Minimum Version Required: 22.01
Pre-Conditions
This can only be done if users are using or have access to Encompass Financials.
Steps
How to Create a Bank Reconciliation
1. Search Bank Reconciliation on the Universal Search Bar
2. Click Add Bank Reconciliation
a. Select Bank Map
b. Input End Date
c. Input Ending Balance
d. Click Add Record
3. Click Edit
a. Review and select Bank Rec Trans
b. Click Balance
Notes: An Import Routine can be created to automate the process. Please inquire for more information if wanted.
Fields And Definitions
Beginning Balance - This is the ending balance from the previous reconciliation or the sum of all previous reconciled debits and credits (SUM(Debit-Credit) of the account
Cleared Debit/Cleared Credit/Total Cleared - This is the sum of the debits and credits reconciled in this reconciliation
Ending Balance - from the bank statement entered when adding the bank rec
Diff - This is the difference between the reconciled journal entries and the bank Ending Balance this has to be zero or an adjusting entry account has to be selected to reconcile the entry.
Un-Posted - This is the sum of the journal entries that have not been reconciled and are waiting to hit the bank account
Best Practices
Bank Reconciliations should be Balanced at regular intervals (daily, weekly, or monthly).
A previous Bank Reconciliation must be Balanced before a new one can be created.
A Bank Reconciliation record is required to be in balanced status dated within 45 days of the financial close date attempting to close to.