Bank Account Reconciliation (20.11+)

Your state must be configured to use this version of Bank Account Reconciliation.

Menu Path: From Fund Accounting, select Periodic Routines, select Periodic Processing, and then select Bank Account Reconciliation.

Use this page to reconcile bank statements for checks and deposits that have been cleared by your bank.

The following are functions you can perform in reconciling your bank statements:

• Load deposits, checks, and journal entries from your database.
• Compare items against your bank statement and mark them as cleared.
• Enter adjustments to correct differences without affecting your records.
• Generate reports showing the results of your entries.
• Save your records so you can interrupt a reconciliation and finish it later.
• Purge an incomplete reconciliation should you need to start over.
• Post a reconciliation once it is completed. This marks cleared records as reconciled and provides a starting balance for reconciling your next statement.
• Create journal entries reflecting bank fees charged and interest earned.
• Display transaction totals and cleared/uncleared amount totals.
• Display checks in the correct period using the Set Period option on the Vendor Checks page.

• The load process is modified to select the appropriate records when the Fund Accounting profile option Print Checks by Bank is checked.
• The load process excludes the system-generated interfund journal entries.

• The load process loads Payroll checks in addition to A/P checks based on the payroll fund and payroll cash in the Fund Accounting profile. This must match bank account set up. Voided Payroll checks can also be loaded.

Data Entry Sections

The fields in these sections enable you to enter criteria for loading records and generating journal entries for any interest and fees:

Tabs

The Bank Account Reconciliation page includes the following tabs:

Data Load for Reconciliation (22.4 and above)

If the Print Checks by Bank Account option is enabled in the Fund Accounting profile, the data load uses a modified program.

After the user selects a bank account and period to perform a bank reconciliation, the system uses the modified program to pull records based on the bank account by using the Bank Information Data table on the Bank File Account Information page. As a result, for the selected period (Statement Begin Date to Statement End Date), the information is loaded as follows:

• All deposits made with the same Bank Account
• All Journal Entries that have a cash account that matches any cash account on the bank account information table
• A/P Checks and A/P Voids, and Manual Checks and Manual Voids that match the selected bank account
• For Payroll Payments and Payroll Voids if the payroll bank account in the Fund Accounting Profile matches the selected bank account

Action Bar Items

After you complete the fields in the Bank Statement Information and Interest/Fees sections, the following items display on the page's Action Bar:

If you have records loaded and then click Back, the system displays a warning.

• Click Yes to quit and return to the Bank Account field.
• Click No to return to the Bank Account Reconciliation page. If desired, you can use Save to save your records as a file, and then click Back to quit.

Reconcile a Checking Account

1. In the Bank Statement Information and Interest/Fees sections, complete the fields.

   

   Provided the Bank Account Information table contains valid Budget Unit values, Interest and Fees journal entries are created when the reconciliation is completed and marked as reconciled.

2. Click OK.
   
   • If a reconciliation file already exists, the file's records load immediately. Proceed to Step 6.
   • If this is the first time you are using the Bank Account Reconciliation option, the Starting Transaction Date dialog displays. Proceed to Step 5.
   

   The Starting Transaction Date page only displays for your first reconciliation. Future loads include transactions from the statement period, as well as all uncleared transactions from the original starting date through the statement start date. This depends on whether the Include Outstanding Checks field is selected. Refer to the next step for additional details.

3. In the Starting Transaction Date page (if applicable), complete the following fields:

   • Starting Transaction Date - You may accept or change the default, which is set in the Statement Begin Date field.

   • Include Outstanding Checks - If this box is selected (default), the system also loads all uncleared transactions from the original Starting Transaction Date through the Statement End Date.
     If you clear the box, the system only loads records from the statement's start date through its end date.

4. Click OK to load your records.

5. When the system completes the load, you can access the tabs. If no records are available for any of the tabs, click OK to proceed.
6. Reconcile your account by clearing transactions in the Deposits, A/P Payments, Journal Entries, Payroll Payments, and Payroll Voids tabs. The following are the functions you can perform as part of the reconciliation process:
   • To advance from one tab to the next, click OK. You can return to a tab at any time.

   • To clear a record in the tabs, select the item's Clear checkbox.

     

     We recommend using Post Cleared Vendor Checks in Fund Accounting or Post Cleared Checks in Human Resources to clear all checks prior to starting the reconciliation.

     Checks pull into the reconciliation already selected as cleared, which avoids re-clearing if you must purge the reconciliation.

   • To correct a difference between your records and the bank statement, enter a credit or debit in the Adjustments tab. This only affects the reconciliation, not your actual records. You should make note of these discrepancies and resolve them in accordance with your usual practices.
   • To save your records as a file, choose Save on the action bar, then click Yes. To reload the file and resume the process, enter the file's bank account number and statement dates.
   • To quit without saving your entries, click Back, then click Yes.
   • To delete all records for the current reconciliation, choose Purge, then click Yes. This deletes the contents of a reconciliation file but does not affect the records themselves.
   • To complete a reconciliation, choose Reconcile, then click Yes. This updates the Cleared field in the Transaction table for all cleared records with an R (for Reconciled). It also places a checkmark in the reconciliation file's Complete field and creates journal entries for any interest and fees.
   • To generate a report on your reconciliation records, choose Report.

Generate the Bank Account Reconciliation Report

You can generate a report at any time during the reconciliation process.

1. Click Report on the action bar to display the Bank Account Reconciliation Report page.
2. In the Report Criteria section, the checkboxes are selected by default. To prevent a type of record from being included, clear the appropriate checkbox:
   • Include Deposits
   • Include A/P Payments
   • Include Journal Entries
   • Include Adjustments
   • Include A/P Voids
   • Include Payroll Payments
   • Include Payroll Voids
   • Reconciliation Summary Page
3. In the Item Types field, select:
   • A - All to include all transactions whether cleared/corrected or uncleared/uncorrected.
   • C - Cleared/Corrected Items Only to include transactions that are cleared and adjustments marked as corrected.
   • U - Uncleared/Uncorrected Items Only to include transactions that are uncleared and adjustments marked as uncorrected.
4. Click OK.
5. Specify how to generate the report, then click OK. The report's default file name is bnkacctrcn.rpt.

Fields

Bank Statement Information Section

All fields in this section are required. The information requested should be entered as shown on your bank statement.

Field	Description
Bank Account	Number identifying the checking account being reconciled. The field's drop-down list includes the accounts set up in the Bank Account Information table. This table contains a separate record for each Fund/Account combination associated with a bank account. The system uses the account you select to identify and load the appropriate deposits, checks, and journal entries. The account number also identifies the Fund/Account combinations for the journal entries created for interest and fees when you use the Action Bar's Reconcile item. For details, refer to the descriptions of the fields in the Interest/Fees section.
Statement Begin Date	Starting date of the statement period. For an initial reconciliation, enter the begin date from your bank statement. If an unreconciled file exists for this bank account, the system defaults the file's begin date. If a previous file was reconciled and no unreconciled files exist, the system defaults a date one day greater than the end date of the last file reconciled. You can replace the default date if needed.
Statement End Date	Ending date of the statement period. If this is your first reconciliation, enter the statement's ending date. If an unreconciled file exists for this bank account, the system defaults the file's end date. If a previous file was reconciled and no unreconciled files exist, the system adds 30 days to the end date of the last file reconciled. If needed, you can replace the default date in these last two cases.
Beginning Balance	Account balance on the first date of the statement period. If a file exists for the statement begin/end dates entered, its beginning balance defaults. You may change this if needed. Otherwise, the field defaults to zero. Enter the statement's beginning balance.
Ending Balance	Account balance on the end date of the statement period. If a file exists for the statement begin/end dates entered, its ending balance defaults. You may change this if needed. Otherwise, the field defaults to zero. Enter the statement's ending balance. This value helps determine the reconciliation balance, as displayed in the Uncleared Amounts section's Difference field: Difference = Beginning Balance - Ending Balance
General Ledger Fiscal Year	Enter the fiscal year for the general ledger. If the Fiscal Year is greater than the Fund Accounting Profile Prior Year, we recommend you run the Interim Close to ensure an accurate general ledger value.
General Ledger Period	Enter the period for the general ledger.

Interest Or Fees Section

All fields in this section are required, except the Complete checkbox. The system checks this field when you finish a reconciliation.

Other Information Section

Transaction Totals Section

This display-only section provides totals of the transaction records in the Deposits, Payments, Payroll Payments, and Journal Entries tabs. The section's Ending Balance field defaults the balance from the Bank Statement Information section, while the Book Balance field applies any remaining deposits, payments, and journal entries against the ending balance. These totals do not change as you reconcile your checking account.

Cleared Amounts Section

This display-only section maintains running totals of the transactions you cleared. The transaction amounts are added to or subtracted from the Beginning Balance to determine the value in the Reconciled Ending Balance field.

Uncleared Amounts Section

This display-only section provides a running total of the uncleared amounts remaining in the Deposits, Payments, Payroll Payments, and Journal Entries tabs.