The New button on the Bank Reconciliation list view should be used to create a new reconciliation that has never been previously created using a selected combination of GL Account, GL Account Variables, Currency, Ledger, and/or Type. If the selected combination has been previously created on a Bank Reconciliation, you can save time with pre-populated fields by using the Create the Next Bank Reconciliation screen.
Create a New Bank Reconciliation
- Navigate to Accounting Home and under Banking, click Bank Reconciliations.
- Click New. The New Bank Reconciliation dialog box displays.
- Complete the required fields, which display with a red asterisk (*).
- Bank/Credit Card Account - identifies the bank or credit card account that will be reconciled. Only the source records that are associated with this bank or credit account will be included with this New Bank Reconciliation.
- Statement Ending Date - represents the end date for the statement per the Financial Institution or the date as of which records are being reconciled as part of this reconciliation. All records that have been uncleared (that have been posted) will be considered for this Bank Reconciliation. Click the Calendar icon to select a date. Otherwise, enter the end date.
- Statement Ending Balance - represents the ending balance for the bank account or credit card per the statement from the Financial Institution.
- Type - click the drop-down list to select Bank or Credit Card.
Note: Charges/Amounts will display on the Bank Reconciliation screen based upon the Type selection of Bank or Credit Card.
- (Optional) Complete additional fields.
- Ledger - identifies the Ledger that is associated with the bank or credit card.
- Currency - this field will only display if multi-currency is enabled.
- GL Variables 1-4 - the Sub-General Ledger account segment(s) used to report on divisions, departments, geographies, cost centers, profit centers or business units.
Note: If you use GL Variables on the reconciliation, note that only source records which have the same GL Variable values can be cleared on the Bank Reconciliation. For example, GL Variable 1 might be for your East branch office and you only want to include source records from that location. Using this example, if you entered “East” in the GL Variable 1 field on the Bank Reconciliation, any source records that include this same GL Variable 1 will be included on the Bank Reconciliation, based upon the Statement Ending Date.
- Beginning Balance - this field automatically populates with the cleared balance of the prior reconciliation or based upon the Status field on the New Bank Reconciliation being selected as Completed.
Note: If the Override Beginning Balance checkbox is selected, the Beginning Balance must be manually entered.
- Status - Completed and In Progress displays as the selections for the Status drop-down. When creating a new Bank Reconciliation, the system will automatically assign the Status as “In Progress.”
- Click Save. The Bank Reconciliation screen displays.
Note: Up to 8000 records can be saved on a Bank Reconciliation. When you click Save, if more than 8000 records are included, a message displays. You will need to adjust the Statement Ending Date to include less records to fall below the 8000 limit.
Note: The status of the Bank Reconciliation might display momentarily as "Working" while the background processes preparing the reconciliation complete.
Note: Click here to view the above image in full screen.
- This article is new with the Koali release.