{"id":11274,"date":"2023-04-10T10:23:18","date_gmt":"2023-04-10T10:23:18","guid":{"rendered":"https:\/\/testv32.demowebsitelinks.com\/parallel\/?p=11274"},"modified":"2023-04-10T20:23:52","modified_gmt":"2023-04-10T20:23:52","slug":"bank-reconciliation-automation-in-acumatica-part-2","status":"publish","type":"post","link":"https:\/\/testv32.demowebsitelinks.com\/parallel\/2023\/04\/10\/bank-reconciliation-automation-in-acumatica-part-2\/","title":{"rendered":"Bank Reconciliation Automation in Acumatica (part 2)"},"content":{"rendered":"
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By Laura Jaffe<\/p>\n

With\u00a0Acumatica ERP\u00a0, check reconcilations are straighforward.<\/p>\n

\u200bPreviously I discussed\u00a0how to group multiple checks into a single deposit.<\/p>\n

Now that you’ve received a statement from the bank or credit card provider, it\u2019s time to reconcile. \u00a0First let\u2019s review manual bank reconciliation process and then we’ll see how to make this easier.
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\nManual bank reconciliation<\/span><\/strong>
\nOn the Bank Reconciliation Statement screen, a user selects a cash account and enters an ending statement balance and the reconciliation date.\u00a0The user then reviews the statement and marks documents as Cleared or Reconciled.\u00a0\u00a0The Cleared check box is used to indicate that the document was cleared with the reconciliation source generally based on preliminary information.\u00a0This is sometimes done throughout the month. \u00a0The Reconciled check box indicates that the document is included on the reconciliation statement.<\/p>\n<\/div>\n

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As the user selects the Reconcile checkbox, the Difference field is calculated.\u00a0A Difference of $0 indicates that the reconciliation statement is in balance.\u00a0If there is a transaction on the bank statement that is not in Acumatica (for example a bank fee or interest), the\u00a0Create Adjustment<\/span><\/strong>\u00a0<\/span><\/strong>button allows the user to create a cash transaction on the fly.<\/div>\n
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The manual bank reconciliation in Acumatica is straighforward, but if there are many transactions it will be time consuming.\u00a0The good news is that Acumatica includes features to make this process much more efficient.<\/p>\n

Here are the steps for a more automated bank reconciliation:<\/p>\n

Step\u00a0#1 – Import Bank Transactions<\/span><\/strong>
\nInstead of reconciling off of a paper or pdf statement, you can import bank transactions directly from an electronic file.\u00a0The\u00a0Upload File\u00a0<\/strong>button is used for OBX, QBO and QFX formats.\u00a0Excel files are also supported and can be imported using the File Upload icon.<\/p>\n<\/div>\n

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Optionally, this can be further automated through the use of bank feeds which bypasses the need to manually run the import.<\/p>\n

Step\u00a0#2 \u2013 Process Transactions
\n<\/span><\/strong>
\nClick\u00a0Process Transactions\u00a0<\/strong>on the Import Bank Transactions screen to open the Process Bank Transactions screen.\u00a0Here you can review the\u00a0Match Settings<\/strong>\u00a0to review or adjust the Matching Settings and\/or the Relevance Calculation.\u00a0Then click\u00a0Auto-Match<\/strong>\u00a0to proceed with the automated matching.<\/p>\n<\/div>\n

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Step\u00a0#3 \u2013 Review Unmatched Transactions<\/strong>
\nUnmatched transactions can be matched manually to an existing payment or invoice.\u00a0A single bank transaction can also be matched to multiple payments or invoices.
\n\u200b
\nSome bank transactions such as interest or bank fees are typically not known until the statement is received.\u00a0Similar to the\u00a0Create Adjustment<\/strong>\u00a0button that is used on the manual bank reconciliation, there is the ability to create a cash entry on the fly.\u00a0The Entry Type defines the GL account for the new cash entry.<\/div>\n
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\u200bThe specification for the new cash entry is saved as a Rule which can be adjusted as needed.\u00a0The next time that a similar bank transaction is processed, Acumatica will be able to apply the rule automatically.<\/div>\n
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Step\u00a0#4 \u2013 Create a Reconciliation Statement
\n<\/strong>
\nOnce all of the bank transactions have been matched you\u2019re ready to revisit the Reconciliation Statements screen that we saw earlier in the manual bank reconciliation.Create a new reconciliation statement and enter the Reconciliation Date and the Statement Balance.
\nThe Acumatica transactions through the selected Load Documents Up To date are displayed, and the processed transactions from the previous step are automatically marked as Cleared.<\/p>\n

Click Reconcile Processed to mark these transactions as Reconciled.\u00a0The Difference should now be 0.<\/p>\n<\/div>\n

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The bank reconciliation is complete. Remove the Hold, Release, and run a Reconciliation Report.<\/p>\n

Parallel Solutions<\/strong>\u00a0can help your organization to be more efficient. Check out our blog for more\u00a0Tips and Tricks!<\/p>\n

#Acumatica\u00a0#BankReconciliation\u00a0#ParallelSolutions<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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