Specifically, if you setup a different Direct Deposit Bank number from your regular Payroll Bank Number, and it is actually the same bank account then you would want all transactions for both bank numbers to be reconciled together. This item is used when you have more than one bank number that you want tracked under one Bank number. Item 12: Main Bank Reconciliation Bank - Enter a Bank to post all bank reconciliations for this Bank.
To change or delete the password, you must type in the original password for verification. The password will not be shown on the screen. Item 11: Password – This password will be prompted for when this bank is entered in the Bank Reconciliation program. For example if account 1010 is listed in Bank 1 and Bank 2, the system will only capture the account in Bank 1 unless item 12 is setup. The system only looks at the first bank that the account is listed in. NOTE: Be sure to setup an account in one bank. That way if locations are added in the future, this item will already be setup.
If you have only one location, enter the General Ledger Account number without the location. This item is used if you want to track other locations or accounts at this Bank. Item 10: Bank Reconciliation General Ledger Account – Enter the General Ledger Accounts to be included when doing a Bank Reconciliation for this bank. If this is the account for all locations then be sure to enter the account if field 10 below (ex: 1010). The location is required, example 1010-1 for location 1.
General Ledger Account Number – Enter in the Cash in Bank account number for this bank. Certain items are required before beginning the Bank Reconciliation program. The Bank Entry must be setup for each Bank Account. Now you will be able to match the individual items to a specific deposit on the Statement. Staple a copy of the deposit slip on the proof report. Post the batch and then make the deposit. HELPFUL HINT: You should create your bank deposit slips based on a Batch. All Cash Sales, Payments on Account and Paid-Outs will be posted to this account. The Accounts Receivable Setup must be done for each location. Important! You must have procedures in place to maintain the bank account to be able to reconcile your bank. If incorrect, you may fix the amount by doing a Journal Entry (8.1.1). The dollar amounts for Cash in Bank accounts must be accurate. Even if you do not use the Financial Reports or other General Ledger features of Perfection Management, the Cash in Bank account must be created in order for the Bank Reconciliation program to run. The Chart of Accounts must be created for each Bank.
Please refer to your manual for more detailed instructions. Included in this document are the following:īefore beginning to use the Bank Reconciliation program you must first setup the following programs: Chart of Accounts, General Ledger Setup, Accounts Receivable Setup, and Banks. These one-time setups must be done before you start reconciling your bank with your statement. The Bank Reconciliation program requires an initial setup. Also, this program assumes you have a valid Bank General Ledger account with an accurate balance in the system and you are following good procedures to keep your system in balance. If you are not currently using Accounts Payable and Payroll to write checks through the system then you will not get much benefit from using this new system. The term “statement” refers to the paper bank statement you receive from your bank. In this document, the term “bank” refers to the system bank (i.e. There is no traditional save function, everything is done immediately. The Bank Reconciliation Program (7.7.3) has an “auto-save” feature that saves changes immediately.
The Perfection Software Bank Reconciliation program allows you to balance your system “bank” with your bank statement.