Introducing the Bank Reconciliation Module

The system provides an effective, easy way to reconcile an organization's bank account with the Bank Reconciliation module. Cash transactions processed from any module automatically display as outstanding items in the Bank Reconciliation module.

To begin, select a Cash Account and click the Reconciliation ID drop-down list to select the last reconciliation preformed for that account, or click New to create a unique Reconciliation ID. For a new reconciliation, you must enter the Reconciliation Date and Bank Balance.

Next, click on the Checks/Vouchers or Deposits tabs to begin selecting items that have cleared the bank statement. The unreconciled difference between the bank account and the ledger balance changes to reflect the items marked as cleared when you move between tabs or click the Update button.

Use the toolbar buttons to enter additional activity, such as, Journal Vouchers, Cash Disbursements, Cash Receipts, or to Void Checks, and Post any previously unposted activity. However, manual adjustments can even be entered to reflect unposted book adjustments. Note that cleared items can be imported into Bank Reconciliation if the Data Import/Export module is owned.

A summary tab displays the status of the reconciliation, including the bank balance, adjustments to reconcile, Reconciled Bank Balance, and Balance per Books. You can print a reconciled report, detailed or summary, by clicking the print button. Once the Unreconciled Difference is zero for the cash account you are reconciling, use the Lock button to record a historically accurate record of the reconciliation. This should be done once you are sure subsequent activity will not affect the reconciled Book Balance.

To Add This Module

  1. First the Bank Reconciliation module must be added to an organization by the Administrator.
  2. Either add Bank Reconciliation to a current organization (Organization>Add a Module Wizard - Module Panel), or select the Bank Reconciliation module when creating a new organization (File>New Organization Wizard - Modules Panel).
  3. Once the Bank Reconciliation module has been applied to an organization, the Bank Reconciliation menu selections are available. These selections are integrated into the MIP Fund Accounting menu selections.
  4. Establish proper organization security for users and groups (Security>Set Up Organization Menus). View and Add rights are needed to view, add, and edit existing reconciliations. Process rights are needed to Unlock a Locked Reconciliation ID.
  5. For modular specific menu selections, Checklists, and/or common questions, please refer to the online help (Help>Contents and Index>Reference).