Bank Reconciliation

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Bank Reconciliation

Postby scottinboulder » Wed Mar 20, 2013 10:46 am

I took over the books and one of the first things that the former person told me was that I needed to be in the the next period to do the prior periods bank rec. Is that true? If it's not, is there problem having March have 2 bank recs? I know it will warn me but is there any downside????


Thanks
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Re: Bank Reconciliation

Postby meaglin » Fri Mar 29, 2013 10:21 am

You need to be in the same period as the bank rec. You must rec March while in the March Period. Once April is opened, change your period before you start the bank rec. The reason, is that once reconciled you have only reconciled to the bank statement, click print and it will tell you what the balance "should" be in your GL Trial Balance if you are reconciled to the General Ledger. Run a Trial Balance in the March period and compare. If not, you are not reconciled to the GL.

There is no problem with having two bank recs in the same period.
Mel Eaglin
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Re: Bank Reconciliation

Postby Richard_Levkoy » Tue May 21, 2013 12:19 pm

meaglin wrote: . . . it will tell you what the balance "should" be in your GL Trial Balance if you are reconciled to the General Ledger.


If the "Reconciled G/L Balance" on the Bank Rec is not correct with respect to what the actual and correct balance is in the GL, is there a field somehwere, perhaps on a Configuration tab, that will allow me to reset the Bank Rec to the correct balance?
Richard Levkoy
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Re: Bank Reconciliation

Postby meaglin » Tue May 21, 2013 12:55 pm

If the GL does not agree with the Bank Rec GL Amount, you may need to do a one time JE in that period to adjust. Beyond that, you should never do any entries to the GL account associated with the Bank. Everything hittig here needs to be either Cash Receipts or Cash Disbursements. Never JE's after this one time adjustment.
Mel Eaglin
meaglin@vrsllc.com
Visionary Reporting Solutions
San Diego, CA 92109
http://www.vrsllc.com/
http://www.deltekvisionconsultant.com/deltekvisionblog
Phone: (858) 245-8956
"Skype Name: mel.eaglin"
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