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Overview

This guide covers the procedures for properly setting the Bank Reconciliation (Bank Rec) initial Bank and Book balances so that it can be properly reconciled after go-live.

Preparation

Work with the customer during the implementation to understand their bank reconciliation procedures for all bank accounts that they intend to use with Bank Rec. For each bank account, you will need to discuss the following items with the customer and make sure they understand how to provide these details.

Bank Statement Cutoff Date: The bank statement cutoff date, or statement ending date, will determine the timing for entering the Bank rec starting adjustment. It will also determine which outstanding (uncleared) details need to be tracked and adjusted into Bank Rec.

Go-Live Date: All bank account transactions (checks and deposits) from the legacy system that are uncleared as of the customer's most current bank statement dated prior to the go-live date will need to be individually adjusted, or imported into Bank Rec. Additionally, all bank account transactions that occur in the legacy system after the bank statement cutoff date and before the go-live date will also need to be added to Bank Rec. Get a clear understanding of the timing between the bank statement cutoff data and the go-live date to set the customer expectation for the data that will need to be tracked in the month prior to go-live. If this expectation is not set up front, it can be difficult for some customers to recreate the details needed to properly set up Bank Rec. If the customer is properly tracking all uncleared transactions with the right expectations, the reconciliation should go smoother.

Bank Statement Ending Balance: The reconciled bank account ending balance as of the most current statement date will be used to set the beginning Book Balance for Bank Rec. The customer should reconcile their current statement on teh legacy system and confirm the bank statement ending balance number. This will establish a firmly reconciled value to begin Bank Rec. For example, if the Adjutant go-live occurs in October, customers should use their September closing bank statement value to enter as the opening manual adjustment value for Bank Rec. If the statement cutoff date is September 20, all current uncleared transactions prior to 9/20, and all transactions that occur in the legacy system on or after 9/20 will have to be tracked and adjusted into Bank Rec for reconciliation.

Uncleared Legacy Check Transactions: All check transactions that remain uncleared on the customer's most current bank statement, as well as all check transactions that are created on the legacy system after the most current statement will need to be adjusted into Bank Rec. Uncleared check transactions can include checks that are weeks or months old. If the customer is actively reconciling their bank statement, they should be aware of all uncleared checks that have not shown up on their bank statements.

Uncleared Legacy Deposit Transactions: All deposit transactions that remain uncleared on the customer's most current bank statement, as well as all deposit transactions that are created after the most current statement will need to be adjusted into Bank Rec. Deposit transactions generally clear immediately, or within a business day. This data should generally include deposits that happen around the bank statement cutoff date, and all deposits that happen between the statement cutoff date and the go-live date.

Uncleared Legacy Other Transactions: Any other bank transactions that don't fall into either check or deposit categories should follow the same rules. All uncleared other transactions as of the most current bank statement, as well as all other transactions that happen between the cutoff date and the go-live date will need to be adjusted into Bank Rec.

Procedures

Develop a plan with the customer to gather and adjust all uncleared bank transactions from the legacy system into Bank Rec that makes sense for the overall go-live plan. If the Bank Rec initial reconciliation will not be possible prior to live transactions in Adjutant, you will need to use the As-Of Date mode in Bank Rec to keep the live transactions separate from the reconciliation entries.

1. Verify that the Bank Rec screen is clear of all test data and pre go-live activity for all bank accounts.
   • For all bank accounts, select the 'All' Status filter and verify that the Bank and Book Balance are zero, with no transactions listed. If this is happening after live transactions have been added in the go-live month, be sure to set the as-of date accordingly to exclude the live transactions.

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