Bank Reconciliation Tab of Bank Codes

Use the Bank Reconciliation tab to set up miscellaneous charges for your firm and to indicate if electronic payment runs will be summarized.

Contents

Field	Description
Summarize Electronic Payments Runs in Bank Reconciliation	If you want all individual payments in an electronic payments run for the bank summarized as a single transaction on the Payments tab of the Bank Statement Reconciliation form—so you can mark them cleared as a group—select this check box. If you want all individual payments in an electronic payments run to display individually on the Payments tab of the Bank Statement Reconciliation form—so you can mark them as cleared individually—do not select this check box. Most firms, to facilitate the statement reconciliation process, select or clear this check box based on how the bank shows electronic payments on the statement. You can only select this option if no existing electronic payment runs for the bank have a mix of cleared and uncleared payments. In other words, the payments in each electronic payment run must be either all cleared or all selected.
Bank Entries Drop-Down	Click the drop-down arrow on a grid header to complete any of the following actions: To print grid data, click Print. On the Print Preview form, click File > Print to send the grid data to your default printer. To export grid data to an Excel spreadsheet, click Export to Excel. When Microsoft Excel opens, use its features to modify, print, or email the grid data, or to save the spreadsheet file locally. To turn on grouping for a grid, click Enable Grouping. When a field displays with the instruction: "Drag a column header here to group by that column," drag and drop column headers into the field, in the sequence that you want them to display. Not all options are available on all grids.
Type	By default, this column displays Interest Revenue and Bank Fees, but you can change or add entries to reflect miscellaneous charges in your organization. You can define up to four bank entry types for every bank.
Account	Click to access the Account lookup and select an account. The account is used for the explicit side of the bank transaction. For example, you can define the expense account for Bank Fees for this bank entry transaction type.
Project	Click to access the Project lookup and select a project.
Phase	Click to access the Phase lookup and select a phase.
Task	Click to access the Task lookup and select a task.
Transaction	Click the drop-down arrow to select Cash Receipt or Cash Disbursement for user-defined charges. By default, Bank Fees use Cash Disbursement transaction type and Interest Revenue use Cash Receipt transaction type.