Use the Bank Reconciliation program to reconcile your bank transactions in FACTS with your bank statement. All transactions up to the cutoff date that are not already marked as reconciled display in the browser in the lower portion of the screen. You can clear and unclear updated transactions.
Processing Notes
As you choose transactions to clear in the line browser, the system adjusts the Difference amount. As you select uncleared checks/transactions, the system updates the status from "uncleared" to "cleared." Once the Difference amount is zero, select the Reconcile button to finalize the check clearing process. At reconcile, the system updates the checks/transactions status to "reconciled." You can exit the Bank Reconciliation program without having to finish the entire task of reconciling.
You also have the ability to "clear" un-updated transactions, but you cannot reconcile them until the Bank Adjustment Register has been run. When you clear un-updated transactions, the system displays a message: "Please run the Bank Adjustment Register before reconciling" if there are unposted adjustments on file.
Transaction Adjustments
You can adjust an existing bank transaction within the Bank Reconciliation program. Use this function to correct the occasional clerical error and to allow for credit card companies that take their fee directly from daily deposits into the customer’s accounts.
The adjustments to the line may be a file keyed off of the transaction record. This adjustment record must be maintained for audit purposes.
When you enter the adjustment, FACTS also adds it to the bank adjustments file (used in Bank Adjustment Entry), which changes the Unposted Adjustments balance in the header. You can choose the GL account to which the difference is posted.
Archived Deposit Ticket
You can access the deposit ticket using the Menu option "View" - "Archived Deposit Ticket", or using the button "Archived Dep", or right-click on the line that has a Deposit Ticket number and select "Archived Deposit Ticket".
Bank Adjustments
You can add bank adjustments during the bank reconciliation process.
1. Bank
The bank you are reconciling.
2. Beginning Balance
The ending or statement balance from the last reconciliation.
3. Cutoff Date
Enter the date through which to display bank transaction for reconciliation.
4. Ending/Statement Balance
Enter the balance printed on the bank statement.
5. Difference
The system displays the difference as transactions are cleared or uncleared.
You can:
access Note Entry (SME710) for the bank specified in the program.
Edit - make changes for the highlighted transaction.
Add a new transaction.
Insert a line item above the highlighted item in the browser.
When you add or modify a transaction, the system displays the correct entry screen for your changes. The Transaction Entry, Bank Transfer Entry screen, where you can enter/modify the transaction information. Press OK to enter the information or OK to exit the screen without saving your changes.
Delete the highlighted transaction.
Save your changes.
Select the Clear/Unclear button to clear/unclear highlighted transactions. To clear, the transaction must be updated. There cannot be any open adjustments to the transaction.
Select the Clear Range button to display the Clear Check Range screen where you can enter a range of check numbers to clear. These are type "C" transactions which are the AP and PR checks.
Select the Update button to update the reconciliation process. This button is only available if the main transaction or an adjustment to it is open (any open is "Y").The system then prompts you for the date in the current or next GL period to use for both the period and the entry date in the GL journal header record.
Select the Reconcile button to process the reconciled transactions. This function is will only available when the difference is zero. Transactions do not have to be completed (they will be updated at least because they will be cleared).
Select View Detail to access details about the specified transaction. FACTS displays the appropriate screen for the transaction type. For the selected non-bank transaction lines, FACTS displays the View Detail (SME512) program, which lists all cash and check transactions that make up the selected deposit or non-bank transaction. For checks that have cleared the banking system, FACTS displays the Information for Check screen
Select View Header to access the Header Detail window where you can modify the statement ending date, ending balance for the header record in Bank Reconciliation Entry (SME520).
Select View Adjustments to access View Adjustments (SME521), which is used to view all adjustment transactions for the selected transaction.
Select Archived Dep to access the deposit ticket archived in the Unform document archiving system, if it is active eon your system.
Select the Done button to complete bank process. Select the Done button again to exit the program.