Steps
to Print a ReportNote: Be sure to enter all items, such as interest or bank fees, that are listed on the bank statement, but not yet recorded in the School Accounting System before completing the Check Reconciliation option.
From the General Ledger screen, select the Check Options menu and then Check Reconciliation.
If a check reconciliation batch already exists, the Check Reconciliation Batch Search screen will appear. To continue working with an existing check reconciliation batch, select the desired batch by double-clicking on the batch description; otherwise, to start a new check reconciliation batch, click the New Record button. If a check reconciliation batch does not exist, the Check Reconciliation screen will appear immediately in order to create a new batch.
Tip: Each month’s check reconciliation should be entered as a new check reconciliation batch.
Click the Statement Information tab to complete the general information for the check reconciliation batch.
Enter a unique description for the new check reconciliation batch in the Batch Description field. The description can be alphanumeric and up to 50 characters long. Leave the field blank to use a default description assigned by the system.
Note: If a unique description is not entered, the system will add a dash and four numbers starting with 0001 at the end (for example, Batch Description-0001) to make it distinctive.
Enter the ID of the checking account to reconcile in the Checking Account ID field. If the ID is not known, click the down-arrow button to select the correct one, or press the Ctrl+F keys to access the search feature.
Note: The check reconciliation batch will be reconciled back to the cash accounts that are selected as the Reconciliation Accounts for the checking account specified in this field.
Enter the month for which to reconcile in the Processing Month field. Use the mm/yyyy format or click the down-arrow button to select the desired date. Leave the field blank to default to the current month (as based on the computer date).
Enter the date from the bank statement in the Bank Statement Date field. Use the mm/dd/yyyy format or click the down-arrow button to select the desired date. The date entered in this field will be used as the Cleared Date for the items selected as cleared in the check reconciliation batch.
Enter the amount of the ending balance from the bank statement in the Ending Balance field. The amount can be up to 14 digits long (including the decimal point and comma(s) if applicable) and will be rounded to 2 decimal places by the system if capable.
Click the Save button.
Note: If the date entered in the Bank Statement Date field is changed after being saved initially, a prompt will appear asking to change all the cleared dates within the batch to be the new date entered in the Bank Statement Date field; click Yes to change the cleared dates or click No to leave the cleared dates unchanged.
Tip: After saving, the Checking Account ID field and the Processing Month field will be disabled and cannot be changed; if incorrect information had been entered into the fields, delete the batch and then start over.
Click the Statement Transactions tab to select the transactions that have cleared on the bank statement.
All the checks, automatic payment stubs, and voided checks, direct deposit stubs, or automatic payment stubs that are outstanding as of the month being reconciled display in the Checks, Automatic Payments and Voids List (located on the left side of the screen). Select which checks, automatic payment stubs, and voided items in the Checks, Automatic Payments and Voids List have cleared the bank. To clear a check, automatic payment stub, or voided item, click the box for the Selected column to the left of the desired record, or use the up- or down-arrow keys to move the cursor to the desired item and then press the space bar. A checkmark will appear in the box if the item is marked as cleared. To select multiple records in a row, press and hold the Shift key, and then click the first item to clear and then click the last item to clear; all the records starting with the first one clicked through the last one clicked will be selected. To select all the items in the list, click the Select All button located above the Checks, Automatic Payments and Voids List. If desired, change the filters to modify the checks, automatic payment stubs, and voided items displayed here.
Tip for Voided Items: The checks, automatic payment stubs, or direct deposit stubs voided (or replaced) display in the Checks, Automatic Payments and Voids List with the Void field (column) selected and the processing month in which the item was voided (or replaced) showing in the Void Processing Month field (column). The voided items will automatically be selected as cleared (and will be highlighted in gray and cannot be changed) based on the following: if voided using the Void Checks option, the voided item will be selected if voided in the month specified on the Statement Information screen; or if voided (replaced) using the Replace/Reprint Checks option, the voided item will be selected if written in the month specified on the Statement Information screen. Typically, voided items will only need to be manually selected when first starting to use the Check Reconciliation option in the School Accounting System.
Note: If a check, automatic payment stub, or voided item was marked as cleared in a future check reconciliation batch, it appears highlighted in dark gray and cannot be selected in the current batch. The totals for the amount of cleared checks and automatic payment stubs, amount of outstanding checks and automatic payment stubs, and amount of voided checks, direct deposit stubs, or automatic payment stubs marked as cleared appear in the Cleared, Uncleared, and Void Cleared fields at the bottom of the Checks, Automatic Payments and Voids List.
Tip: If desired, click the Optional Check Entry tab to manually key the check numbers of all the cleared checks rather than select the cashed checks, as described above. If this method is used, enter the check number of the cleared check in the Check Number field and press the Tab key (or press the Enter key if the Enter Between Fields option is turned on); repeat these steps until all the checks have been entered and then click the Statement Transactions tab to continue reconciling. The Optional Check Entry feature only works with checks (and voided checks); it does not work with automatic payment stubs (or voided automatic payments stubs or voided direct deposit stubs).
All the cash receipts (deposits) and manual journal entries that are outstanding as of the month being reconciled display in the Cash Receipts and Manual Journal Entries List (located on the upper right side of the screen). Select which deposits, manual journal entries, and adjustments (if applicable) in the Cash Receipts and Manual Journal Entries List have cleared the bank. To select an item as cleared, click the box for the Selected column to the left of the desired item, or use the up- or down-arrow keys to move the cursor to the desired item and then press the space bar. A checkmark will appear in the box if the item is marked as cleared. To select multiple records in a row, press and hold the Shift key, and then click the first item to clear and then click the last item to clear; all the records starting with the first one clicked through the last one clicked will be selected. To select all the items in the list, click the Select All button located above the Cash Receipts and Manual Journal Entries List. If desired, change the filters to modify the items displayed here.
Note: If applicable, to see the detail entries for an item, click the Show Details button located to the right of the Transaction Description field (column). If an item appears highlighted in dark gray, the item cannot be selected as it was marked as cleared in a future check reconciliation batch. The totals for the amount of selected and unselected items appear in the Cleared and Uncleared fields at the bottom of the Cash Receipts and Manual Journal Entries List.
Tip: In most cases, all the manual journal entries must be selected in order to reconcile.
The total of direct deposits by type that are outstanding as of the month being reconciled display in the Direct Deposits List (located on the lower right side of the screen). Select which direct deposit totals in the Direct Deposits List have cleared the bank. To select an item as cleared, click the box for the Selected column to the left of the desired item, or use the up- or down-arrow keys to move the cursor to the desired item and then press the space bar. A checkmark will appear in the box if the item is marked as cleared. To select multiple records in a row, press and hold the Shift key, and then click the first item to clear and then click the last item to clear; all the records starting with the first one clicked through the last one clicked will be selected. To select all the items in the list, click the Select All button located above the Direct Deposits List. If desired, change the filters to modify the items displayed here.
Note: If applicable, to see the detail entries for an item, click the Show Details button located to the right of the Transaction Description field (column). If an item appears highlighted in dark gray, the item cannot be selected as it was marked as cleared in a future check reconciliation batch. The totals for the amount of selected and unselected items appear in the Cleared and Uncleared fields at the bottom of the Direct Deposits List.
After all the cleared items have been selected, click the Save button.
Important: The amount in the Difference field (located at the top of the screen) must be zero (0) in order to have successfully reconciled with the bank statement. If the amount in the Difference field is not zero (0), the amount will display in red. If needed, click the Go To button located to the right of the Difference field to view the calculations used with the reconciliation batch.
Tip: The Cleared Balance field (located at the top of the screen) reflects the balance from the selected reconciliation account(s) with the amount of the outstanding checks, automatic payment stubs, and direct deposits (and voided checks, direct deposit stubs, and automatic payment stubs, if applicable) added, and the amount of the outstanding manual journal entries and cash receipts subtracted.
If needed, click the Adjustments tab to enter a correction or adjustment that must be recorded in order to successfully reconcile. Typically, adjustments are only entered for items that will be resolved with the next month's check reconciliation and so an adjustment is required this month in order to successfully reconcile until the issue is resolved next month; for example, the bank cleared a check for the wrong amount and the correction will be included on next month's statement.
Click the New Record button to initialize the screen for a new entry.
Enter the cash account number for which to make the adjustment against in the Cash Account Number field, or click the down-arrow button to select the correct one.
Note: Only the cash accounts that are selected as the Reconciliation Accounts for the specified checking account for the check reconciliation batch can be entered in the Cash Account Number field.
Enter a description to explain the reason for the adjustment in the Transaction Description field. The description can be alphanumeric and up to 40 characters long.
Enter the amount of the adjustment in the Amount field. The amount can be up to 14 digits long (including the decimal point and comma(s) if applicable) and will be rounded to 2 decimal places by the system if capable.
Note: The system automatically creates a manual journal entry for the adjustment (both a debit and a credit entry) to the specified cash account number, so it does not matter if the amount in this field is entered as a positive or negative amount; the system will make two entries for this adjustment—one with a positive number and one with a negative number—and both entries will appear in the Cash Receipts and Manual Journal Entries List on the Statement Transactions screen, while just the positive number shows on the Adjustments screen.
Click the Save button.
Note: The adjustment is saved and displayed on the bottom half of the screen with the amount shown as a positive number.
Repeat these steps until all the adjustments have been made.
Once you have reconciled successfully, print the Check Reconciliation Report and compare the totals for the Balance on Books (which is the reconciled total) and the Cash Account Balance (which is the total for the applicable asset accounts (and funds) from the Balance Sheet). The two totals should equal and the Difference should be zero (0) in order to have successfully reconciled.
Tip: After completing the check reconciliation for a particular batch successfully, close the batch to prevent it from displaying on the Batch Search screen each time the Check Reconciliation option is selected in the future. To close a batch, select the Options menu from within the desired check reconciliation batch and then Close Batch. A closed check reconciliation batch can still be accessed in the future if needed.
Note: If you are not able to successfully reconcile, review the tips for reconciling successfully.
