Bank Reconciliation
Included in the Core System
WHAT IT DOES FOR YOU
The Bank Reconciliation component provides full
reconciliation from bank to register and register to
General Ledger for each checking account in the
AccuFund Accounting Suite. Bank Reconciliationcombines accounts payable checks, payroll checks and
cash deposits in a single simple-to-use system. It
includes adjustments and account transfers to maintain
complete history and reconciliation of all items.
HOW IT WORKS
The Bank Reconciliation component tracks all
transactions in each checking account. These
transactions include accounts payable checks, payroll
checks, void checks and adjustments entered through
the register or through Bank Reconciliation.
The status of any bank account may be viewed through
the register screen. All information about a checking
account is shown on this screen. Press the Bank
Reconciliation icon and a window is displayed in
which the checks, deposits and cash adjustments may
be individually marked. As each item is marked the
balance for that transaction type is updated and should
agree with your bank summary when completed.
Service charges and interest earned may be entered
here. The reconciliation does not need to be completed
within a specific time period. Press the OK button and
save your work. This allows you to go out and make
adjustments or perform other tasks, and to come back
later to complete the process. After the reconciliation
balances press the 'Done' button and complete the
reconciliation. The services charges and interest
earned are posted to the General Ledger.
OTHER FEATURES
You can mark a numerical range of checks to simplify
the reconciliation of a large group of checks. Adjustments are used to handle transfers
between checking accounts and bank
adjustments such as clearing checks for the
wrong amount. The Reconciliation report
gives you the option of printing cleared, uncleared
or both types of transactions,
allowing you to also easily reconcile to your
General Ledger cash account. Prior
reconciliations can be kept indefinitely for
review and reporting.
COMPONENT INTEGRATION
The Allocations component integrates with
the following AccuFund components:
• General Ledger - all interest and services
are automatically posted to the General Ledger by
the Bank Reconciliation component.
COMPONENT AVAILABILITY
The Bank Reconciliation component is only available in
the AccuFund Accounting Suite.
STANDARD TEMPLATES PROVIDED
The Bank Reconciliation component includes a predefined
reconciliation report with sections for each aspect of the
reconciliation.
