After you receive your bank statement, use this screen to compare the bank transactions with your historical G/L transactions and to clear (or unclear) the Accounts Payable (A/P), Cash Receipts (C/R), and/or Payroll (P/R) transactions, as appropriate.
You will first select which transactions type(s) (A/P, C/R, and/or P/R transactions records or Manual Adjustments) display in the Transactions subtask. You can further focus the selection by choosing cleared and/or outstanding transactions. You can also enter optional bank acceptance defaults for date, fiscal year, period, and subperiod.
Once the transaction records have been selected, you can clear or unclear bank transactions, view data, or change acceptance data for these records in the Transactions subtask.
Alternately, you can clear or unclear bank transactions in batch mode in the Process Batch Bank Transactions screen. In that screen, you can select one or more ranges of bank transactions for which the status can be automatically changed from outstanding to cleared (or from cleared to outstanding). Even if you choose to change the status of bank transactions in batch mode, you must use the Accept Bank Transactions screen to view the individual transactions and to make edits on a row-by-row or multiple-row basis.
You can also use this screen to enter manual bank adjustments that were not entered in cash receipts or accounts payable, such as interest income, bank charges, etc. Note that you should always keep manual entries to a minimum and you should not enter them as journal entries. Bank interest normally should be recorded as a cash receipt in Accounts Receivable, and bank charges normally should be recorded in Accounts Payable. Manual entries are designed to facilitate bank reconciliations only in the rare circumstance in which the normal data entry source has not been used.
Make certain that you have entered the correct data in the Maintain Bank Statement Info screen and created transactions history by running the Create Bank Transactions History process before you manually accept checks in this screen.
In this group box, you can specify the desired bank abbreviation for which transactions will be viewed or edited.
Enter a valid bank abbreviation in this required field, or select a bank abbreviation from the drop-down list. The bank abbreviation represents the bank account that you are reconciling with your books. The description for the bank abbreviation that was set up in the Maintain Company Bank Accounts screen automatically displays.
This non-editable field displays your company’s bank account currency.
In this group box you can select the transaction type(s) (A/P, C/R, and/or P/R) and transaction codes (Cleared and/or Outstanding) that will display when you click the Transactions button. You can also enter defaults for the bank acceptance date, fiscal year, period, and subperiod.
This is a required group box in which you select which transaction type(s) will display in the Transactions subtask. Transactions will not display in the subtask if you have not checked at least one selection.
Two general options are available. You can populate the Transactions table with either of the following:
A/P, C/R, and/or P/R transactions
Manual Adjustments
For companies that use a combined bank account for both payroll and non-payroll activities, the same cash account will have been used for A/P, C/R, and P/R transactions. Select one, two, or three check boxes, as desired, to fill the Transactions subtask with system-created transactions. To view, enter, or edit manual adjustments only, select the Manual Adjustments from Foreign Currency Balance and Adjustments check box.
Select this check box to fill the Transactions subtask with bank transactions history from accounts payable checks and EFT data. You will not be able to enter or edit Accounts Payable transaction history data in the Transactions subtask, but you can enter or edit the code (cleared or outstanding), the bank acceptance data (date, fiscal year, period, and subperiod), and the bank amount.
Select this check box to fill the Transactions subtask with all transaction types.
Select this check box to fill the Transactions subtask with bank transactions history from cash receipts data. You will not be able to enter or edit Cash Receipts transaction history data in the Transactions subtask, but you can enter or edit the code (cleared or outstanding), the bank acceptance data (date, fiscal year, period, and subperiod), and the bank amount.
Select this check box to fill the Transactions subtask with bank transactions history from payroll checks and direct deposit data You will not be able to enter or edit Payroll transaction history data in the Transactions subtask, but you can enter or edit the code (cleared or outstanding), the bank acceptance data (date, fiscal year, period, and subperiod), and the bank amount.
Select this check box to fill the Transactions table with manual adjustments from the Currency Balance and Adjustments screen. You cannot enter or edit manual adjustments from Currency Balance and Adjustments data in the Transactions subtask, but you can enter or edit the code (cleared or outstanding), the bank acceptance data (date, fiscal year, period, and subperiod), and the bank amount.
Select this check box to fill the Transactions subtask with manual adjustments from the Accept Bank Transactions screen. You can enter or edit manual adjustments from Accept Bank Transactions data in the Transactions subtask. The bank file may contain amounts for bank service charges or other miscellaneous fees that will not match to any of the transactions in the BANK_TRN_HS table. This will allow you to enter a manual row(s) to the GL History table window in order to reconcile your items.
In this required group box, you can populate the Transactions subtask with cleared transactions only, with outstanding transactions only, or with both cleared and outstanding transactions. Transactions will not display in the subtask if you have not checked at least one selection.
Select this check box to include cleared transactions (Code "CLR") for the selected transaction type(s).
Select this check box to include outstanding (uncleared) transactions (Code OUT) for the selected transaction type(s).
In this group box, you can optionally enter bank acceptance defaults for the date, fiscal year, period, and subperiod. Although this is optional data, data for each of these columns is required when you clear a transaction (set the code to CLR) in the Transactions subtask. Entering bank acceptance default data in this screen should minimize the need for data entry in the subtask when you are accepting transactions.
Enter a bank acceptance date in the "MM/DD/YYYY" format as a default in this optional field. If you also enter defaults for the fiscal year, period, and subperiod, the default bank acceptance date must fall within the start and end date of the specified fiscal year, period, and subperiod.
The date from this field will automatically display in the Bank Accept Date column of the Transactions subtask when the code for one or more rows is set to CLR
If you do not set up a default for this information, you will need to manually enter the bank acceptance date for each row in the Transactions subtask for which a CLR code has been entered before the row can be saved.
Enter the fiscal year that coincides with the bank acceptance date as a default. Although fiscal year/period/subperiod default data is optional, you must complete all three fields if you want to establish defaults for this information. (In other words, you cannot enter a default fiscal year without also entering a default accounting period and subperiod.)
The fiscal year from this field will automatically display in the Bank Accept FY column of the Transactions subtask when the code for one or more rows is set to CLR.
If you do not set up a default for this information, you will need to manually enter the bank acceptance fiscal year for each row in the Transactions subtask for which a CLR code has been entered before the row can be saved.
Enter the accounting period that coincides with the bank acceptance date as a default.
Although fiscal year/period/subperiod default data is optional, you must complete all three fields if you want to establish defaults for this information (i.e., you cannot enter a default accounting period without also entering a default fiscal year and subperiod).
The accounting period from this field will automatically display in the Bank Accept Pd column of the Transactions subtask when the code for one or more rows is set to CLR. If you do not set up a default for this information, you will need to manually enter the bank acceptance accounting period for each row in the Transactions subtask for which a CLR code has been entered before the row can be saved.
Enter the accounting subperiod that coincides with the bank acceptance date as a default. Although fiscal year/period/subperiod default data is optional, you must complete all three fields if you want to establish defaults for this information. (i.e., you cannot enter a default subperiod without also entering a default fiscal year and accounting period.)
The accounting subperiod from this field will automatically display in the Bank Accept Subpd column of the Transactions subtask when the code for one or more rows is set to CLR. If you do not set up a default for this information, you will need to manually enter the bank acceptance subperiod for each row in the Transactions subtask for which a CLR code has been entered before the row can be saved.
Enter the statement ending date in this field. The system will use this date to compare the bank transactions with your historical G/L transactions.
Click this button to open the Transactions subtask.