Summary Tab of the Bank Reconciliation Form

The Summary tab displays the cleared and uncleared balances, based on the cleared and uncleared items on the Receipts and Payments tabs and entries on the Miscellaneous tab.

Contents

Field	Description
<Bank Name and Code> - <Statement Date> (<Statement Number>), Fiscal Period, <Active Company>	These fields display the bank name, bank code, and statement date for the bank reconciliation, followed by the fiscal period in which the bank statement was created. If Vantagepoint is set up for multiple companies, the name of the active company also displays.
Import Transactions	Click this option to import new bank transactions to the bank reconciliation. This option only appears if you select the Import Enabled checkbox from the Options tab of the Banks form in Settings > Cash Management > Banks.
Close Statement	This option displays if the current bank reconciliation state is still in progress. When the reconciliation is completed, select this option to mark the reconciliation as closed. Closing a reconciliation removes the statement date from the list of "in progress" statements on the Bank Statement Selection dialog box, to make it easier to select statements in the future. It also disables options on the other tabs on the Bank Reconciliation form. However, you can choose Reopen Statement at any time to reopen the reconciliation.
Reopen Statement	This option displays if the current bank reconciliation record is closed. When the reconciliation is closed, select this option to reopen the reconciliation. Reopening a reconciliation moves the statement back to the "in progress" state, which allows you to make changes and view the reconciliation.
Other Actions/Actions	If you have the Import function enabled, this appears as Other Actions. Otherwise, it displays as Actions. Choose an option from the drop-down list: Create Transaction Entries: Select this option to create bank statement entries for bank fees, interest, and other user-defined bank entries in Settings > Cash Management > Banks. Print: Select this option to generate the Bank Reconciliation report for the currently displayed reconciliation. Post Cash Receipts: Select this option to open the Cash Receipts dialog box and select cash receipts to post. This option appears if you have access rights to post Cash Receipts and if you set the Enable Transaction Center Approvals option to No in Settings > Accounting > Transactions. Match Transactions: This option displays if there are records that were imported through a bank feed. Select this option to automatically match bank transactions with posted records that have the same amount or description. Refresh Bank Transactions: This option displays if you set up bank feed for the bank associated with the bank reconciliation record. Select this option to update the Import Records grid with bank transactions that were posted after the daily import. Errors Report: Select this option to import a report that identifies any errors that were encountered during the last import that you performed for the statement currently open in Bank Reconciliation. Import History: Select this option to open the Import History dialog box and view or undo imported bank transactions. You can undo transactions if you have imported them into the wrong bank statement.

Cleared Items

Field	Description
Opening Balance	This field displays the closing balance from the previous statement as the opening balance.
Receipts	This field displays the total amount of receipts marked as cleared on the Receipts tab.
Payments	This field displays the total amount of payments marked as cleared on the Payments tab. If this is an in-process account, the presence of cleared but unprocessed payments is indicated in a message.
Miscellaneous	This field displays the total amount of miscellaneous items entered on the Miscellaneous tab.
Calculated Balance	This field displays the calculated closing balance for the account and a total of all uncleared items. The closing balance is calculated as follows: Closing Balance = (opening balance) + (cleared deposit receipts) - (cleared payments) + (miscellaneous)
Closing Balance	This field displays the closing balance from the statement that you entered either on the Bank Statement Selection dialog box or on the Main tab. You can also enter or change that balance on this tab. If all transactions are accurate and have been properly accounted for, the calculated closing balance should agree with the closing balance shown on the bank statement.

Uncleared Items

Field	Description
Deposits	This field displays the total amount of uncleared deposits on the Receipts tab. If you display reconciliation information for a prior statement, any receipts listed on the Receipts tab that have been cleared on a more recent statement are included in the uncleared amount.
Payments	This field displays the total amount of uncleared payments on the Payments tab. If the grid on the Payments tab contains a voided payment that is not yet associated with a statement or is associated with a more recent statement, the amount of that payment is included in this total uncleared amount because the void occurred after the statement date of the currently selected statement. If you display reconciliation information for a prior statement, any payments listed on the Payments tab that have been cleared on a more recent statement are included in the uncleared amount.
Uncleared Balance	The uncleared balance is calculated as follows: Uncleared Balance = (uncleared deposit receipts) - (uncleared payments) If all uncleared items are accurate and have been properly accounted for, the sum of the closing balance and the uncleared balance should agree with the current balance of the bank code's GL account.