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This page was removed as a result of the Bank Reconciliation application implementation.

(OBSOLETE)Bank Reconciliation - FIN3500

Finance > Maintenance > Bank Reconciliation

This tab is used to reconcile bank statements against the check and cash deposit transaction table.

You must have the bank account statement in hand before reconciling the bank statement.
The check date is the date that the check was printed.

Reconcile a bank statement:

Field	Description
Bank Acct Group	Click to select a bank account to reconcile. Cash receipts associated with the selected fund that have not been cleared are displayed under Pending Deposits. Checks associated with the selected fund that have not been cleared are displayed under Outstanding Checks.
Acct Period	Click to select an accounting period to reconcile. Options include the following: YTD Processed The program displays all the deposits and checks that are for the last closed accounting period or earlier. If a cash receipt or check transaction record has a process date and has not been cleared, it is displayed. The program displays the system cash amount based on the cash balances shown in the general ledger as of the last closed accounting period. Within the general ledger account records, there is a total for all prior accounting periods that have been closed. The program totals those year-to-date totals for the accounts in the selected bank group and displays this grand total as the system cash amount. Current YTD + Current The program displays all the outstanding deposits and checks for the prior closed accounting periods plus the outstanding deposits and checks for the current period. Information from a cash receipt or check transaction record that has not been cleared is displayed if it has either a processed date or the accounting period in the record matches the current accounting period. The program displays the system cash amount based on the cash balances shown in the general ledger as of the current accounting period. Within these general ledger account records, there is a total for the current accounting period that includes the year-to-date figures. The program totals the current totals for the accounts in the selected bank group and displays this grand total as the system cash amount. All YTD + Current + Next The program displays all the deposits and checks that have not been cleared, regardless of the accounting period. If a cash receipt or check transaction record has not been cleared (is outstanding), it is displayed. The program displays the system cash amount based on the cash balances shown in the general ledger. Within these general ledger account records, there is a total for the next accounting period that includes the year-to-date and current figures. The program totals those next totals for the accounts in the selected bank group and displays this grand total as the system cash amount.
Include Prev File ID	Select to include all unique, unreconciled checks and deposits from the previous file ID. Any previous file ID check numbers or cash receipt numbers that exist in the current file ID are not included in the retrieval. However, when a listed check or deposit is reconciled, it will also reconcile any similar or duplicate check or deposit from the previous file ID (even though it was not displayed). When Include Prev File ID is selected, the system does not export the previous file ID. It is recommended that the users use the Export by File ID utility before the bank statement is reconciled.

Click Retrieve. The system displays all pending deposits and outstanding checks for the selected bank account group and selected accounting period parameter.

Select the pending deposits or outstanding checks in one of the following two ways:

Select Recon for each of the pending deposits or outstanding checks to be reconciled. By default, none of the deposits or checks are selected.

In either the pending deposits or outstanding checks, click Select All to choose all deposits or checks to be reconciled.

Under Bank Statement:

Previous Balance	Type the beginning/previous balance from the bank statement.
Cleared Deposits	The system populates this display-only field with deposit totals as they are reconciled by the user selecting the pending deposits Recon field for the deposit.
Cleared Checks	The system populates this display-only field with check totals as they are reconciled by the user selecting the outstanding checks Recon field for the check.
Bank Dividends/Interest	Type the dividend/interest from the bank statement.
Banking Fees/Charges	Type the fees/charges from the bank statement.
Statement Balance	Type the ending balance from the bank statement.

Under System:

System Cash	The system populates this display-only field with the general ledger balance of all cash object/subobject codes associated with the bank account group.
Outstanding Deposits	The system populates this display-only field with the total of all unreconciled deposits.
Outstanding Checks	The system populates this display-only field with the total of all unreconciled checks.
Statement Balance	The system populates this display-only field with the ending balance from the bank statement that the user entered under the Bank Statement column.
Miscellaneous Adjustment	Type the additional entries that have not been posted yet.
Unreconciled Difference	The system populates this display-only field with the calculated value based on the following formula: Unreconciled Difference = System Cash + Outstanding Deposits + Outstanding Checks - Statement Balance - Miscellaneous Adjustment

Using your bank statement and the data on the page, ensure that any discrepancies are resolved.

Click Update Totals to update the totals if additional checks or deposits are selected or unselected for reconciliation.

Click Comments to display the comments dialog box. The comments entered on the dialog box are printed as the last page of the Bank Reconciliation reports. The comments entered on the dialog box are not saved and have to be reentered if you click Save as Pending or exit from the dialog box without reconciling.

Type your notes or other information that relates to the particular bank account group reconciliation on the page.

Click OK to save the comments and close the dialog box.

Click Cancel to close the dialog box without saving data.

A paperclip icon displays on the Comments button if comments exist for the selected vendor.

To save work for resumption later, click Save as Pending.

To finalize the bank reconciliation, click Reconcile. A dialog box asks if you are ready to finalize bank reconciliation. Click Yes to continue, or click No to return to the Bank Reconciliation tab.

If you click Yes, a dialog box displays a list of the bank reconciliation reports. Otherwise, click No to continue without printing.

By default, all of the reports are selected.

Cleared Deposits and Cleared Checks - includes all deposits and checks with the Recon field selected, bank statement data, system data, and comments.
Outstanding Deposits and Outstanding Checks - includes all deposits and checks without the Recon field selected, bank statement data, system data, and comments.
Outstanding/Cleared Deposits and Outstanding/Cleared Checks - includes all deposits, checks, bank statement data, system data, and comments.

Note: System cash is not saved, but is printed as a separate section with each report option selected.

Click Print, and the selected report(s) are displayed.

Review the report.