The general steps involved in initializing and performing bank reconciliations are summarized in the list that follows. Make certain that you refer to the specific documentation for each step, which includes more detailed information.
You will find it most advantageous to begin performing bank reconciliations on the Costpoint system after you have been running Costpoint for at least several periods. You should initialize the preliminary setup screens early, however, so that the historical Costpoint Accounts Payable (A/P), Accounts Receivable (A/R), and Payroll (P/R) transactions written to the tables will contain the data needed to perform the reconciliations when you are ready to begin. You need to perform manual bank reconciliations until you have adequate historical Costpoint data available.
You should perform the following six steps as part of the general Costpoint setup, before processing begins, and before detail transactions have been written to the history tables:
Run the Maintain Banks screen.
Run the Maintain Company Bank Accounts screen.
Establish cash account(s) in Costpoint General Ledger.
Assign Bank Abbreviation and cash account information for Cash Receipts transactions.
Assign Bank Abbreviation and cash account information for Accounts Payable transactions.
Assign Bank Abbreviation and cash account information for Payroll transactions.
The following remaining steps are specific to the bank reconciliation process and you should perform them after initialization, when you have enough historical data to warrant successful processing. The decision to begin performing bank reconciliations using Costpoint should be based on your internal priorities and the status of the history files, because there are no system requirements.
Run the Update Cash Accounts screen.
View Cash Accounts.
Run the Maintain Bank Statement Info screen.
Run the Create Bank Transactions History screen.
Run the Accept Bank Transactions screen.
and/or
Run the Process Batch Bank Transactions screen.
View Bank Reconciliation.
Print the Bank Reconciliation Summary Report.
Print the Bank Reconciliation Detail Reports.