Bank Reconcilliation
The purpose of this documentation is to provide detailed steps regarding how to process a Bank Reconciliation using a manual reconciliation process.
This process will be completed at the entity level. Therefore, you will only see transactions for the entity (Parish) that the payment was received in.
Steps
Bank Reconciliation processes are managed in the Intacct Cash Management module.
ACCESSING THE bank reconciliation function
- To access this function, navigate to Applications > Cash Management > Reconciliation > click on Bank
1
enter reconciliation overview information
- Select account that you desire to reconcile from the drop-down menu.
- Select the or enter the Beginning Balance Cut-off Date which is typically the date of the last bank statement
- Select or enter the Statement Ending Date for the current month bank statement
- Enter the Statement Ending Balance
- Attach copy of bank statement or other relevant documents
- Additional steps will be required for the first reconciliation of the account within Intacct (see separate migration training document)
find and select items to reconcile
- Unmatched items available for reconciliation will be defaulted into the list beneath the Match Transactions section
- Users can search within the search boxes on any column to locate specific transactions or similar transactions
- Click in the checkbox to the left of each listed transaction that is noted as cleared on the Bank Statement
- or click in the upper level check box to select all and de-select those items not yet cleared
- Click on Match to complete the reconciliation of the selected items.
- The matched items will clear from the Unmatched Items list
- the $ amount of matched items will be reflected at the top of the screen in the “Matched Checks/Debits” field
ADD ADDITIONAL ITEMS (e.g., BANK FEES)
- If all core transactions (checks paid, ach’s, deposits, etc.) have been selected and matched and there remains an amount to reconcile, there may be bank or other fees to add to the bank account’s activity.
- Select the “More Actions” button
- A Journal Entry can be entered without leaving the bank reconciliation process through accessing the “More Actions” functions
- Follow the steps above to Match any remaining items
complete matching process and finalize bank reconcilation
- Once all items have been matched and the reconciliation matches the bank statement, you are ready to complete the reconciliation process
- Click the “Reconcile” button in the upper right menu
reports for bank reconciliation validation
- The Bank Reconciliation Report is available in 2 ways
- It is immediately available after the “Reconcile” button has been selected
- the reconciliation report is also available through the Reconciliation Histories screen
- The Outstanding Items Report is available through the Reconciliation Histories screen
Re-OPEN a RECONCILIATION
- A Bank Reconciliation can be re-opened on the Reconciliation Histories screen by clicking on “Reopen” button next to the relevant reconciliation.
- To re-reconcile the bank account, follow the steps above.
FAQ for bank reconciliations
-
What if the Amount to Reconcile is not $0 after all required entries have been cleared? Validate the dates are correct. Compare the Trial Balance, General Ledge and Bank Book Balance to look for differences that could be caused by future dated transactions or other entries not showing up.
-
Is it possible for a Bank Reconciliation be started, then stopped before it is completed, and then be reopened later to complete? – Yes. Click on the SAVE button within the active reconciliation. This will save the “in progress: reconciliation as is and will open where you left off when you return.
-
Is it possible to view or re-open a prior period Reconciliations? – Yes. If permissions are enabled, it is possible reopen prior period bank reconciliations. A user can reopen reconciliation periods from the ‘Reconciliation Histories’ screen from an end period going forward. In other words, once a period is selected for reopening, all subsequent reconciled periods are automatically reopened as well.
-
Is it possible to Reversing charges – Yes. Entries created using the “quick links” in the bank statement can be reversed if the Bank Reconciliation is open. Run the Bank Register for date of the transaction and to the right of the transaction, click on “Reverse” checkbox. (Cash Management > Reports > Bank Register)
-
What if the Book Balance and General Ledger bank account balances do not match? These 2 amounts will not always match since the bank reconciliation pulls transactions based on the transaction date while the General Ledger pulls transactions based on the GL posting date, which could have differences from an accounting correction.
-
What if the Trial Balance and General Ledger bank account balances do not match? Ensure you are utilizing the same filters for each report. If the filters match and the 2 still do not match, then there may be a systems issue. You will need to report the issue to the Helpdesk (for Intacct). Please capture screenshots and document the steps you have competed to date in order to reconcile the 2.