revised bank account reconciliation - aptafund
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1 AptaFund 4.1 Technical Document Release Date: September 2019
Revised Bank Account Reconciliation Procedures APTAWEB-9624, APTAWEB-9625, APTAWEB-9735, APTAWEB-9626, APTAWEB-9705
Introduction AptaFund has revised the Bank Account Reconciliation process. We moved Bank Account Reconciliation
from the Bank Account Register window to a new Bank Account Reconciliation window. Clicking the
Current Balance hyperlink opens a popup to reconcile the next period. The window also includes a command to undo the last reconciliation.
Reconciliation Procedures
Bank Reconciliation Overview From the Banking Menu, click on Bank Account Reconciliation
Figure 1: Banking Menu
Select the account you wish to reconcile
Enter the Statement Ending Date and Ending Balance from your bank account statement
Select deposits and withdrawals that appear on your bank statement and click Mark to clear
transactions listed in the Pending Transactions tab
Check the Journal Entries not in Register tab to bring in any Cash related journal entry transactions
Enter any bank fees, interest earned, manual checks or transfers by clicking on Add Journal Entry
Once the Bank Reconciliation difference is zero, check for G/L Difference. If there is a difference, look at
the screen to see if you can find it (including the Journal Entries not in Register tab), or follow the last step below
Finish Bank Reconciliation
If G/L Difference is not zero, print the Bank Account Reconciliation to research and correct any
discrepancies between the Bank Register and G/L
Release Date: September 2019 2
Bank Account Reconciliation Procedure Select the account you wish to reconcile by either
Selecting the Bank Account and clicking Reconcile Bank Account, or
Clicking on the Current Balance Amount for the desired account
Figure 2: Bank Account Reconciliation Screen
Enter the Statement Ending Date and Statement Ending Balance from your bank account statement in the Reconciliation Summary at the top of the screen
Figure 3: Reconcile Bank Account Screen
Release Date: September 2019 3
Select deposits and withdrawals that appear on your bank statement and click Mark to clear transactions listed on the Pending Transactions tab.
Figure 4: Mark Transactions to be Cleared
Once the transactions are “Marked”, they will change to Status of Cleared. If you mark a transaction accidentally, select the transaction and then “Unmark” the transaction to set back to “Outstanding”
status.
Check the Journal Entries not in Register tab to bring in any Cash related journal entry transactions.
Figure 5: Journal Entries not in Register
This tab contains any records previously entered through the Journal Entry screen prior to the September
2019 release or any Journal Entries marked to not be included in the Bank Register.
Release Date: September 2019 4
Select any transactions to be added to the Bank Register by clicking the box next to the journal entry and then click on Add to Bank Account Register.
If you wish to view the transaction prior to adding to the Bank Account Register, click More > View Journal Entry.
Figure 6: View Journal Entries
Enter any bank fees, interest earned, manual checks or transfers between bank accounts by clicking on
Add Journal Entry on the Pending Transactions tab
Figure 7: Pending Transactions
You can also click on Remove Journal Entry from Register in case an entry was entered incorrectly and shouldn’t be included on the bank register. To View the Source Record, select a transaction, click
More > View Source Record.
Complete the Bank Reconciliation
Once the Bank Reconciliation Difference is zero, check the G/L Difference. This is the difference between your reconciled Bank Register and your General Ledger. If there is a difference, you can investigate on
the screen or run the report.
Click Finish to complete the reconciliation or Finish Later to complete the reconciliation later. You cannot click Finish if the Difference between Cleared Bank Balance and Statement Ending Balance is not
zero click Finish and print the Bank Account Reconciliation Report to research difference.
Figure 8: Finish or Finish Later buttons
Release Date: September 2019 5
Understanding the Reconciliation Summary
Figure 9: Reconciliation Summary
Bank Reconcile column (left)
Last Reconciled – The last bank statement’s ending date used in reconciling this bank account.
Last Reconciled Balance – The last bank statement’s ending bank balance. This should also match
the current bank statement’s beginning balance.
Cleared Deposits – The total deposits marked as cleared on this bank reconciliation. This normally matches the bank statement’s total deposits.
Cleared Withdrawals – The total withdrawals marked as cleared on this bank reconciliation. This
normally matches the bank statement’s total checks/withdrawals.
Cleared Bank Balance – The sum of the Last Reconciled Balance plus Cleared Deposits less Cleared
Withdrawals. (Last Reconciled Balance + Cleared Deposits – Cleared Withdrawals = Cleared Bank Balance)
Statement Ending Date – The current bank statement’s ending date.
Statement Ending Balance – The current bank statement’s ending balance.
Difference – The difference between the Cleared Bank Balance and the Statement Ending Balance.
(Cleared Bank Balance – Statement Ending Balance = Difference)
Release Date: September 2019 6
Understanding the Reconciliation Summary, cont.
Figure 10: Reconciliation Summary (cont.)
G/L Reconcile column (right)
Actual G/L Balance – The sum of the G/L accounts in this bank as of the Statement Ending Date.
Outstanding Deposits – Any deposits dated before the Statement Ending Date that have not been
marked as cleared.
Outstanding Withdrawals – Any withdrawals dated before the Statement Ending Date that have not been marked as cleared.
Expected G/L Balance – The sum of the Actual G/L Balance less the Outstanding Deposits plus the
Outstanding Withdrawals.
(Actual G/L Balance – Outstanding Deposits + Outstanding Withdrawals = Expected G/L Balance)
G/L Difference – The difference between the Cleared Bank Balance and the Expected G/L Balance. If this balance is NOT zero, additional work should be done to reconcile this difference.
Release Date: September 2019 7
Reconciling Differences
Out of Balance when trying to reconcile Bank Statement to Bank Register If the difference of the bank reconciliation is not zero, check for the following issues
Make sure you have Marked everything as cleared that is checked
Check the total Cleared Deposits to the bank statement’s Total Deposits
Check the total Cleared Withdrawals to the bank statement’s Total Withdrawals
Make sure you have entered any transactions showing on the bank statement that are not in AptaFund (fees, interest, transfers manual checks, etc.)
Check for duplicate entries
Check for incorrect posts to cash transactions (wrong cash account, etc.)
Check for transactions that cleared the bank for a different amount than recorded in AptaFund
Bank is Not in Balance with General Ledger If the G/L Difference in the Bank Reconciliation screen is not zero once you have reconciled the bank
statement, run the Bank Account Reconciliation Report. Check to see how much you are off for the month you are reconciling. This is shown as the Sub-Total Difference amount on the GL Reconciliation
tab of the Bank Account Reconciliation Report. If the difference is not zero, you’ll need to research and correct or document the discrepancy.
Figure 11: Sample Bank Account Reconciliation Report
Figure 12: GL Reconciliation tab for Bank Account Reconciliation Report
Release Date: September 2019 8
Researching Differences
Figure 13: Bank Reconciliation Tab on Bank Account Reconciliation Report
There are four tabs on the Bank Account Reconciliation Report which play a part in determining the
source of any differences between the bank and the G/L.
Bank Reconciliation - All cleared transactions that matched that period’s bank statement
Outstanding – All deposits and withdrawals recorded in AptaFund that have not cleared the bank
Actual GL Detail – All general ledger transactions where the transaction dates fall between the previous and current bank reconciliation dates
GL Reconciliation – Summary of the prior three tabs’ totals and any remaining difference.
All transactions/totals with dates within the reconciled period contained on the Bank Reconciliation and
Outstanding tabs must match the transactions/totals on the Actual GL Detail Tab. (Bank Reconciliation(current period) + Outstanding (current period) = Actual GL Detail)
Where to look for differences
Start by looking at the differences for the deposits on the GL Reconciliation Tab. Then look at the transactions on the Actual GL Tab. Compare the amounts to the transactions in the Bank Reconciliation
and Outstanding Tabs, highlighting matches as you go until you locate one or more transactions/totals that don’t have matches.
Figure 14: Bank Reconciliation Tab on Bank Account Reconciliation Report
Continue this process comparing the Withdrawals and Credits also highlighting as you go until you have
located all of the differences.
Determine how to correct these differences and re-run the Bank Account Reconciliation Report to confirm all differences have been resolved.
Release Date: September 2019 9
Transactions that may cause differences
Transactions on Bank Reconciliation tab that are not on Actual GL Detail tab
Transactions entered in AptaFund with dates beyond actual bank transaction.
Best solution: Locate the transaction and use the Re-Date functionality in the Journal Entry screen
Transactions on Outstanding tab that don’t belong (may not contribute to differences)
Journal Entries
If entered to clear stale check(s), mark both transactions as cleared in Bank Reconciliation
If pulled into Bank Register but doesn’t belong, remove transaction from Bank Register
Transactions on Actual GL Detail that don’t belong
Transactions with incorrect dates
Duplicate transactions
Transaction entered in AptaFund Journal Entry Screen that did not post to Bank Register
Best solution: Locate the transaction on the Bank Reconciliation screen on the Journal Entries not on Register tab and add the transaction to the register.
Other
Check the Banking Cash Account screen to make sure that all Funds/Controlling accounts are set up
Figure 15: Banking Cash Accounts
Release Date: September 2019 10
Additional Bank Reconciliation Information
Tip for making Journal Entries
If you are increasing cash, debit cash, credit expense or revenue
Example – Interest: Debit Cash/Credit Revenue
Example – Void prior year check: Debit Cash/Credit Expense
If you are decreasing cash, credit cash and debit expense or revenue
Example - Bank Charge: Credit Cash/Debit Expense
To Un-Reconcile a Bank Account, select More > Undo Last Reconcile
Figure 16: Undo Last Reconcile
Optional System Defined Grid Display Settings on Bank Reconciliation Screen
You can choose from Only Show Unreconciled Transactions or Show All Transactions
Figure 17: System Defined Grid Display Settings
Release Date: September 2019 11
New option for Bank Register
Figure 18: Choice of how to Display EFT Payments
New Journal Entry Posting message when Journal Entry contains a cash account code
Figure 19: JE Posting Message when JE Contains a Cash Account