Bank Reconciliation Utility

The Reconciled tab of this form shows all the bank records that can be reconciled with the EFT file bank statement and the bank reconciliation records. All fields except the Process check box are disabled. When you save, the EFT import is marked as processed and the bank reconciliation is marked as processed. When all bank statement records have been processed, nothing is displayed. The sum of the selected or unselected credits and debits is displayed in the Credit and Debit fields dependent on the currently selected row. If the current row is not selected, the fields show the sum of all that are not selected.

Use the Unreconciled tab for transactions that cannot be reconciled due to lack of information or inconsistent information. A number of records can make up a single bank statement deposit and will not be reconciled. As the amounts differ, it depends on the amount of detail that the bank statement contains which depends on the bank. To be automatically reconciled, the bank statement amounts and indicated fields must match. The bank date and the transaction date do not need to match as the bank date is often different as to when the bank debited/credited the account and depends on a variety of factors. The Bank Statement Grid shows all of the non-AP/AR associated records in the bank statement. The Bank Reconciliation grid shows all the associated records in the Bank Reconciliation form for this bank code. The Credit and Debit fields display the sum of the selected credit or debits or unselected based on the current row status. If 1000.00 is selected from the bank statement, you can select and reconcile 1000.00 from the Bank Reconciliation form. The Credit/Debit shows as how it appears on a bank statement with a positive related to a Credit and a negative for a Debit. For countries that do not have Credit/Debit, the positive amounts are credits and the negatives are debits. This is also true for banks that do not indicate credit or debit. Most standard EFT formats have this as a mandatory field. Custom formats have no standards. If a dispute exists between credits and debits, the transaction needs to be corrected. This transaction could have been initiated by a customer, vendor, or the bank. The bank allows a limited amount of time to be informed of an error or disputed transaction indicating that a transaction would be performed credited or debited from or to the account. This varies by bank and agreement. You might get bank statements daily or monthly. A monthly statement often has transactions committed at the time of transaction, making dispute of a transaction after the transaction is committed. A credit card transaction could have a daily bank statement that would need to be verified daily.