
These display-only fields are maintained by the system based on your entries in the lower tabs.
Ending Balance:
The Ending Balance from your bank statement for this account.
Unreconciled Balance:
This display-only field is calculated by the system based on the Beginning and Ending Balances, and the entries selected on the Checks, Deposits, Transfers To and Transfers From tabs.
Transaction Id:
This field will be completed by the system when you save/change this transaction.
Transaction Description:
Briefly describes this transaction.
When you clicked the Auto Fill Trans button on the upper section of the screen, this tab was populated with a list of your posted AP and/or payroll checks that had not as yet been reconciled.
You may resort the data on this tab by clicking on the desired column header.
Clear:
This column will initially be set to ‘Yes’ if its entry date precedes the “effective date” you specified above. If this check appeared on your bank statement, the Clear column should be set to Yes by single-clicking it. If the check did not appear on the statement, the Clear column should be blanked by single-clicking on it.
Check #: Check Amount: Payee Name:
These fields are displayed by the system to help you decide whether a check should be selected for reconciliation. They represent checks have not as yet been cleared.
When you clicked the Auto Fill Trans button, this tab was populated with a list of your Bank Deposit Journal Entries that have not as yet been reconciled.
You may resort the data on this tab by clicking on the desired column header.
Clear:
This column will initially be set to ‘Yes’ if its entry date precedes the “effective date” you specified above. If this deposit appeared on your bank statement, the Clear column should be set to Yes by single-clicking it. If the deposit did not appear on the statement, the Clear column should be blanked by single-clicking on it.
Total Deposit: Deposit Date: Transaction Id:
These fields are displayed by the system to help you decide whether a deposit should be selected for reconciliation. They represent entries to the Bank Deposit Journal have not as yet been cleared.
When you clicked the Auto Fill Trans button, this tab was populated with a list of your Bank Transfer Journal Entries to this account that have not as yet been reconciled.
You may resort the data on this tab by clicking on the desired column header.
Clear:
This column will initially be set to ‘Yes’ if its entry date precedes the “effective date” you specified above. If this transfer appeared on your bank statement, the Clear column should be set to Yes by single-clicking it. If the transfer did not appear on the statement, the Clear column should be blanked by single-clicking on it.
Effective Date: Transaction Id: Total Deposit:
These fields are displayed by the system to help you decide whether a deposit should be selected for reconciliation. They represent entries to the Bank Transfer Journal have not as yet been cleared.
When you clicked the Auto Fill Trans button, this tab was populated with a list of your Bank Transfer Journal Entries from this account that have not as yet been reconciled.
You may resort the data on this tab by clicking on the desired column header.
Clear:
This column will initially be set to ‘Yes’ if its entry date precedes the “effective date” you specified above. If this transfer appeared on your bank statement, the Clear column should be set to Yes by single-clicking it. If the transfer did not appear on the statement, the Clear column should be blanked by single-clicking on it.
Effective Date: Credit Amount: Transaction Id: Description:
These fields are displayed by the system to help you decide whether a deposit should be selected for reconciliation. They represent entries to the Bank Transfer Journal have not as yet been cleared.