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Introduction

This document provides information regarding entering outstanding Bank Reconciliation Information.

Overview

As part of going live, a "historical" bank reconciliation needs to be done for the month prior to the first go-live month. This is to establish the correct bank reconciliation ending balance, that will then roll forward for the first go live month bank reconciliation. This page walks through the necessary steps.

Quick Steps

  1. Obtain the bank account reconciliation as of the cutoff date (e.g. if Unanet Financials is going live as of 01/01/2019, then get the bank account reconciliation as of 12/31/2018).

  2. Navigate: Financials > General Ledger > Journal Entry.

  3. Enter outstanding items through the Create Journal Entry screen.
    *Remember to make sure GL Effective Date (Admin > Properties > Financials > General Ledger > Post to GL Effective Date) is changed to a date that syncs with the JE you are entering.




    Navigate: Financials > General Ledger > Add General Ledger Icon.

               

  4. Enter individual detailed transactions for each outstanding reconciling item in the reconciliation that is included in the GL balance as of the cutoff date but has not cleared the bank.
    1. Field values should include the following:
      1. Account - Account associated with the bank account
      2. Organization - Organization associated with the bank account
      3. Reference - Check number for outstanding checks, any other useful identifier that might be helpful for other reconciling items
      4. Date - Date of the original transaction (e.g. check date for outstanding checks, deposit date for outstanding deposits, etc.)
      5. Debit Amount - Amount of outstanding deposits
      6. Credit Amount - Amount of outstanding checks (e.g. outstanding amounts should be posted as debit or credit amounts the same way the went into the legacy system)

  5. Enter a balancing detailed transaction to balance out the journal entry. 
    1. Field values should include the following:
      1. Account - Account associated with the bank account
      2. Organization - Organization associated with the bank account
      3. Reference - Initial bank balance
      4. Date - Date of bank statement to which the bank reconciliation was done
      5. Debit Amount - Amount of outstanding checks (e.g. outstanding amounts should be posted as debit or credit amounts the same way the went into the legacy system)
      6. Credit Amount - Amount necessary to balance the entry

        Navigate: Financials > General Ledger > Journal Entries > List > Edit Pencil Icon. 



  6. Before posting the Journal Entry:
    1. Attach any client documentation to the Journal Entry as backup.
    2. Remember to make sure GL Effective Date (Admin > Properties > Financials > General Ledger > Post to GL Effective Date) is changed to a date that syncs with the JE you are entering.

  7. Post the Journal Entry. Review the GL Details report to verify that the JE posted as expected.

  8. Perform an initial bank reconciliation as of the cutoff date (Financials > General Ledger > Bank Reconciliation).
    1. All items showing up in the reconciliation screen other than the reconciling items entered above should be selected as cleared. The original entries used to set up the bank account balance in the GL should also be selected as cleared.


Considerations

This process assumes that the bank account balance per the GL has been previously set up as part of the General Ledger Beginning Balances setup.

If any of the items included in the reconciliation relate to items that are not in the GL balance as of the cutoff date (e.g. bank fees or such that weren't included in the GL balance), these items should be entered into a future period so they can be included in the reconciliation and the reconciliation can be finalized.

If transactions you expect to appear on the Bank Reconciliation screen are not appearing, check for the following:

  • The General Ledger account/organization combination for the Journal Entries needs to match exactly to the account/organization combination on the Bank Account setup screen.
  • The Journal Entry couldn't post to the General Ledger because the General Ledger Effective Date at the time of the JE Post was in the future compared to the JE Post Date.


Additional Information

KC - General Ledger Guide: Journal Entries

KC - General Ledger Guide: Bank Reconciliation

Help Docs - Bank Reconciliation


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