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Bank Account Management

Use the screens in the Bank Account Management application group to determine general steps required to initialize and perform bank reconciliations.

Make sure that you refer to the specific documentation for each step, which includes more detailed information.

Deltek suggests that you begin performing Bank Reconciliations in Costpoint after running live on Costpoint for at least several periods. However, complete the entry of information on the setup screens early when Costpoint is first initialized, so that you have the historical Accounts Payable (A/P), Accounts Receivable (A/R), and Payroll (P/R) transactions needed to perform the reconciliations. You must perform manual bank reconciliations until you have adequate historical Costpoint data available.

Perform the following steps as part of the general Costpoint setup during initialization, before you begin processing and entering detail transactions:

  • Enter information for all company banks from which and to which you transfer funds on the Manage Banks screen.
  • Set up bank account information on the Manage Company Bank Accounts screen.
  • Establish one of more cash accounts in the 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 screens are specific to the Bank Reconciliation process; execute them after initialization when you have enough historical data to warrant successful processing. The decision to begin performing bank reconciliations using Costpoint should be in accordance with your internal priorities and the status of the history files; there are no Costpoint requirements.

  • Update Cash Accounts
  • View Cash Accounts
  • Manage Bank Statement Information
  • Create Bank Transactions History
  • Accept Bank Transactions and/or Process Bank Transactions Acceptances
  • View Bank Reconciliation Summary
  • Print Bank Reconciliation Summary Report
  • Print Bank Reconciliation Detail Reports

Details for the Bank Reconciliation Setup and Processing Steps

Perform the first six steps listed below as part of the general Costpoint setup during initialization, before you begin processing, and before you enter detail transactions.

Field Description
1. Basic Bank Information

On the Manage Banks screen, set up bank identification (ABA) number, name, and transfer type for all company banks from which and to which you plan to transfer funds (both manually via checks and electronically).

2. Company Bank Accounts Detail

On the Manage Company Bank Accounts screen, set up bank account information for your company, including a familiar bank abbreviation and description, bank account and location data, as well as a bank address and fractional ABA number for printing on blank laser checks (checks that have not been preprinted with bank information).

As part of the bank reconciliation setup process, select one or more bank abbreviations, as applicable, from those set up on this screen for use in the following modules:

  • Accounts Receivable (for cash receipts transactions)
  • Accounts Payable (for accounts payable transactions)
  • Payroll (for payroll transactions)

If you set up only one bank abbreviation, you can designate the same abbreviation for use in all modules.

When you post transactions from Costpoint Accounts Receivable, Accounts Payable, and/or Payroll, the appropriate bank abbreviation and cash account/organization/ref1/ref2 information is included with the detailed transaction data along with other detailed data, including date, amount, vendor, and so on.

3.  Currency Balance and Adjustments

Before using the Adjust Currency Balances screen, you must first set up the bank and EFT information on the Manage Company Bank Accounts screen. It is important that you link the correct bank abbreviations to the corresponding cash accounts before you post any cash transactions. This allows easier bank reconciliations when you work with multiple currencies.

Use this screen to access General Ledger cash accounts to make adjustments to foreign currency. You can make online adjustments to bank balances for reasons such as service charges or fluctuations in the exchange rate.

You can also use this screen to see your General Ledger cash accounts expressed in both your company's functional currency and the currency in which the account is denominated.

4. Update Cash Accounts

Run the Update Cash Accounts process to update the Bank G/L Cash Accounts table with the cash account/organization/ref1/ref2 combination data stored with the transaction detail for historical Accounts Payable, Cash Receipts, and/or Payroll transactions.

During the update process, Costpoint reads all of the cash account/organization/ref1/ref2 combinations that were previously used and stored with the detail transactions from A/P, Cash Receipts, and/or Payroll. If additional cash account combinations are found, the new data is added to the Bank G/L Cash Account table, but existing data in that table is not overwritten.

To view all the cash account combinations for which detail data is stored in Costpoint Accounts Payable, Accounts Receivable, and/or Payroll, use the View Cash Accounts subtask of the Enter/Manage Company Bank Accounts screen. (The data in the subtask table window is non-editable).

5. View Cash Accounts

The View Cash Accounts subtask of the Manage Company Bank Accounts screen is populated when you run the Update Cash Accounts process. On this screen, you can view the cash account/organization/ref1/ref2 combination data written to this table from historical Accounts Payable, Cash Receipts, and/or Payroll transactions. You can view the data, but you modify it.

6. Maintain Bank Statement Info

Use the Manage Bank Statement Information screen to enter and store statement and timing information for a bank account.

Each month when the bank statement is received from the bank, enter the FY/Pd/Subpd data and the bank statement ending date and ending balance on this screen. This information is used to create the View Bank Reconciliation Summary and the Print Bank Reconciliation Summary Report.

Initiate this screen when using bank reconciliations for the first time and for each subsequent bank reconciliation.

7. Print Bank Statement Report

Use the Print Bank Statement Report screen to print the bank statement that you uploaded into Costpoint using the bank statement upload feature on the Manage Bank Statement Information screen.

With this screen, you can sort the statement by either the transaction date or by the transaction ID (the check number).

Print and review this report after uploading your bank statement and before reconciliation. Verify that all uploaded data is correct. If you find an error in the statement, you can delete the uploaded bank statement on the Enter/Manage Bank Statement Information screen.

In addition, you can use this report to obtain the information necessary for any adjusting entries to your General Ledger. You can use the Adjust Currency Balances screen to make necessary journal entries to your General Ledger.

You can print this statement as many times as necessary.

8. Create Bank Transactions History

Use the Create Bank Transactions History screen to populate the Bank Transactions History table with transaction information from three sources: Accounts Payable (checks and EFT); Cash Receipts (deposits); and Payroll (checks and direct deposits).

During this process, transaction data is copied from the source tables to the Bank Transactions History table. (The source tables include Vendor Check for A/P transactions, Cash Receipts Header and Transaction History for Cash Receipts transactions, and Employee Earnings for Payroll transactions.) During the copy process, Costpoint marks the appropriate source table to indicate that the transaction has already been written to the Bank Transactions History table.

Transaction timing data (FY, Pd, Subpd) as well as transaction date, transaction ID, number, name, and amount are written to the Bank Transactions History table during the creation process. Costpoint automatically assigns an initial OUT (Outstanding) condition to each record and identifies and writes the transaction origin (for example, CR, AP, or PR) to the table.

After data is copied to the Bank Transactions History table, Costpoint performs all bank reconciliations using only data from this table. The source tables are accessed once to populate the Bank Transactions History table and are not accessed again during bank reconciliations.

The Manual Adjustment data entered as new entries on the Accept Bank Transactions screen is also written to the Bank Transactions History table when a new row is saved. The source table is assigned as MAN (Manual).

Note: Always keep manual entries to a minimum. Record bank interest as a cash receipt and record bank charges in Accounts Payable. Do not use journal entries to enter manual adjustments. Manual adjustment entries are designed to facilitate bank reconciliations only in the rare circumstance in which the normal data entry source was not used.
9. Accept Bank Transactions

After you receive your bank statement, use the Accept Bank Transactions screen to compare the bank transactions with your historical G/L transactions and to clear (or unclear) the A/P, Cash Receipts, and/or Payroll transactions, as appropriate.

You first select which transactions types (A/P, Cash Receipts, and/or Payroll transactions records OR Manual Adjustments) to display in the table window. You can further limit 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, and view or change acceptance data for these records in the table window.

As an alternative, you can choose to clear or unclear bank transactions in batch mode using the Process Batch Bank Transactions Acceptances screen. When you use the Process Batch Bank Transactions Acceptances screen, you can select one or more number ranges of bank transactions for which the code can be automatically changed from outstanding to cleared (or cleared to outstanding). Even if you have chosen 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 such as interest income, bank charges, and so on, that were not entered in cash receipts or accounts payable. Always keep manual entries to a minimum. You normally record bank interest as a cash receipt and bank charges 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.

10. Process Batch Bank Transactions Acceptances

Use this screen to process one or more ranges of bank acceptances as an alternative to clearing or unclearing either individual or multiple rows on the Accept Bank Transactions screen.

Note: If you change the cleared or outstanding code by using the process from this screen, 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 process only one transaction type (CR, AP, PR, or MAN) at a time in batch mode because of the possibility of duplicate transaction numbers among transaction types. One or multiple transaction number ranges can be cleared or uncleared for the same transaction type during a single process, however.

You must set all transactions within the selected ranges to Cleared or Outstanding.

You must enter bank acceptance defaults for date, fiscal year, period, and subperiod if you are setting the transaction code to Cleared for the selected ranges. If you set the transaction code to Outstanding, the bank acceptance default fields are empty and data entry in them is not permitted.

11. View Bank Reconciliation Summary

Use this screen to view the bank reconciliation online in summary format for a specified fiscal year and period.

For General Ledger items, the screen displays the beginning book balance and the monthly totals for cash receipts, cash disbursements, and manual adjustments. Costpoint calculates and displays the ending book balance from this data.

For Bank Statement items, the screen displays the last bank statement ending balance, deposits in transit, outstanding checks and manual adjustments, and unmatched cash receipts and disbursements. Costpoint calculates and displays the adjusted bank statement balance.

When the summary bank reconciliation displays, you can access each detail line on the reconciliation by using the corresponding button to view the detail transactions that make up each subtotal.

12. Print Bank Reconciliation Summary Report

The summary report printed from the Print Bank Reconciliation Summary Report screen is identical to the online summary reconciliation that you can view on the View Bank Reconciliation Summary screen. To print the Print Bank Reconciliation Summary Report, select a bank abbreviation, fiscal year, and period from the selection screen.

For General Ledger items, the report prints the beginning book balance and the monthly totals for cash receipts, cash disbursements, and manual adjustments. Costpoint calculates and prints the ending book balance from this data.

For Bank Statement items, the report prints the bank statement ending balance, deposits in transit, outstanding checks and manual adjustments, and unmatched cash receipts and disbursements. Costpoint calculates and prints the adjusted bank statement balance.

The detail transactions that make up each summary line displayed on the report can be printed from the Print Bank Reconciliation Detail Reports screen.

The bank statement/G/L reconciliation process should always be part of the internal procedures established by your company. After the reconciliation process is complete, retain a copy of this report with your permanent bank reconciliation files.

13. Print Bank Reconciliation Detail Reports

The reports printed from this screen are similar to the online detail transactions subtasks that you can view on the View Bank Reconciliation Summary screen, except that there are additional selection criteria. You can select a range of transaction dates, transaction numbers, and cash account/organizations, as well as the bank abbreviation, fiscal year, period, and subperiods for each detail report.

For General Ledger items, you can print transactions detail for cash receipts, cash disbursements, and/or manual adjustments.

For Bank Statement items, you can print transactions detail for deposits in transit, outstanding checks, outstanding manual adjustments, unmatched cash receipts, and/or unmatched cash disbursements

The bank statement/G/L reconciliation process should always be part of the internal procedures established by your company. After reconciliation has taken place, retain a copy of this report with your permanent bank reconciliation files.

14. Purge Bank Transaction History

Use the Purge Bank Transaction History screen to delete matched and cleared bank transactions history based on your selection criteria.

Bank reconciliation data in this table was originally copied from the source tables when you ran the Create Bank Transactions History process. The source tables included, as applicable are: Vendor Check for A/P transactions, Employee Earnings for Payroll, Cash Receipts Header, and Cash Receipts Transaction History for Cash Receipts transactions. The purge process from this screen deletes data only from the Bank Transaction History table; it does not delete data from the source tables.

To prevent the accidental deletion of data, Deltek recommends that you restrict user access to this screen. Before you activate the purge, other users must exit all Bank Reconciliation screens. If an error (system, hardware, electrical) occurs during the purge, the same user must restart and resume the purge after the crash.

Although you can run this process at any time, you normally run this process to clear out unneeded history and free up database space. Before beginning the purge process, Costpoint checks the status of all accounting periods within the range selected for the purge. If any period from the selected range is not closed, a warning message displays and asks you if you want to continue. If you choose to proceed, do so with caution. Typically, purge transactions only for closed accounting periods.

Following your company procedures, first identify which fiscal year and periods must be included in the selection parameters. Verify that this data does not need to be retained in Costpoint for future audits.