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Reconciling Bank Statements |
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Reconciling Bank Statements |
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Reconciling Bank Statements |
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Reconciling Bank Statements |
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Searching for Transactions
The first step in reconciling your bank statement is to search for the transactions associated with a particular checking account. Fill in the appropriate query information and run the search. Transactions meeting the search criteria will be displayed in the grid. There are three types of transactions: checks, receipts and balance forward transactions.
Checks
Checks are derived from the current and history check files, based upon the search query. When you run the query the appropriate check file will be searched for checks whose account matches the selected checking account, and whose check date is less than or equal to the limit date.
| ▪ | The Include Transactions controls have no effect on the searching of checks from the check files. If checks are found, they are copied into the bank reconciliation file. When checks are copied, their initial status will be either open or voided. |
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| ▪ | After the search of the check files has been completed, entrée searches the bank reconciliation file for existing checks whose account matches the selected checking account, and whose check date is less than or equal to the limit date. Open checks meeting those criteria will always be displayed in the grid. |
| ▪ | If the Include All Transactions control is checked both cleared checks and voided checks will be displayed in the grid, otherwise they will not. |
| ▪ | Once you have checks displayed in the grid, you can change their status. A check that is cleared or open can have its' status changed to open, cleared or voided, but a voided check cannot have its' status altered. When any changes are applied to the data base, those checks whose status have been changed to voided will be voided just as they are in the Voiding Checks process. |
Receipts
Receipts are deposits and charges that are created and saved to the bank reconciliation file when you enter deposits and charges via the Enter Deposits and Charges option, and their initial status is open. When you run the query the bank reconciliation file will be searched for receipts whose account matches the selected checking account, and whose date is less than or equal to the limit date. Open receipts will always be displayed in the grid.
| ▪ | If the Include All Transactions control is checked, cleared receipts and voided receipts will be displayed in the grid, otherwise they will not. |
| ▪ | Once you have receipts displayed in the grid, you can change their status. A receipt that is cleared or open can have its' status changed to open, cleared or voided. A voided receipt cannot have its' status altered. |
Balance Forward Transactions
When you first run a bank reconciliation search for a given account, entrée will determine if there exists a balance forward transaction for the given account. If there is not then a balance forward transaction will be created, and it will have an amount of zero.
| ▪ | Balance forward transactions are only displayed in the grid when Include All Transactions is checked. |
| ▪ | The Limit Date has no effect on the search for balance forward transactions. Even though the status field in the grid is blank for balance forward transactions, these transactions are considered by entrée to be cleared. |
| ▪ | When you close Accounts Payable, the amounts from cleared checks and cleared receipts for a given checking account will accumulate in the balance forward transaction for that account. |
Reconciling the Bank Statement
Change the status of the checks and receipts so that they match the status on your bank statement, and then apply those changes to the bank reconciliation file. The Open, Book and Bank balances will be updated when the changes are applied.
