Accept Bank Transactions
After you receive your bank statement, use the Accept Bank Transactions screen to:
- Compare the bank transactions with your historical General Ledger transactions.
- Clear (or unclear) the Accounts Payable (A/P), Cash Receipts (C/R), and/or Payroll (P/R) transactions.
You first select which transactions types (A/P, C/R, and/or P/R transactions records or Manual Adjustments) to display in the GL Transactions table window. 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.
After you select the transaction records, you can clear or unclear bank transactions, view data, or change acceptance data for these records in the GL Transactions table window.
Alternately, you can clear or unclear bank transactions in batch mode on the Process Bank Transactions Acceptances screen. On this 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, and so on.
Always keep manual entries to a minimum, and do not enter them as journal entries. Bank interest normally is recorded as a cash receipt in Accounts Receivable, and bank charges normally are recorded in Accounts Payable. Manual entries are designed to facilitate bank reconciliations only in the rare circumstance in which the normal data entry source was not used.
Be sure that you enter the correct data on the Manage Bank Statement Information screen and create transactions history by running the Create Bank Transactions History process before you manually accept checks on the Accept Bank Transactions screen.