Bank Reconciliation Overview

The Bank Reconciliation feature of eFinancials allows you to reconcile a bank statement to a General Ledger Cash account. You can reconcile statements for any bank accounts associated with the entitiescompanies to which you have access.

Note

Before using the Bank Reconciliation feature, the bank accounts must be associated with entitiescompaniesand their general ledger accounts in the Bank Accounts setup. The setup includes an option for which reports will appear when the process completes (the Bank Reconciliation report, the Outstanding & Missing Checks report, or both).

Adding a Bank Reconciliation

When you add a new bank reconciliation, you select the deposits (debits) and withdrawals (credits) to be reconciled from a list of eligible transactions. You can also add service charges, interest, and adjustments.

At this point, the bank reconciliation status is In Process. As you select transactions, the system displays the updated totals for fields such as the Adjusted GL Balance, Adjusted Bank Balance, and Outstanding Checks. You can save your entries and edit them at any time before running the process.

Running the Bank Reconciliation Process

Note

When creating GL Adjustments in a Bank Reconciliation that affect a GL Account for a different Bank Account, we recommend that each Bank Reconciliation be completed before beginning another Bank Reconciliation process.

When the difference between the Adjusted GL Balance and the Adjusted Bank Balance equals zero, the system enables the Reconcile button. When you run the reconcile process, the system matches your entries to entries in the General Ledger Cash account and changes the status to Reconciled.

After the process completes, a report appears with the detailed results. Later, you can view the details of a completed reconciliation from the grid at any time, but you cannot edit the details.

Unreconciling a Reconciled Bank Statement

If necessary, you can reverse a reconciled bank statement that contains an error or needs the addition of adjustments. This option is available only for the most recently reconciled statement and only when no reconciliations are In Process for the bank account. After running the Unreconcile process, the reconciliation status is changed to In Process so you can edit the details and run the reconciliation process again.