Reconcile Process

When you make the initial menu selection, a segmented tab displays. The heading of the tab includes statement-related fields that you must complete to display transactions related to that statement in the grid below. To start the reconcile process, you must select a bank, enter a current balance, and enter a reconcile date. As you complete a field and press the Tab key, the system updates the grid below based on your entries.

The grid, which is the middle section of the tab, displays individual transactions that are eligible for reconciliation. The grid can contain deposits (DP), payments or checks (PY), and general ledger entries (GL) or adjustments (JE). For JEs debits to the cash account display in the Deposit column while credits display in the Withdrawal column.

To select a transaction for reconciliation, add a checkmark beside the transaction in the Reconcile column of the grid. The system assumes that any items in the grid that are not checked are outstanding transactions; for example, outstanding checks.
To add interest, service charges, or adjustments, select the corresponding button below the grid. Additional tabs display that you can use to add these transactions. Once added, these transactions display in the grid and you must select each transaction to have it included in the reconciliation.

As you select transactions, the system adjusts total fields that appear below the grid. In addition, the system updates the Difference field in the header. Use the Difference field to monitor the progress of the reconciliation. When the difference in that field is zero, the system enables the Reconcile button. The Difference field is zero when the adjusted general ledger balance (Adj GL Balance) and the adjusted bank balance (Adj Bank Balance) are equal.

When you select the Reconcile button, the system clears transactions with checkmarks as reconciled; that is, they no longer appear in the grid. The tab displays again and is ready for you to start a new reconciliation. In addition, a detail version of the Bank Reconciliation report displays on-screen automatically. You can print the report now or print it later using the report menu option Bank Reconciliation Report.

Note

When you select a transaction in the grid, the system disables the Reconcile Date field in the header. You must complete the current reconciliation for this bank account before you can start another reconciliation for the same bank.