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Reconciling a Bank Account for the First Time
You can perform a bank reconciliation at any time. When you are ready to reconcile your bank accounts in ACS, you must enter information from the previous month's bank statement date and balance in Define Lists.
To edit bank accounts
- Under Advanced Tools, select the Define Lists tab.
- In the drop-down list, select General Ledger and click Go .
- Under Available Lists, select Bank Accounts.
- Select the bank account you want to reconcile and click Edit.
- In the Last Statement Date field, enter the ending date of the previous month's bank statement.
- In the Last Statement Balance field, enter the ending balance from the previous month's bank statement.
- Click OK.
Reconciling Bank Accounts in General Ledger
Reconciling the bank account by comparing your bank statement to the General Ledger accounts ensures the account is in balance for the reconciliation period. You can enter and post service charges or interest while reconciling transactions, and you can reconcile the bank account at any time. To sort the reconciliation window based on a particular column, click the column header.
If you have used the ACS Bank Reconciliation feature, the Reconcile from date and Previous Stmt Bal fields are already completed (If this is your first time reconciling, be sure to enter the Last Statement Balance in Define Lists).
When reconciling, you'll print the bank reconciliation report, which you can store with your bank files. This report displays the total withdrawals and deposits, and you can include cleared or uncleared transactions on the report. If you include both cleared and uncleared transactions, the transactions for each are listed separately with their own totals.
You can also print all cleared and uncleared items together by clearing the Page Break on Transaction Status option. If you want to compare reports or see differences, you can also print the Bank Account Journal in General Ledger Reports.
If you do not select to include cleared or uncleared transactions, a summary report prints.
If you need to stop in the middle of reconciling and do not want to lose your selections, click Save. If you click Cancel, you will lose all selections since you last clicked Accept Balance and reconciled.
Did you know?
You don't have to accept the balance on your bank reconciliation before closing the month or year in General Ledger.
To reconcile your bank account
- Under Manage Records, select the Transactions tab.
- In the drop-down list, select General Ledger Transactions and click Go .
- In the Enter/Post Transactions window, click Bank Reconciliation.
- In the drop-down list, select the bank account that you want to reconcile.
- Enter the reconciliation dates by entering the To date. If necessary, you can select a date in the calendar.
- Verify the Previous Stmt Balance. If necessary, you can change the previous statement balance.
- Enter the ending balance on your bank statement in the Curr Statement Balance field. Generally, this equals the bank balance, but may not match if you changed the Previous Stmt Balance, entered an adjustment source (like journal entries) or dated a transaction incorrectly.
- To mark transactions as reconciled, select the transactions to reconcile in the C field for each transaction. You can also use the space bar to mark or clear transactions and the up and down arrows to move between transactions.
- Enter any missing transactions.
- Enter any Bank Interest or Service Charges. You will be prompted to post these after you click Accept Balance.
- To print the Bank Account Reconciliation Report, click Print. After you click Accept Balance, you can still print the Bank Reconciliation Report for the reconciliation period. To do this, change the Reconcile From dates to the period you want to print the report for.
- To reconcile this bank account and accept the balance as the next statement balance, click Accept Balance. To print the Bank Reconciliation Report after accepting the balance, click Print/Reprint, enter the reconciliation dates, and click Reprint.
Troubleshooting Bank Reconciliation Transactions
Often, transaction dates differ from posting dates, which means the bank reconciliation report doesn't match the the balance sheet.
The Bank Account Reconciliation Mismatch Report highlights common reasons why the bank balance (on the balance sheet) doesn't match the calculated book balance (in bank reconciliation).
This report lists:
- Transactions that display in bank reconciliation but not on the balance sheet.
- Transactions that display on the balance sheet but not in bank reconciliation.
- Transactions where the balance sheet's amount doesn't match the bank reconciliation's amount. For example, a check that debits a checking account or deposit that credits a checking account.
- Transactions using checking accounts for one bank but different bank accounts.
To access this report, when reconciling transactions, click Balance Sheet Mismatch Report.
Entering Transactions while Reconciling
You can enter transactions "on the fly" while reconciling the bank account. This way, if you have to enter a missing transaction or make an adjusting entry, you do not have to exit bank reconciliation.
After completing your bank reconciliation, you must post the entered transactions in Enter/Post Transactions.
To enter transactions while reconciling
- In the Reconcile Transactions window, click the Adjustments tab.
- Click Add New Transaction.
- Enter the transaction.
- To continue reconciling your bank statement, click the Transactions tab.