Bank Rec enables you to easily create a Reconciliation Report - even if you have no prior reconciliation experience.
The system enables you to create a two-sided 'Audit Ready' Reconciliation Report that can be used for departmental use or for internal/external auditors.
Out of balance? Not an issue. The Reconciliation Wizard will help you get in balance.
1. Running the Reconciliation Report for the first time.
To run your initial Reconciliation Report, click on Reports >Reconciliation Report.
The Reconciliation Wizard will start and will prompt to confirm your first period.
Note: The system is expecting Beginning Balance + Activity = Ending Balance
for both Bank and G/L data.
If the current period is not in balance, the wizard will prompt you with the Review Your Work Wizard.
Click OK for the system to continue.
If you are out of balance (history-to-date), you'll be prompted to create a balancing entry - click Yes,
(you can always remove this later).
Clicking 'Yes' enables you to access the current reconciliation report for review and exporting to Excel.
We always recommend creating the balancing the entry if prompted (Yes).
2. Working with the Reconciliation Report.
The Reconciliation Report shown above is an interactive/hierarchical report and you can drill down (click on the + plus signs) to see detailed reconciling items.
We recommend this view as a summary to review your work.
Once you are done with your review, the auditors will want a detailed report displaying the records in a tabular format - typically Excel or pdf.
Click on the 'Report Writer' link to view the Reconciliation Report in tabular format.
--You can rerun earlier reconciled periods at any time.
--The system is sensitive to the difference between timing and permanent differences and categorizes them automatically.
Want to make entries into a reconciled period?
Please mark the period as unreconciled (Reports tab > Unreconcile).
Tip: A Reconciled Period locks down records for the current period and all periods prior.
Want to Delete a System Generated Record?
Run an 'All Records Report' or the 'Balancing Entries' report.
Select the record from the tab on the left, and then click on the Delete (red X) icon.
Tip: If the record is in/before a reconciled period, you will want to unmark the period(s) as reconciled (Reports > Unmark a Reconciled Period).
Please note that you can only reconcile on an account basis - not by site.