Abila MIP Fund Accounting TM Bank Reconciliation STUDENT WORKBOOK ABILA LEARNING SERVICES Important Notice: Authentic Abila MIP Fund Accounting TM training guides display a holographic image on the front cover. If you have received a counterfeit copy, please notify Abila Learning Services at 877-879-0456. The text, logos and images contained within this Training Guide, including all lectures and any supplementary materials, are protected under the Trademark and Copyright laws of the United States, as well as other countries. Any downloading, reproduction or further distribution of any original material within this manual without prior written permission of Abila is strictly prohibited. 2015 Abila NPS-FA212-SG
NOTICE Visit our Web site at www.abilauniversity.com, or call 1-877-879-0456 to learn about training classes that are added throughout the year. Information in this document is intended solely as general information with respect to common business issues and is not to be construed as professional advice. It is always best to consult a tax or accounting professional for all tax and account related questions. THE INFORMATION HEREIN IS PROVIDED AS IS AND ALL WARRANTIES ARE EXPRESSLY DISCLAIMED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY: OF MERCHANTABILITY; OF FITNESS FOR ANY PARTICULAR PURPOSE; OF NON-INFRINGEMENT OF ANY PROPRIETARY RIGHT OF ANY THIRD PARTY IN ANY COUNTRY; OTHERWISE ARISING OUT OF ANY PRODUCT, PROPOSAL, SPECIFICATION OR SAMPLE; AND ANY WARRANTY THAT THE DOCUMENT IS ERROR FREE. No license, express, implied, by estoppel or otherwise, to any intellectual property right is granted by this document. Abila may make changes to the information in this document at any time, without notice. Recipient is solely responsible for assessing the suitability of the information and assumes all risk of use. Copyright 2015 Abila, Inc. All Rights Reserved. All Abila product names appearing herein are trademarks and registered trademarks of Abila, Inc. in the United States and other countries. All other product names mentioned herein are the trademarks of their respective owners. GID: 2015.08.25.2015.2 PN: NPS-FA212-SG
TABLE OF CONTENTS Bank Reconciliation........................................ 1 Module Setup....................................................................... 1 Summary Tab....................................................................... 2 Checks/Vouchers.................................................................... 7 Deposits.......................................................................... 11 Other Cash Items................................................................... 15 Suspense Items.................................................................... 18 Locking Reconciliation IDs............................................................ 21 Transferring Between Cash Accounts................................................... 22 Reports........................................................................... 23 Reinforcement Exercises............................................................. 25 2015 Abila Student Curriculum i-1
Abila MIP Fund Accounting TM i-2 Student Curriculum 2015 Abila Attention: Authorized copies contain a holographic image on the front cover.
Bank Reconciliation Module Setup Bank Reconciliation The Bank Reconciliation Module provides an effective, easy way to reconcile each of your general ledger cash type accounts. Each time a transaction is recorded to a cash type account, it is recorded in a subsidiary ledger thereby giving you the ability to reconcile and report on these transactions. The Reconcile Cash Accounts form has separate tabs for clearing checks, deposits and other cash items that were posted to the cash account in transaction entry sessions. The amounts displayed are a cumulative total by document of transactions to the cash account being reconciled. The form has tool bar buttons that are used to limit the displays on these tabs. Buttons are also available to jump quickly to a particular transaction type affecting the reconciliation. NOTE: The numbers will sort based on the first position and then second, and so on. For example, 11 would come before 2. Module Setup There are required Security Updates before a user may begin working in the Bank Reconciliation module. All users who will access the module will need to have the permissions to Bank Reconciliation reviewed. The new features are not automatically granted to existing users. Users attempting to access Bank Reconciliation without adjusted permissions will see a message similar to the following: 2015 Abila Student Curriculum 2.1
Summary Tab Abila MIP Fund Accounting TM To reset Security, select Security > Set Up Organization Menus. Select a Type. Expand the choices for Accounting by clicking the plus (+) next to that group. Then expand Activities, and finally highlight Reconcile Cash Accounts. Check the appropriate permissions box. Remove permissions by deselecting a box Users responsible for reconciling the Cash Accounts should have View, Edit, Delete and Add rights. Selecting Process rights allows the user to Unlock a locked Reconciliation ID. Process rights should be limited to Administrators. Summary Tab Access the bank reconciliation feature by selecting Accounting > Basic Transactions > Related Tasks > Reconcile Cash Accounts from the Navigator. You can also access this feature by selecting Activities > Reconcile Cash Accounts from the Classic menu. The first form displayed is the Summary tab. In addition to the Cash Account, a Reconciliation ID field is required. This is similar to a session number for this reconciliation. To start a new Reconciliation, select the Cash Account, click New and enter a reconciliation ID. After entering the required fields, finish the reconciliation date, and the current bank balance, the totals will display for each type of reconciling item. 2.2 Student Curriculum 2015 Abila
Bank Reconciliation Summary Tab Cash Account Select a valid general ledger cash account, and then press the Tab key. The account title displays to the right after selection is made. Reconciliation ID - Similar to a session number, a user can only have one ID active for a specific reconciliation date. Once established, the ID can be saved, edited, deleted, or locked. New ID - This is created when New button is selected. Select ID - The drop down list displays Reconciliation IDs for the selected cash account in descending date order. Find ID - If reconciliation does not display in the drop down, click the Find button next to the Reconciliation ID field. Delete ID - Select the Reconciliation ID and click the Delete button at the bottom of the screen. Converted ID - The Application creates a Reconciliation ID for each Reconciliation Date associated to a Cash Account established in the Application and will be named Converted for Reconciliation Date mm/dd/yyyy. Any items previously cleared in the Application will be associated with the converted ID. Outstanding items relevant to each Reconciliation Date will also be associated with the converted ID. Reconciliation Date Enter the bank statement date as the date of reconciliation, then press the Tab key to continue. Reconciliation Table The boxes display summary information for the current reconciliation. Once the bank balance is entered, the Application calculates the unreconciled difference. Bank Balance Enter the current bank balance for the cash account from your bank statement. 2015 Abila Student Curriculum 2.3
Summary Tab Abila MIP Fund Accounting TM NOTE: When this value is entered, the Application will calculate the unreconciled difference. Less Outstanding Checks/Vouchers (Display Only) This amount is the total of all checks currently outstanding. Plus Deposits in Transit (Display Only) This amount is the total of all deposits currently outstanding. Plus or Minus Other Cash Items - (Display Only) This amount is the total of all other items currently outstanding such as Journal Voucher entries to a cash account. Plus or Minus Suspense Items - (Display Only) This amount is the total of all suspense items currently outstanding on the Suspense tab. Reconciled Bank Balance - (Display Only) The Application calculates this amount based on the formula: Entered Bank Balance - Outstanding Checks + Deposits in Transit +/- Other Cash Items +/- Suspense Items Total Reconciled Bank Balance Balance Per Books - (Display Only) This is the General Ledger balance for the cash account as of the reconciliation date. Unreconciled Difference (Display Only) This is the difference between the reconciled bank balance and the balance per books. The cash account is reconciled when this amount is $0.00. The unreconciled difference adjusts after clicking the Update button. Each time items are cleared and the Update button is clicked you will return to the Summary tab to see the updated reconciliation information. TIP: When the reconciliation is complete, print a summary or detail reconciliation report using the Print button. TIP: After you make changes, click the Update button to change the unreconciled difference between the bank account and the ledger balance, to reflect the items marked as cleared. 2.4 Student Curriculum 2015 Abila
Bank Reconciliation Summary Tab WARNING: Transactions you entered for other activities may affect the activities in this chapter and prevent the reconciliation from balancing. We recommend that you restore or reinstall an unmodified version of NTO prior to completing the activities in this chapter. WARNING: Items Cleared or Uncleared on earlier Reconciliations may cause items to no longer appear on a current reconciliation. 2015 Abila Student Curriculum 2.5
Summary Tab Abila MIP Fund Accounting TM Activity: Reconcile Cash Account - Summary Tab Navigator: Accounting > Basic Transactions > Reconcile Cash Accounts Classic View: Activities > Reconcile Cash Accounts Summary: Cash Account: 11001 Cash in Checking Click New Reconciliation ID: July 2015 Reconciliation Reconciliation Date: 7/31/2015 Bank Balance: $6,248,174.10 Click Save Open the Reconciliation again for the Cash Account and locate the just saved ID. Click Update to update the Summary tab. 2.6 Student Curriculum 2015 Abila
Bank Reconciliation Checks/Vouchers Checks/Vouchers Use the Checks/Vouchers tab to identify which checks have cleared the bank and are no longer outstanding. When the Checks/Vouchers tab is first accessed, all checks appear in the table. Use the buttons at the top of each form to change the view to: View Outstanding Only - those that have not been cleared as of the reconciliation date. View Cleared Only - those cleared on the reconciliation date. View All - cleared and outstanding. Buttons are provided to allow quick data entry to correct common cash transaction items: Enter Journal Vouchers Enter Cash Receipts Enter Cash Disbursements Enter Void Checks Post Transactions To clear a specific item, click the check box to the left of the document column, or click Select All to clear all items. To select groups of checks/vouchers, highlight rows using your mouse, and then press the Space bar on your keyboard to clear each check/voucher. Check/Vouchers table The first column in this table allows checks/vouchers to be selected that have cleared the bank account. Click the boxes to select or deselect individual items, or use the buttons at the top of the form to Select All button or Deselect All button multiple items. A check mark appears next to selected items. Document Number The Application displays the document number. Document Date The Application displays the check date (document date). Amount The Application displays the check s cumulative total of transactions to the cash account being reconciled. 2015 Abila Student Curriculum 2.7
Checks/Vouchers Abila MIP Fund Accounting TM Type The Application displays the transaction source that explains how the entry was made. Valid transaction sources for the Checks/Vouchers tab are: CD (Cash Disbursements) CDS (System Generated Cash Disbursements (Write checks)) APC (A/P Manual Checks) APS (A/P System Generated Checks) APV (A/P Void Checks) PRS (Payroll System Generated Checks) PRC (Payroll Manual Checks) PRV (Payroll Void Checks) VCK (Void Checks) NOTE: If you are using the Direct Deposit and/or Electronic Funds Transfer for A/P modules, vouchers will also display. ID The Application displays the unique ID that is assigned to this payee. Source The Application displays the source V for vendor, E for employee or blank if from a general ledger transaction source. 2.8 Student Curriculum 2015 Abila
Bank Reconciliation Checks/Vouchers Payment type - The Application displays the payment type: either check or voucher. Payee The Application displays the recipient of the check or voucher. There is no payee identified for general ledger Cash Disbursement transactions that did not identify a Payee ID. Description The Application displays the document description. Unreconciled Difference (Display Only) This is the difference between the reconciled bank balance and the balance per books. The cash account is reconciled when this amount is $0.00. The Unreconciled Difference adjusts after clicking Update. TIP: Payroll checks/vouchers transferred in summary appear as one document per processing group. Payroll transferred in detail appear by employee ID and check number. TIP: To select groups of checks/vouchers, highlight rows using your mouse, and then press the Space bar on your keyboard to clear each selected check/voucher. TIP: After you make changes, click the Update button to change the unreconciled difference between the bank account and the ledger balance, to reflect the items marked as cleared. TIP: A check that has a cleared status from Bank Reconciliation will not be available to void. You must unclear the check to void it. TIP: Bank Reconciliation uses the document date to filter the detail items displayed on the tabs that are available to clear. The effective date of the transaction determines whether the Balance Per Books reflects the transaction. Thus, if you are having trouble reconciling, check these two dates on the transaction (s) in question. 2015 Abila Student Curriculum 2.9
Checks/Vouchers Abila MIP Fund Accounting TM Activity: Reconcile Cash Account - Checks/Vouchers Tab Navigator: Accounting > Basic Transactions > Reconcile Cash Accounts Classic View: Activities > Reconcile Cash Accounts Summary Tab Cash Account: 11001 Cash in Checking Reconciliation ID: July 2015 Reconciliation Reconciliation Date: 07/31/2015 Click Checks/Vouchers tab Checks/Vouchers Tab Click View Outstanding Only Sort (double-click heading): Document Date Select all checks dated prior to: 07/24/2015 Click Update to update the Checks/Vouchers tab and the Unreconciled Difference. 2.10 Student Curriculum 2015 Abila
Bank Reconciliation Deposits Deposits Use the Deposits tab to identify deposits that have cleared the bank and are no longer outstanding. If a deposit number was assigned, and there is more than one document with the same deposit number and date, these items are totaled and shown as one deposit. If a deposit number was not entered, documents with the same document date are totaled and shown as one deposit. When this tab is first accessed, only deposits that are currently outstanding appear. Use the buttons at the top of the form to change the view to: View Outstanding Only - those that have not been cleared as of the reconciliation date. View Cleared Only - those cleared on the reconciliation date. View All - cleared and outstanding. Buttons are provided to allow quick data entry to correct common cash transaction items: Enter Journal Vouchers Enter Cash Receipts Enter Cash Disbursements Enter Void Checks Post Transactions To clear a specific item, click the check box to the left of the document column, or click Select All to clear all items. To select groups of deposits, highlight rows using your mouse, and then press the Space bar on your keyboard to clear each deposit. Deposits Table The first column in this table allows deposits to be selected that have cleared the bank account. Click the check boxes to select or deselect individual items, or use the buttons at the top of the form to Select All button or Deselect All button multiple items. A check mark appears next to selected items. 2015 Abila Student Curriculum 2.11
Deposits Abila MIP Fund Accounting TM Deposit Number The Application displays the deposit number entered during transaction entry for the document. If a number is not assigned, the application will use the date of the deposit. Double-click the blue underlined link to open the Deposit Detail form and view details specific for the deposit number, if applicable. NOTE: Deposit numbers are optional during transaction entry. If a Deposit number is not assigned at the transaction, the application displays the date of the deposit as the Deposit number. 2.12 Student Curriculum 2015 Abila
Bank Reconciliation Deposits Valid transaction sources for the Deposit tab are: CR (Cash Receipts) CRS (System Generated Cash Receipts (receipt writing)) ARC (A/R Receipts) Deposit Date The Application displays the document date for the entry. Amount The Application displays the deposits cumulative total of transactions to the cash account being reconciled. Unreconciled Difference (Display Only) This is the difference between the reconciled bank balance and the balance per books. The cash account is reconciled when this amount is $0.00. The Unreconciled Difference adjusts after clicking the Update button. TIP: After you make changes, click the Update button to change the unreconciled difference between the bank account and the ledger balance, to reflect the items marked as cleared. TIP: Deposits made on the same date with the same deposit number will appear as one entry on the Deposits tab. Double click the Deposit number for details. TIP: To select groups of deposits, highlight rows using your mouse, and then press the Space bar on your keyboard to clear each deposit. TIP: Bank Reconciliation uses the document date to filter the detail items displayed on the tabs that are available to clear. The effective date of the transaction determines whether the Balance Per Books reflects the transaction. Thus, if you are having trouble reconciling, check these two dates on the transaction(s) in question. 2015 Abila Student Curriculum 2.13
Deposits Abila MIP Fund Accounting TM Activity: Reconcile Cash Account - Deposits Tab Navigator: Accounting > Basic Transactions > Reconcile Cash Accounts Classic View: Activities > Reconcile Cash Accounts Summary Tab Cash Account: 11001 Cash in Checking Reconciliation ID: July 2015 Reconciliation Reconciliation Date: 07/31/2015 Click Deposits tab Deposits Tab Click View Outstanding Only Sort (double-click heading): Deposit Date Select all deposits dated prior to: 07/24/2015 Click Update to update the Deposits tab and the Unreconciled Difference 2.14 Student Curriculum 2015 Abila
Bank Reconciliation Other Cash Items Other Cash Items Use this tab to clear other cash items (transactions which debit or credit a cash account). When this tab is first accessed, only other cash items that are currently outstanding appear. Use the buttons at the top of the form to change the view to: View Outstanding Only - those that have not been cleared as of the reconciliation date. View Cleared Only - those cleared on the reconciliation date. View All - cleared and outstanding. Buttons are provided to allow quick data entry to correct common cash transaction items: Enter Journal Vouchers Enter Cash Receipts Enter Cash Disbursements Enter Void Checks Post Transactions To clear a specific item, click check box to the left of the document column, or click Select All to clear all items. To select groups of Other Cash Items, highlight rows using your mouse, and then press the Space bar on your keyboard to clear each Cash Item. Other Cash Items Table The first column in this table allows other cash items to be selected that have cleared the bank account. Click the check boxes to select or deselect individual items, or use the buttons at the top of the form to Select All button or Deselect All button multiple items. A check mark appears next to selected items. Document Number The Application displays the document number. Other Cash Items entries are usually Journal Vouchers (JV), but may derive from other sources that affect the cash account being reconciled. Valid transaction sources for the Other Cash Items tab are: JV (Journal Vouchers) API (A/P Invoices) APM (A/P Credit Memos) 2015 Abila Student Curriculum 2.15
Other Cash Items Abila MIP Fund Accounting TM ARB (A/R Invoices) ARM (A/R Credit Memos) Document Date The Application displays the date of the document. Amount The Application displays the transactions cumulative total of transactions to the cash account being reconciled. Description The Application displays the document description. Unreconciled Difference (Display Only) This is the difference between the reconciled bank balance and the balance per books. The cash account is reconciled when this amount is $0.00. The Unreconciled Difference adjusts after clicking the Update T button. TIP: After you make changes, click the Update button to change the unreconciled difference between the bank account and the ledger balance, to reflect the items marked as cleared. TIP: To select groups of Other Cash Items, highlight rows using your mouse, and then press the Space bar on your keyboard to clear each item. TIP: Bank Reconciliation uses the document date to filter the detail items displayed on the tabs that are available to clear. The effective date of the transaction determines whether the Balance Per Books reflects the transaction. Thus, if you are having trouble reconciling, check these two dates on the transaction (s) in question. 2.16 Student Curriculum 2015 Abila
Bank Reconciliation Other Cash Items Activity: Reconcile Cash Account - Other Cash Items Tab Navigator: Accounting > Basic Transactions > Reconcile Cash Accounts Classic View: Activities > Reconcile Cash Accounts Summary Tab Cash Account: 11001 Cash in Checking Reconciliation ID: July 2015 Reconciliation Reconciliation Date: 07/31/2015 Click Other Cash Items tab Other Cash Items Tab Click View Outstanding Only Sort (double-click heading): Document Date Select all Other Cash Items dated prior to: 07/24/2015 Click Update to update the Other Cash Items tab and the Unreconciled Difference 2015 Abila Student Curriculum 2.17
Suspense Items Abila MIP Fund Accounting TM Suspense Items Items entered on the Suspense Items tab affect your reconciled bank balance but not your general ledger No accounting entries are generated. You may use the Suspense Items tab for following examples: If you are using the Application Bank Reconciliation for the first time, you may have some items that were outstanding that you need to reconcile. When a bank error occurs that prevents your reconciliation from balancing. Later, in the subsequent reconciliation period, when the error is corrected and is no longer a reconciling difference, manually delete the Suspense item from this tab. Suspense Items table To select an individual row, click the left most column of the table, or use the buttons at the top of the form to Select All button or Deselect All button multiple rows. Suspense Number Enter a unique number to identify the suspense entry. Suspense Date Enter the date of the suspense entry. Amount Enter the amount (positive or negative) for the suspense item. Description Enter a meaningful description for the suspense entry. To clear a suspense item, you will need to select the record by clicking the box at the far left of the row (the entry should highlight) and then delete it by either using your delete key or the Delete button. tool bar Unreconciled Difference (Display Only) This is the difference between the reconciled bank balance and the balance per books. The cash account is reconciled when this amount is $0.00. The Unreconciled Difference adjusts after clicking Update button. 2.18 Student Curriculum 2015 Abila
Bank Reconciliation Suspense Items TIP: You may use this form to enter startup reconciling items. For example, if you are just beginning to use the Application and are converting from another product, items which were not written in this Application but are currently reconciling items, may be entered in this table. TIP: If payroll was transferred in summary but not all paychecks have been cashed, use a suspense item for each check. You may delete these suspense entries as the checks clear the bank. NOTE: If you have a reconciling item that you want to record, click the applicable transaction button and enter the Session and Document information. You may then click the Post Transaction button to post the Session. TIP: If you have posted a reconciling entry, click the corresponding tab and clear that item Activity: Reconcile Cash Account - Suspense Items Tab Navigator: Accounting > Basic Transactions > Reconcile Cash Accounts Classic View: Activities > Reconcile Cash Accounts Summary Tab Cash Account: 11001 Cash in Checking Reconciliation ID: July 2015 Reconciliation Reconciliation Date: 07/31/2015 Click Suspense Items tab. Suspense Items Tab Suspense Number: 072015 Suspense Date: 07/31/2015 Amount: $5.75 Description: Bank service charge Click Update to update the Suspense Items tab and the Unreconciled Difference. 2015 Abila Student Curriculum 2.19
Suspense Items Abila MIP Fund Accounting TM Alternative Activity: Enter Transaction Click Enter Cash Disbursements for the $5.75 Bank Services Fee. Session ID: Use the plus (+) key to auto increment Status: BP - Batch-to Post Description: Bank Service Fee July 2015 Date: Today s Date <Accept default> Cash Account: 11001 Click Start Document Information: Check: Bank Fee 072015 Date: Today s Date <Accept default> Amount: $5.75 Description: Bank Service Fee for July, 2015 Payee ID: None (AP users may add their bank as a vendor in Maintain > Vendors) Check Address: None Transaction Lines: Click Use Distribution Code and choose the General code, followed by the Offset Click Save Click Close Click Post Transactions to Post the transaction Return to the Checks/Vouchers tab (Cash Disbursement) Check the transaction to clear it. Click Update to update the Suspense Items tab and the Unreconciled Difference 2.20 Student Curriculum 2015 Abila
Bank Reconciliation Locking Reconciliation IDs Locking Reconciliation IDs Users have an option to Lock a Reconciliation ID when the Unreconciled Difference is zero. Locking a Reconciliation ID prevents anyone from clearing or unclearing any items on that Reconciliation Date. Reconciliation IDs must be Locked in chronological order. For example, our July, 2012 reconciliation must be locked before August, 2012 can be locked. A Locked ID cannot have new items added to it, but it is possible to remove items by clearing them in an earlier period. Those items will be removed from the locked reconciliation and be cleared in the earlier reconciliation. NOTE: Users without Process rights can lock a Reconciliation, but only users with Process rights can unlock a Reconciliation. WARNING: Reconciliations with Suspense Items should not be locked. Locking a Reconciliation ID with a Suspense item removes it from future reconciliations as if it were no longer outstanding. NOTE: It is possible to remove items from a locked reconciliation by clearing them in an earlier reconciliation period. NOTE: A Suspense Item cannot be deleted if contained in a Locked Reconciliation ID. 2015 Abila Student Curriculum 2.21
Transferring Between Cash Accounts Abila MIP Fund Accounting TM Transferring Between Cash Accounts If your organization uses two cash accounts, you may need to transfer funds between them. You may accomplish this with a variety of transaction types. We recommend that you use Journal Vouchers, Transactions > Enter Journal Vouchers (JV), to transfer funds between general ledger cash accounts. The JV transaction type only requires one complete JV transaction to accomplish the transfer. Example 1: Journal Voucher GL Account Debit Credit 11000 Cash $5000.00 11001 Cash $5000.00 With the journal voucher entry, Example 1, the Application includes $5000.00 for each cash account on the Other Cash Items tab in Activities > Reconcile Cash Accounts. You may use the Transactions > Enter Cash Receipts (CR) form or > Enter Cash Disbursements (CD) types instead of JV. However, if you do this, you should create one complete CD transaction and one complete CR transaction, Example 2, and each transaction should contain a clearing account. Example 2: Cash Receipt - part 1 GL Account Debit Credit 11001 Cash $5000.00 99999 Clearing Account $5000.00 Example 2: Cash Receipt - part 2 GL Account Debit Credit 11000 Cash $5000.00 99999 Clearing Account $5000.00 With separate cash disbursement and cash receipt entries, Example 2, the Application includes a $5000.00 Checks/Vouchers item, Activities > Reconcile Cash Accounts, for account 11001 and a $5000 Deposits item for account 11000. If you create one CD or CR transaction, Example 3 to complete the transfer, the document amount will be zero. The transaction entries of a zero document will appear on the Reconcile Cash Accounts form. 2.22 Student Curriculum 2015 Abila
Bank Reconciliation Reports Example 3: One Transaction: CR or CD GL Account Debit Credit 11000 Cash $5000.00 11001 Cash $5000.00 With a single CD or CR transaction, one of the accounts will have an opposite sign than would be expected on the corresponding tab in Activities > Reconcile Cash Accounts. If Example 3 were entered as a Cash Disbursement, the Checks/Disbursements tab for account 11000 would be (5,000.00) and the Checks/ Disbursements tab for account 11001 would be 5,000.00. It may be confusing to see (5,000.00) on a Checks/Disbursements tab. NOTE: If a cash transfer is made from one fund to another but within the same cash account, the document amount will show in bank reconciliation as $0.00, the net effect to the cash account. Reports The Reconciliation is complete once the unreconciled difference prompt displays a zero balance. Print your reconciliation reports to complete the process. On the tool bar you may select the Print or the Detail report. button. You will then be prompted to select the Summary Print: Reconcile Cash Accounts Use the Print to Screen, Print Preview or Print buttons from the tool bar available on the Activities > Reconcile Cash Accounts form. Choose to view the reconciliation report in detail or summary and then click OK to display the Print, Print Preview or Print to Screen form. NOTE: This report is a fixed format and is not customizable. Summary - The summary report shows only the summary information as displayed on the Summary tab, including the unreconciled difference. 2015 Abila Student Curriculum 2.23
Reports Abila MIP Fund Accounting TM Detail - The detail reconciliation report displays the summary information and the detail information that supports the balances displayed. The detail report shows a listing for each of the other reconciliation tabs that contain both Cleared and Outstanding items. Bank Reconciliation Analysis Reports Combined Reconciliation Use this report to print a combined list of checks/vouchers and deposits from the General Ledger cash type accounts; print a list of other cash items; and print a list of suspense items entered on the Activities > Reconcile Cash Accounts - Suspense Items tab. Reconcile the cash accounts and review the monthly or annual check/voucher register with this report. Checks/Vouchers Use this report to print a list of checks/vouchers from the general ledger cash type accounts. Reconcile the cash accounts and review the monthly or annual check/voucher register with this report, Reports > Bank Reconciliation > Checks/Vouchers. Deposits Use this report to print a list of deposits from the general ledger cash type accounts. Reconcile the cash accounts and review the monthly or annual deposit register with this report, Reports > Bank Reconciliation > Deposits. Other Cash Items Use this report, Reports > Bank Reconciliation > Other Cash Items, to print a list of other cash items. These items were entered and posted affecting cash but were not checks/vouchers or receipts. Other cash items might include entries such as a cash transfer that was entered as a journal voucher. Suspense Items Use this report, Reports > Bank Reconciliation > Suspense Items, to print a list of suspense items that appear on the Suspense Items tab. Suspense Items are reconciling items that are not entered as general ledger transactions. This report only prints current suspense item information. TIP: To correct an item cleared in a past month that is no longer available to select, first determine when the item was cleared using one of the analysis reports. Then open Bank Reconciliation and enter the reconciliation date that is the same as the cleared date of the item. On the item s tab, click View All and deselect the check from the cleared items. TIP: If you need to print the reconciliation report for a prior month, you may retrieve the information by selecting the Reconciliation ID from the drop-down menu. 2.24 Student Curriculum 2015 Abila
Bank Reconciliation Reinforcement Exercises Reinforcement Exercises 1. The bank statement for August 31, 2015 has arrived and it s time to reconcile your cash account number 11001. The balance per bank is $6,222,399.23. Use August 2015 Reconciliation for the Reconciliation ID. The statement indicates the following items listed below: All outstanding checks through 08/22/2015 have cleared. All outstanding deposits through 08/22/2015 have cleared. Confirm that All Other Cash items through 08/22/2015 have cleared. The suspense items have all been resolved. NOTE: This exercise was planned assuming you have completed exercises in this chapter. Print the reconciliation in detail. 2015 Abila Student Curriculum 2.25
Reinforcement Exercises Abila MIP Fund Accounting TM 2.26 Student Curriculum 2015 Abila