Reconciling Bank Accounts

Use the Bank Rec. Worksheet page to reconcile bank account ledger entries with bank statements.

Note

This topic describes the North American bank reconciliation functionality. You can also use the standard functionality. For more information, see Reconcile Bank Accounts Separately.

To reconcile bank accounts with bank statements

  1. Choose the Search for Page or Report icon, enter Bank Account Reconciliations, and then choose the related link.

  2. Choose the New action.

  3. On the General FastTab, fill in the required fields as described in the following table.

    Field Description
    Bank Account No. The bank account number to reconcile.
    Statement No. The bank statement number to reconcile.
    Statement Date The bank statement date.
    Statement Balance The bank statement balance.
  4. Choose the Mark Lines action.

  5. On the Bank Rec. Process Lines page, fill in the fields as described in the following table.

    Field Description
    Record type to process Specify the type as Checks, Deposits, or Both.
    Mark lines as cleared Select to process the option selected in the Record type to process field.
  6. On the Bank Rec. Line FastTab, select the appropriate filters.

  7. Choose the OK button.

  8. On the Bank Rec. Worksheet page, on the Bank Rec. Adj. Lines Subform FastTab, enter information in the remaining fields to make adjustments.

    Note

    If needed, you can also use the Bank Rec. Worksheet page to view the Bank Reconciliation Comments card or the Bank Reconciliation card.

To post a bank reconciliation

You can post bank reconciliation if you have reconciled the bank accounts on the Bank Rec. Worksheet page. After the bank reconciliation has been posted a bank account statement is created and can be viewed on the bank account card.

  1. Choose the Search for Page or Report icon, enter Bank Account Reconciliations, and then choose the related link.

  2. Choose the bank account reconciliation that you want to post, and then choose the Edit action.

    Note

    On the General FastTab, the value in the Difference field be must be zero before you can post the bank reconciliation.

When the bank reconciliation is posted, all of the related files are posted to the historical Post Bank Rec. Worksheet table. Any adjustments are posted to the G/L Entry table.

  1. Choose the Post action.
  2. To review a preliminary draft of the bank reconciliation statement, choose the Test Report action. The Bank Rec. Test Report shows the entries that will result if you post.

To view the posted bank account reconciliations

  1. Choose the Search for Page or Report icon, enter Bank Accounts, and then choose the related link.
  2. Choose the bank account that you want to view the posted reconciliations for, and then choose the Statements action.
  3. Choose the Close button.

To print a bank reconciliation test report

You can print the following bank reconciliation reports:

  • Bank Rec. Test Report - Displays the list of errors that are found in the bank reconciliation statement. You can generate this report before you post the bank reconciliation statement to make sure that there are no errors in the statement.

  • Bank Account – Reconcile - Displays the reconciliation details for each bank account. This report lists deposits, withdrawals, and adjustments for a bank account.

  1. Choose the Search for Page or Report icon, enter Bank Account Reconciliations, and then choose the related link.

  2. Choose the Bank Rec. Test Report action.

  3. On the Options FastTab, fill in the fields as described in the following table.

    Field Description
    Print details Include reconciliation details in the report. If you select this check box, all of the other print check boxes are automatically selected. You can clear a check box if you do not want to include its details in the report.
    Print checks Print check details in the report.
    Print depositsPrint deposit details in the report.
    Print adjustments Print adjustment details in the report.
    Print outstanding checks Print outstanding check details in the report.
    Print outstanding deposits Print outstanding deposit details in the report.
  4. On the Bank Rec. Header FastTab, select the appropriate filters.

  5. Choose the Print button to print the report. Choose the Preview button to view it on the screen.

To print a bank reconciliation report

  1. Choose the Search for Page or Report icon, enter Bank Account Reconciliations, and then choose the related link.
  2. Choose the Bank Account – Reconcile action.
  3. To print each bank account on a new page, choose the New Page per Bank Account check box.
  4. On the Bank Account FastTab, choose the appropriate filters.
  5. Choose the Print button to print the report. Choose the Preview button to view it.

See Also

United States Local Functionality
Finance
Setting Up Finance
Reconcile Bank Accounts Separately