Manage Bank Statements

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Manage Bank Statements allows you to create and edit bank account statement periods for the purpose of reconciling your bank statements.

This Section Includes:

Bank Statement Grid

Existing statements display in the grid with columns for Statement Date, Opening Balance, Ending Balance, Out of Balance By, Note, and Setup.

  1. Double-click an existing statement or click the Edit icon to edit.
  2. You can also click the Add New Statement link to add a new statement.

NOTE: The Statement Date can also be deleted by clicking the Delete  icon. All the items reconciled for that statement will then be available to reconcile.

Reconcile Bank Statement

  1. Click thee Edit icon to edit.
  2. In the Reconcile Statement Setup window enter the Statement Date.
  3. Enter the Statement Ending Balance. If this is the first statement date for the currently selected bank account, you also need to specify the Statement Beginning Balance. When adding a new statement, the Statement Date must be after the date of the last finalized statement.

Remove the check from the Finalized option when editing an existing reconciliation to un-finalize a statement date. This also makes manually entered outstanding items once again available for reconciliation on that statement.

There is a security option named "Update Finalized" which controls which users have rights to finalize or uncheck the Finalized button. This option is located on the Security Setup > Task Roles > Update page.
  1. Click the OK button to reconcile your statement period or the Cancel link to return to the Manage Bank Statements page.

Bank Statements - Reconciliation allows you to reconcile your bank account transactions for the selected statement period. You can also add a note on the Notes tab and add attachments on the Attachments tab.

This Section Includes:

Reconciliation Page

On the main Reconciliation tab all Checks, Voids, Withdrawals, and EFTs (Electronic Fund Transfers) are on the left and Deposits are on the right.

For both sections the following columns are displayed:

  • Item #
  • Amount
  • Date
  • Description
Click any column header to sort the grid (e.g., click the Date header to sort the grid by the Date column).

You can reconcile items one of three ways: entering item numbers, importing electronic bank statements, or manually marking items as cleared.

Entering Item Numbers:

  1. Enter the Item #. 
  2. Enter the Amount of the item you want to mark as cleared.
  3. Click Reconcile Item. This marks the item as cleared.

Import Electronic Bank Statement:

  1. Click the Import Electronic Bank Statement link.
  2. Click the Browse button to select the file (QIF, OFX, QFX, or XLSX).
  3. Then click the Import button. A "Statement Import Report" displays showing the items in the file that were found/cleared followed by the items that were not found/cleared.

NOTE: When the Amount and either the ItemNumber or Date match between the import file and the Reconciliation page, the items are marked as cleared. However, items are not reconciled when the Type = Void. 

The Excel file (XLSX) must have the following columns:

  • ItemNumber (or Check # or CheckNumber)
  • Amount
  • Date (or ItemDate)
  • Description (optional)

Mark Items as Cleared:

  1. Place a check next to items in either section of the page to mark them as cleared.

NOTE: To change the sort order in the grid, click on the desired heading (e.g., Amount). Click on the up or down arrow to toggle between ascending or descending.

Reconcile to Bank Statement

The Reconcile to Bank Statement area contains the following fields:

  • Statement Date: This is the date you entered when creating or updating the selected statement period.
  • Opening Balance: This is the calculated opening balance or the entered opening balance if this is the first statement period for this bank account.
  • Net Activity: The net dollar amount based on items marked as cleared from both sides of the reconciliation page.
  • Calculated Ending Balance: This calculated figure should match the Statement Ending Balance you entered when creating or updating the selected statement period.
  • Statement Ending Balance: This is the figure you entered when creating or updating the selected statement period. It should match the Calculated Ending Balance.
  • Out of Balance By: The dollar difference between the Statement Ending Balance and Calculated Ending Balance.
The Reconcile to Bank Statement area at the bottom left of the page keeps track of your progress as you reconcile. When you are finished reconciling the Out of Balance By field should show zero. The Statement Starting Balance and Calculated Ending Balance fields should match the amounts shown on your current bank account statement.

Reconcile to General Ledger

The Reconcile to General Ledger area contains the following fields:

  • Statement Period: Select the General Ledger year and period from which to reconcile.
  • General Ledger Balance: This is the current balance of the currently selected bank account as of the selected Statement Period, including unposted journals. This includes the ending balances from the same account number in other funds, if they do not exist in BAM or if they are marked inactive in BAM.
  • Outstanding Items: This includes outstanding items posted to the selected Statement Period or before. This also includes items created in Bank Account Management > All Items, as they are not linked to a General Ledger period. In addition, if there is a value in Reconciled Items from after the Statement Period, it is subtracted from this total.
  • General Ledger Calculated Ending Balance: This is the General Ledger Balance minus the Outstanding Items.
  • General Ledger Out of Balance By: This is the Statement Ending Balance minus the General Ledger Calculated Ending Balance.
  • Reconciled Items from after the Statement Period: This is the total of all items marked as cleared that were posted to a future General Ledger period.

Reconciliation Report

  1. Click the View Reconciliation Report button to display a preview of your Reconciliation Report. The first page of this report contains a Bank Statement Current Summary which displays the Opening Balance, Deposits, and Checks & Withdrawals along with an Ending Balance.

Next on the report are your Cleared Items with columns for Item #, Date, Description, and Amount. The Ending Balance is displayed at the bottom of this section of the report.

The final section of the report are your Outstanding Items with the same columns. At the bottom of the report are your General Ledger Balance, Total Outstanding items, General Ledger Calculated Ending Balance, Statement Balance, and General Ledger out of Balance By amounts.

  1. You can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print.

Click the Close Report button to return to the Reconciliation page.

Finalize Reconciliation

  1. Click the Apply and Finish Later button to save your changes and return to the Reconcile Bank Statement page.
  2. Click the Finish button to finalize the reconciliation

Click the Reset link to undo all changes since the last time the page was updated, or the Cancel link to discard all changes and return to the Reconcile Bank Statement page.

Manual Items are transactions created under View > All Items, and are not linked to General Ledger:

  • Manual Items show on Bank Statements when the Item Date is less than or equal to the Bank Statement Date.
  • When Manual Items are reconciled, they show on that Bank Statement and all previous Bank Statements.

 

If the Statement Ending Balance and Calculated Ending Balance fields do not match you are prompted that you are not in balance for the statement. Click OK to continue finalizing the statement or Cancel to return to the Reconciliation page and make corrections.

 

Resuming Your Work

If you need to pause the reconciliation process and come back later click the Apply and Finish Later button. As long as you do not create another reconciliation date for the next period and start making changes you can always come back into your current statement period and continue your work without repercussions.

 

 

Updated

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