Bank Reconciliation Go-Live Guide - Revision history

Freddy at 14:00, 19 December 2018

2018-12-19T14:00:08Z

Freddy at 21:53, 18 December 2018

2018-12-18T21:53:51Z

Freddy at 21:51, 18 December 2018

2018-12-18T21:51:29Z

Freddy at 21:50, 18 December 2018

2018-12-18T21:50:01Z

Freddy at 21:35, 18 December 2018

2018-12-18T21:35:53Z

Freddy at 20:22, 18 December 2018

2018-12-18T20:22:32Z

Freddy at 18:01, 18 December 2018

2018-12-18T18:01:25Z

Freddy at 16:35, 18 December 2018

2018-12-18T16:35:15Z

Freddy at 15:44, 18 December 2018

2018-12-18T15:44:51Z

Freddy: Created page with ". Category: Accounts Payable Category: Go-Live Guides"

2018-12-18T15:04:25Z

Created page with ". Category: Accounts Payable Category: Go-Live Guides"

New page

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[[Category: Accounts Payable]]
[[Category: Go-Live Guides]]

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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.
+This guide covers the procedures for setting the Bank Reconciliation (Bank Rec) initial Bank and Book balances so that it can be reliably reconciled after go-live.
@@ Line 10: / Line 10: @@
 '''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.
+'''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 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.
+'''Bank Statement Ending Balance:''' The reconciled bank account ending balance as of the most current statement date will be used to set the beginning Bank Balance for Bank Rec. The customer should reconcile their current statement on the 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.
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 * Uncleared deposits totaling $342,000.00
 * Imported bank GL ending balance for September of $8,297,574.88
 *The ending balances for the month prior to go-live should be imported and reconciled. Note the ending balance for each bank account, for the month prior to go-live.

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 *Use the AP Check Import screen to import all uncleared check transactions from the legacy system.
-*Follow the [[AP Check Import Guide]] for details on the format and procedures for import AP check records that will populate the Bank Rec screen.
+*Follow the [[AP Check Import Guide]] for details on the format and procedures for importing AP check records that will populate the Bank Rec screen.
 [[File:BANKREC_CHKIMP.png]]

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 **Click Update to save the cleared adjustment.
-'''balance clearring pic'''
+[[File:BANKREC_3.png]]
 *Enter any/all uncleared deposit transactions from the legacy system. These can be imported as Bank Rec adjustment records using the Import Adjustments tab. Or, they can be manually entered as adjustments similar to the process used to enter the bank statement balance amount. Deposit entries should be entered individually, rather than being lumped into a single adjustment. If there are any discrepancies in reconciling, a lump sum entry will not help.
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 **Post to GL and Cash Transfer should be left blank, since the imported GL balance already includes this amount.
-'''import & manual entry pic'''
+[[File:BANKREC_4.png]]    [[File:BANKREC_5.png]]
 *After importing or entering all deposit adjustments, review the entries in the Checks/Deposits/Adjustments tab. Remember to use the As-Of Date in the Filters tab if live transactions have already been created.
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 **If the customer wishes to clear them now, remember to update the clear date to the month prior to the go-live date to avoid confusion.
-'''deposit entries pic'''
+[[File:BANKREC_6.png]]
 *Use the AP Check Import screen to import all uncleared check transactions from the legacy system.
@@ Line 81: / Line 81: @@
 *Follow the [[AP Check Import Guide]] for details on the format and procedures for import AP check records that will populate the Bank Rec screen.
-'''import screen pic'''
+[[File:BANKREC_CHKIMP.png]]
 *AP Checks can also be entered as adjustments, but there are few items to note:
@@ Line 96: / Line 96: @@
 **If the customer wishes to clear them now, remember to update the clear date to the month prior to the go-live date to avoid confusion.
-'''post check import pic'''
+[[File:BANKREC_8.png]]
 *If there are any uncleared transactions that do not fall under the deposit or check category, but need to be adjusted in so that the bank GL account balance reconciles, enter them as adjustments. Follow the same guidelines as the deposit adjustment procedure, but be sure to manually set the correct amount sign for credits, if applicable.
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 **The Book Balance should equal the bank GL balance for the prior month ending balance.
 ==Wrap-up==

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 **You should be able to reconcile the bank GL account ending balance to the bank statement balance plus the uncleared legacy transactions
-'''gl balance pic'''
+[[File:BANKREC_1.png]]
 *Verify that the Bank Rec screen is clear of all test data and pre go-live activity for all bank accounts.
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 **Post to GL and Cash Transfer should be left blank, since the imported GL balance already includes this amount.
-'''balance entry pic'''
+[[File:BANKREC_2.png]]
 *Clear the opening balance adjustment in the Checks/Deposits/Adjustments tab.

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 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.
-Verify that the Bank Rec screen is clear of all test data and pre go-live activity for all bank accounts.
+The example procedures below will assume the following details:
-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.
+*The ending balances for the month prior to go-live should be imported and reconciled. Note the ending balance for each bank account, for the month prior to go-live.
 [[Category: Accounts Payable]]
 [[Category: Go-Live Guides]]