Bank Reconciliation

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Bank Reconciliation is the procedure of reconciling the bank balance reflected on a ledger to the bank balance reflected on a bank statement for a given period, to balance a bank statement. Bank Reconciliation [ckrbs] is used to determine the actual Cash in Bank account balance on the date you perform the reconciliation.  Your Bank Reconciliation is balanced when the statement balance equals the checkbook balance.

 

Note

NOTE:

 

Please note any service charges or interest earned items must be entered in through the Journal Entry [jete] screen.  You are not able to enter them through the Bank Reconciliation [ckrbs] screen.

 

 

 

Open:

 

To access the Bank Reconciliation [ckrbs] screen, click the 'Checks' module from the menu tree (see following screen shot).

 

Bank Reconciliation [ckrbs] is also located in the 'Report' module under the 'Checks' sub-folder.

 

You can also access this screen by typing the screen or acronym name in the blue prompt bar located above the 'Setup' menu.  Then, press Enter.

 

 

 

The screen then appears.

 

 

 

Selection Criteria:

 

Bank - Bank Code to perform the Bank Reconciliation.  Press the F2 Key or right click to select the bank.

 

Currency - Currency Code associated with the Bank Code defaults upon selecting the bank.  All transaction amounts included in the reconciliation are translated to this currency.

 

Cash Account - Cash in Bank Account associated with the Bank Code defaults upon selecting the bank.  This field is pulled from the Bank Code Entry [subank] screen.

 

Statement Date - Date when the items will be marked as 'Cleared'.  This field defaults to today's date, but you can change it by typing over the defaulted date or by right clicking in this field for the calendar selection to appear.

 

 

 

 

Use Statement Date as Cut-off Date - Check mark this option for the reconciliation to only include items up to the Statement Date, not past it.

 

Include Checks - Check mark to include uncleared checks in the reconciliation.

 

Include Deposits - Check mark to include uncleared deposits in the reconciliation.

 

One Line per Check Number - Check mark to include only one line per Check Number in the reconciliation.

 

 

Check Sort:

 

'Date', 'Check' Number' and 'Vendor Name' are all sorting options available for you to select per your preference.

 

 

Totals:

 

 

 

 

Balances:

 

Beginning - Beginning or opening balance since the last Bank Reconciliation.  For example, if the last Bank Reconciliation performed had a balance of $613.83 at the end of June, this amount becomes the beginning balance for the beginning of July.  Please note you are not able to access this field.

 

Cleared - Cleared amount balance.  Please note you are not able to access this field.

 

Statement - Input the Bank Statement balance.  This amount is zero when you begin your first Bank Reconciliation.  As you clear items, this amount changes.  Your Bank Statement is reconciled when the statement balance equals the checkbook balance.

 

Difference - Difference amount balance.  Cleared amount + Statement amount = Difference amount balance.  Please note you are not able to access this field.

 

 

Start to populate data:

 

To proceed with the clearing process, press the F1 Key, then 'S' option or select 'Start' located in the top right hand corner of the screen.  Once you select 'Start', the transaction details at the bottom of the screen are displayed.  You are then able to indicate whether an item is cleared along with it's Clear Date.

 

 

Transaction Details:

 

Cleared - To manually mark an item as 'Cleared', enter the letter 'C' in this field.  You also have the option to automatically mark all checks or deposits as 'Cleared' by selecting either 'Clear All Checks' or 'Clear All Deposits' located in the right hand corner of the screen.  In addition, you have the option to automatically mark all checks or deposits as 'Uncleared' by selecting either 'Unclear All Checks' or 'Unclear All Deposits'.

 

Clear Date - Once you have marked an item as 'Cleared', the Clear Date defaults with the date input as the Statement Date.  Please note you are able to change the Clear Date.

 

*Please note you are not able to access the following fields:

 

Check Number - Number of the check.

 

Effective Date or Check Date - Effective Date of the transaction or check.

 

Type - Types include 'Dep' = Deposit and 'Cmp' = Computer Check.

 

Reference Number - Reference Number of the transaction.

 

Reference Description or Vendor Name - Reference Description of the transaction or name of the vendor or payee.

 

Amount - Amount of the transaction.

 

 

Before proceeding with the reconciliation process, PSL3 provides you a variety of reporting options (Summary, Worksheet, Edit, etc.) to view the Bank Reconciliation details which are located in the right hand corner of the screen.  In addition, PSL3 also provides the option of 'Reconciling Items' which is a screen that allows you to input the description and amount of an item(s) in the event the Bank Reconciliation does not balance.  You can delete the reconciled item(s) once it actually processes.

 

Reconcile: To proceed with the reconciling process, press the F1 Key, then 'R' option or select 'Reconcile' located in the right hand corner of the screen.  This opens the Print Dialogue box and begins the reconciling process.

 

Once you select 'Reconcile', PSL3 displays the following message prompt:

 

 

 

 

If you select 'No', PSL3 asks "Would you like to reprint the register?".  If you still select 'No', you will receive a prompt notifying you the clearing process is not done.  If you select 'Yes', you will receive a secondary prompt confirming the clearing process was successful along with the number of checks and deposits cleared and reconciled.