Manual Bank Reconciliations
For manual reconciliations, use this form to balance each cash account with your bank statement by clearing checks/vouchers, deposits, and other cash items that have been entered in MIP. Each transaction recorded to a cash account is tracked in a subsidiary ledger, allowing you to reconcile and report on these transactions. You can also record bank errors, General Ledger corrections, or other adjustments using the Suspense Items tab.
Bank Reconciliation Summary
The top portion displays a summary of the various items included in the reconciliation.
Bank Statement Balance: The Bank Statement Balance can be edited by selecting the balance amount. Locked reconciliations cannot be edited.
Unreconciled Difference: Once the Bank Balance is entered, the system calculates the unreconciled difference. The cash account is reconciled when this amount is 0.00. The Unreconciled Difference adjusts after each entry.
The lower portion displays individual tabs where you can select items that have cleared the bank statement. Select a tab to view its details.
- Checks and Vouchers
- Deposits
- Other Cash Items
- Suspense Items
- All Items
Use the Checks and Vouchers tab to identify which checks and/or vouchers have cleared the bank and are therefore no longer reconciling items. The checks/vouchers that display on this tab are posted items from Cash Disbursements, Write Checks, Void Checks/Vouchers/Invoices, AP Checks/Vouchers, or Payroll Checks/Vouchers.
Clear: Allows checks/vouchers to be selected that have cleared the bank account. To Clear All items displayed on the page or contained in a specific search, select Clear. Otherwise, click the box in the table to select or clear individual items. A check mark displays in the box when selected.
Document Date: The system displays the date of the document.
Amount: The system displays the document's amount.
Type: The system displays the type of document, such as a Cash Disbursement (CD) or Voided Check (V). CD represents all posted checks/vouchers and could have been created using the Enter Cash Disbursements, Enter Manual AP Checks, Write Checks, or Pay Selected AP Invoices forms. CD could also represent a check created in the Payroll module. Keep in mind that once a cash disbursement is voided, its type changes from CD to V.
Payee ID: The system displays the unique ID that is assigned to this Payee.
Source: The system displays the source of the disbursement, such as Employee (E) or Vendor (V). Employee originates from Payroll and Vendor from Accounts Payable. Note that no source is identified for General Ledger type checks.
Payment Type: The system displays the payment type—either Check or Voucher.
Description: The system displays the description of the check/voucher.
Document Number: The system displays the document number.
Use the Deposits tab to identify deposits that have cleared the bank and are therefore no longer reconciling items.
Deposits
Deposit Number: The deposit number for each deposit. Select the Manual Bank Reconciliations to display the Deposit Detail and view details specific for the deposit number, if applicable. Note that deposit numbers are optional during transaction entry. Deposits are entered as cash receipts (CR) or accounts receivable receipts (ARC). See the fields below for Deposit Detail information.
Document Date: The document date.
Amount: The amount of the deposit.
Cleared Amount: The amount of which the document actually cleared the bank or displays the original document amount if it has not cleared. If appropriate, change the functional cleared amount.
Deposit Number
Document Number: The check number for each item.
Amount: The amount of the deposit.
Description: The description of the deposit.
Type: The deposit type (CD - Cash Disbursement, CR - Cash Receipts, or ARC - Accounts Receivable Receipts)
Source: The source of the deposit, such as Customer (C). Note that no source is identified for General Ledger type deposits.
Payment Method: The payment method.
Session ID: The session ID.
Status: The status (CL - Cleared, OS - Outstanding)
Use the Other Cash items tab to clear other cash items (transactions which debit or credit a cash account). These are items which were entered as Journal Vouchers, AP Invoices, AP Credits, AR Invoices, and AR Credits. For example, assume bank service charges were entered as a Journal Voucher entry. This adjustment affects the cash account and must be cleared on this tab.
Suspense Items Tab
Use the Suspense Items tab to manually enter and delete suspense items. Suspense items are reconciling items that typically are not entered as a transaction—a bank error, for example. Since the bank error is a reconciling item, only enter it on this tab until it is corrected. Do not enter it as a transaction.
Later, in the subsequent reconciliation period, when the error is corrected and no longer a reconciling difference, manually delete it from this tab.
Suspense Number: Enter a unique number for the suspense item for tracking purposes.
Suspense Date: Enter a unique number for the suspense item for tracking purposes.
Amount: Enter the amount of the suspense item (positive or negative).
Description: Enter a description of the suspense item.
Actions: Select Delete to remove the suspend item when the error is corrected and is no longer a reconciling difference.
Note: A Suspense Item cannot be entered or deleted if contained in a Locked Reconciliation ID.
Use the All Items tab to identify which checks and/or vouchers have cleared the bank and are therefore no longer reconciling items. The checks/vouchers that display on this tab are posted items from Cash Disbursements.
Withdrawals: The amount of withdrawals associated to the document.
Deposits: The amount of deposits associated to the document.
Payee ID: The unique ID that is assigned to this Payee.
Source: The source of the disbursement, such as Employee (E) or Vendor (V). Employee originates from Payroll and Vendor from Accounts Payable. Note that no source is identified for General Ledger type checks.
Type: The type of document, such as a Cash Disbursement (CD) or Voided Check (V). CD represents all posted checks/vouchers and could have been created using the Enter Cash Disbursements, Enter Manual AP Checks, Write Checks, or Pay Selected AP Invoices forms. CD could also represent a check created in the Payroll module. Keep in mind that once a cash disbursement is voided, its type changes from CD to V.
Payment Type: The payment type—either Check or Voucher.
Description: The description of the check/voucher.
Run Report
Select Run Report to export the Reconciliation Report. You can choose to run a Detail Report or a Summary Report on the data in the reconciliation.
Select Export to export the PDF report. Select Close to cancel and close the window.