Overview of enhanced Bank Reconciliation function (BANREC)

Setup

• General parameters, RECLCK (Reconciliation Lock) is used to lock/unlock the controls on reconciled GL Journal Entries in Payment entry and Journal entry.
•  EXAMPLE: if set to 'Yes', accounting cancellations can't be made against the reconciled transactions.
• Open Parameters, General parameters, Parameter values.
  • Select TRS as the module.
  • Right-click Group BNK and select Details.

How to reconcile

1. Open A/P-A/R Accounting, Bank transactions, Bank reconciliation (BANREC).

To create a new bank reconciliation:

1. Click the new icon.
2. Select the Bank code.
3. Enter the Statement Date from the bank statement. After tabbing off the field, all unreconciled transactions dated through the Statement date will populate the reconciliation grid and the Totals box.
4.  NOTE: transactions cleared under the old Bank Rec function (POINTAGE) won't be brought into the new (BANREC).
5. Enter Description (optional),
6. Enter Mark (optional),
7. This is an optional 4 character (alpha/numeric) reference field.
   • If Mark is left blank, the system will populate the field with the last 4 digits of the Statement code.
   • Enter the Ending statement balance from the bank statement.
   • Click Create.
8. To select all the lines, use the action icon "Yes to all the rest" or "No to all the rest" to deselect the remaining lines.
9. To record journal entry adjustments or payments adjustments:
   • Click the Adjustment button to create a journal entry for interest earned, bank fees, etc.
   • Select an Adjustment reason and click OK.
   • Select the entry transaction type for your journal.
   • Create a new journal entry and Save.
   • The journal entry description fields are populated with the Adjustment reason.
   • Click End to return to the Bank Reconciliation.
   • The Adjustments are added to the grid as reconciled transactions with the reason in the description field.
   • The Adjustments are added whether the journal entries are in Final or Temporary status.
10. Click the Payments menu on the right to create a check, wire transfer, etc. that was not recorded (i.e. transactions normally recorded under A/P-A/R Accounting, Payments, Payment / receipt entry).
    • Select the entry transaction.
    • Enter the transaction, Save and Post.
    • Click End to return to the Bank Reconciliation.
    • Unlike the Adjustments which automatically populate the grid, the Payment transactions don't appear until the Search is selected.
    • The Payment transactions are brought into the grid as unreconciled and must also be manually cleared.
11. Click Save before exiting the Bank Reconciliation.
12. Click Search to ensure no additional transactions have been entered.
13. To close the bank reconciliation, click the Close button.
14. To reopen the bank reconciliation:
    • Go to the menu on the right.
    • Select Functions.
    • Select Reopen.

How to add additional Adjustment reasons

1. The Adjustment reasons are used to pass standard descriptions to the journal entry line items. They don't pass general ledger account numbers to the journal entry.
2. There are two options for adding Adjustment reasons:
   Option1: Open Development, Data and parameters, Miscellaneous tables, Data
   • Select Table 383
   • Go to the blank line and enter a Code and Description
   • Click Save and End
   Option 2: Open A/P-A/R Accounting, Bank transactions, Bank reconciliation:
   • Click Adjustment.
   • On the window, tunnel into Adjustment which will bring you to Miscellaneous Table 383.
   • Go to the blank line and enter a Code and Description.
   • Click Save.
3. Click End to return to the Adjustment window.

How to retrieve previous bank reconciliations

1. Open A/P-A/R Accounting, Bank transactions, Bank reconciliation.
2. Use the Statement number field to choose Select and pick the statement code from the drop-down.
3. Clicking Search which will populate unreconciled transactions through the statement date if the statement is open.
4. If the statement is closed, only the End button will be available and only reconciled transactions will be visible.

What is the sequence counter for the Bank Statement is RBK

• The sequence number structure can be accessed by opening Setup, General parameters, Sequence number definition, Structures.

What is the Variance

• In the Totals box under A/P-A/R Accounting, Bank transactions, Bank reconciliation, there’s a Variance field which represents the difference between the Adjusted Balance and the Book Balance.
• The Adjusted Balance is the Ending Statement Balance entered from the bank statement plus outstanding deposits and less outstanding withdrawals.
• The Book Balance is the general ledger account balance.
•  EXAMPLE: Books are closed before the reconciliation is completed and there are unrecorded bank charges or interest earned on the bank statement
• The transaction cleared the bank for an incorrect amount and will be corrected on a future bank statement.
• Reconciliation may be closed if the variance isn't equal to zero.  
  
  •  NOTE: The support for the variance value isn't maintained within the Bank Reconciliation. 

How to print the Reconciliation Statement

1. To access the Bank Reconciliation Statement, open A/P-A/R Accounting, Bank transactions, Bank reconciliation and click the printer icon which will bring up the Bank Reconciliation Statement (BANREC) report (First Value parameter is populated with the statement code) or Reports, Reports and select Report Code BANREC (First Value parameter must be manually populated).
2. The Bank Reconciliation Statement only displays balances and cleared items appearing on the statement selected. It doesn't include outstanding items.
3. To maintain a list of outstanding items (This must be done at the time the reconciliation is completed. The outstanding items lists can't be recreated later):
   • Open A/P-A/R Accounting, Bank transactions, Bank reconciliation.
   • Select the Statement code.
   • Right-click the grid and export to Excel.

Tables used

• BANREC - Bank Reconciliation Statement
• BNRECD - Bank Statement Lines
• 383 - Bank Reconciliation Adjustment (Miscellaneous table)

Can A/P-A/R Accounting, Bank transactions, Reconciliation (POINTAGE) still be used?

• Yes, it can still be used.
• When you're ready to switch to A/P-A/R Accounting, Bank transactions, Bank reconciliation (BANREC).
•  NOTE: l the transactions previously cleared using POINTAGE will remain in a cleared status and won't be brought forward into BANREC.