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.
Click Field Descriptions for information on each field.