MCSJ Bank Reconciliation
|
|
- Ira Flynn
- 7 years ago
- Views:
Transcription
1 MCSJ Bank Reconciliation What is a Bank Reconciliation? A bank reconciliation or bank rec is a report used to check and explain the differences between the cash balance in a company s accounting ledger and the bank statement balance. Why are they important? The purpose of preparing a bank rec report is to detect any discrepancies between the accounting records of an entity and the bank, aside from normal timing differences. Such discrepancies may exist due to a timing difference on the part of the organization or the bank. They may also exist due to the careless or illegal activity on the part of the organization. This is one of the main methods to prevent fraud and embezzlement of the organization s funds. It is common for the bank balance on the organization s accounting records (Book Balance) to differ from the actual balance per the monthly bank statement due to a timing difference. Certain transactions are recorded by the entity, but they do not get updated in the banking system due to possible lag in banking days. The same happens when a banking transaction occurs within the account, and was not posted to the organization s accounting system. These differences are considered reconciling items on the Bank Reconciliation Report. Benefits of a Bank Reconciliation. Proper handling of a bank rec helps in the identification of errors in an organization s accounting records or in the bank account. Monthly preparation of a bank rec can assists in the vital monitoring of cash flows of an organization. Viewing of monthly bank statements help to ensure your financial institution is providing you with the correct fees and credits. Internal Control Functions A bank rec provides valuable internal control monitoring. Examples: uncovering unauthorized bank withdrawals. determining unreasonable turnover of cash. separation of duties should be in place to NEVER allow someone who issues payments and performs deposits, to be the same who reconciles the cash accounts. 301 Tilton Road, Northfield, NJ P:
2 Perform a Bank Rec in MCSJ FOUR PART PROCESS: Check Reconciliation (AP Checks/PR Checks). Compare Bank Rec Inquiry Report to Bank Statement. Bank Reconciliation. Print Bank Reconciliation Report. Necessary Items Bank Statement: Reflects all debits and credits going through your bank account. Bank Reconciliation Inquiry Report: Reflects all debits and credits going through your general ledger cash account. Outstanding Check Register: Reflects all disbursement not reconciled from a previous period.
3 1. Make sure all transactions for the month in which you are trying to reconcile have been entered into MCSJ prior to reconciling: ** Note: Opening MCSJ general ledger cash account balances must be accurate for the bank reconciliation process to work properly. ** Note: Bank reconciliations should be performed monthly. Post Bank Interest (If Applicable) Finance > Revenue > Cash Receipts Batch Batch Date: Change the batch date to the end of the month in which you are reconciling.
4 Enter the interest revenue account number, assign a source id and enter the interest amount. Click the SAVE button and then verify and update your batch. Post Bank Fees (If Applicable) Finance > Budget > Budget Batch Batch Date: Change the batch date to the end of the month in which you are reconciling. Enter the bank fees budget account number and enter the dollar amount. Click the SAVE button and then verify and update your batch. 2. Reconcile A/P Checks : Prior to entering the Check Reconciliation batch, a Check Register report should be run to compare with your monthly bank statement. Finance > A/P > Check Processing > Check Register
5 Report Sequence: Select Check Date Range of Check Dates: Enter a date range from the beginning of the fiscal year up to the end of the month in which you are reconciling. Checking Account: Fill in the checking account that you are reconciling. Report Type: Change to Outstanding Checks Report Format: Change to Super Condensed Finance > A/P > Check Processing > Check Reconciliation Checking Account: Select the checking account that you wish to reconcile. Reconciliation Date: Enter the last day of the month in which you are reconciling. There are two options as far as reconciling the A/P checks, you can either auto create the batch, or you can manually create your own batch. Auto Create Batch:
6 When selecting Auto Create Batch and clicking the NEXT button, the system will generate a batch of all outstanding checks within the selected checking account equal to and prior to the reconciliation date that you enter. When using this method, you will need to DELETE any checks from the batch that are still OUTSTANDING or enter a 0 in the Date field. Everything in the batch when you click SAVE button will be reconciled. Manual Batch Entry: By selecting Batch Entry and clicking the NEXT button, the system will bring you into a batch entry screen, where you can then manually add in the checks that you wish to reconcile. With both the Auto Create and the Manual Batch Entry, once complete, you can click the SAVE button to save your batch. Clicking the CLOSE button will bring you back to the main Check Reconciliation screen, where you can then print the Verification listing and then click Update Batch and the NEXT button to reconcile and update your checks. 3. Bank Reconciliation Inquiry Finance > G/L > Bank Reconciliation > Bank Reconciliation Inquiry
7 This report will help you identify what transactions need to be reconciled this report should be compared with the transactions on your bank statement. Report Type: Outstanding Transactions G/L Account: Enter the account in which you are reconciling Transaction Starting & Ending Date: Enter the dates up to the month in which you are reconciling. Check All Transaction Types other than Disbursements (since you have already reconciled those transactions in the A/P Check Reconciliation. 4. Reconcile G/L Cash Account Finance > G/L > Bank Reconciliation > Bank Reconciliation
8 There are two options as far as reconciling your G/L cash transactions, you can either auto create the batch (which is recommended), or you can manually create your own batch. Auto Create Batch: When selecting Auto Create Batch and clicking the NEXT button, the system will generate a batch of all outstanding transactions within the selected G/L cash account equal to and prior to the reconciliation date that you enter. When using this method, you will need to DELETE any transactions from the batch that are still OUTSTANDING or enter a 0 in the Date field. Everything in the batch when you click SAVE button will be reconciled. Manual Batch Entry: By selecting Batch Entry and clicking the NEXT button, the system will bring you into a batch entry screen, where you can then manually add in the transactions that you wish to reconcile. With both the Auto Create and the Manual Batch Entry, once complete, you can click the SAVE button to save your batch. Clicking the CLOSE button will bring you back to the main Check Reconciliation screen, where you can then print the Verification listing and then click Update Batch and the NEXT button to reconcile and update your transactions. Once all transactions have been reconciled, both A/P Checks and G/L transactions, you are ready to run the G/L Bank Reconciliation Report. 5. G/L Bank Rec Report Finance > G/L > Bank Reconciliation > Bank Reconciliation Report
9 G/L Account: Cash Account in which you are reconciling Bank Statement Ending Balance: Taken right from your bank statement Reconcile Date: Last day of the month in which you are reconciling When clicking the NEXT Button, the system will generate a report starting with your Bank Ending Balance, then add in any Deposits in Transit or Other Adjustments and subtract any Outstanding Checks to come up with your Adjusted Bank Balance. The Bank Reconciliation report will then compare the calculate Adjusted Book Balance to your actual Book Balance to come up with the difference, which should be 0.00.
10 In the Event that the Difference is not Zero: Run the Bank Reconciliation Inquiry Report (Finance > G/L > Bank Reconciliation > Bank Reconciliation Inquiry) first for Reconciled Transactions and then for Outstanding
11 Transactions. Compare these figures with your actual Bank Statement to determine any discrepancies. 6. Reconcile Payroll Checks: (If Applicable Must have MCSJ Payroll) Prior to entering the Check Reconciliation batch, a Check Register report should be run to compare with your monthly bank statement. Personnel > Reports > Check Register History Report Range of Check Dates: Enter a date range from the beginning of the fiscal year up to the end of the month in which you are reconciling. Check Types To Include: Uncheck the Adjustment and 3 rd Party Sick Pay selections Status To Include: Uncheck the Void and Reconciled selections Personnel > Payroll > Checks > Check Reconciliation
12 Checking Series: Select the check series that you wish to reconcile. Reconciliation Date: Enter the last day of the month in which you are reconciling. Check Dates: Enter a date range from the beginning of the fiscal year up to the end of the month in which you are reconciling. There are two options as far as reconciling the PR checks, you can either auto create the batch, or you can manually create your own batch. Auto Create Batch: When selecting Auto Create Batch and clicking the NEXT button, the system will generate a batch of all outstanding checks within the selected check series equal to and prior to the reconciliation date that you enter. When using this method, you will need to DELETE any checks from the batch that are still OUTSTANDING or enter a 0 in the Date field. Everything in the batch when you click SAVE button will be reconciled.
13 Manual Batch Entry: By selecting Batch Entry and clicking the NEXT button, the system will bring you into a batch entry screen, where you can then manually add in the checks that you wish to reconcile. With both the Auto Create and the Manual Batch Entry, once complete, you can click the SAVE button to save your batch. Clicking the CLOSE button will bring you back to the main Check Reconciliation screen, where you can then print the Verification listing and then click Update Batch and the NEXT button to reconcile and update your checks. The Check Register History report can be re run to supplement with your Bank Reconciliation report.
for Sage 100 ERP Bank Reconciliation Overview Document
for Sage 100 ERP Bank Reconciliation Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered
More informationState Accounting Office
State Accounting Office State Accounting Manual Policies and Procedures Policy Number CM-100008 Section Name Cash Management Policy Name Bank Reconciliation Effective Date 3/13/2007 Revised Date I. Purpose/Scope
More informationThis technical note discusses the different reports you can generate as well as the use of each report in reconciling bank accounts.
Article # 1241 Technical Note: Reports Useful for Reconciling the Bank Account Difficulty Level: Beginner Level AccountMate User Version(s) Affected: AccountMate 8 for SQL, Express and LAN AccountMate
More informationChapter 11 - Banking and Reconciliation
Chapter 11 - Banking and Reconciliation This Section Includes: 11.1 Banks and GL Accounts 11.2 Adding Banks, Branches and Bank Accounts 11.2.1 Adding a new Bank 11.2.2 Adding a New Branch 11.2.3 Adding
More informationBlue Bear/SchoolBooks Transfers, Adjustments & Bank Reconciliation QR Guide
Transfers and Adjustments Transfer Entry Use Transfers to move money between fund accounts (non-cash accounts). Transfers do not change the cash balance of any bank account. The Transfer Entry Both the
More informationThe following options under the Financial area will be available on the Web as of the February 2016 Release.
The following options under the Financial area will be available on the Web as of the February 2016 Release. Please Note: They will not be going away on PaC. Bank Reconciliation Overview Check Reconciliation
More informationClick the Entries tab to enter transactions that originated at the bank.
Reconciling Bank Statements If this is the first time you have reconciled a bank statement for this company, you must prepare your bank accounts. See Chapter 4, Setting Up Bank Services, in the Tax and
More informationBank Reconciliation: Improvements for the Shelby v5 Spring 2006 Release
Bank Reconciliation: Improvements for the Shelby v5 Spring 2006 Release After loading the spring 2006 release, you will notice a few major improvements to the Bank Reconciliation module that will assist
More informationBank Reconciliation Quick Reference Guide
This guide provides information on completing your first and your ongoing bank reconciliations. Bank reconciliation is the process of ensuring your AppFolio system accounting matches the transactions in
More informationStep 3. Clear Withdrawals, Data Entry Errors, and Bank Errors
Reconciling Bank Statements If this is the first time you have reconciled a bank statement for this company, you must prepare your bank accounts. See Chapter 4, Setting Up Bank Services, for the procedure.
More informationA8.800 Disbursing/Accounts Payable and Payroll. A8.847 Reconciliation of the Departmental Checking Account
New Procedure Prepared by the Disbursing Office A8.800 Disbursing/Accounts Payable and Payroll A8.847 Reconciliation of the Departmental Checking Account 1. Purpose A8.847 January 2000 p 1 of 17 To provide
More informationFAWIN Version 2.1.763 Release Notes Setting Up and Assigning Bank Rec Groups
FAWIN Version 2.1.763 Release Notes Setting Up and Assigning Bank Rec Groups The ability to reconcile bank statements by bank account has been added to version 2.1.763. Important Bank Reconciliation Note:
More informationUser Guide. For. Diaspark ERP Software. Cash Manager Module
User Guide For Diaspark ERP Software Version 2.0 Diaspark Inc. 200, Metroplex Drive Suit 401, Edison, NJ 08820 Web: www.diaspark.com CM-User Guide-Ver-2.0 Page 1 of 12 Creation Date 24-Oct-11 Release Notice
More informationINTERNAL CONTROL QUESTIONNAIRE OFFICE OF INTERNAL AUDIT UNIVERSITY OF THE VIRGIN ISLANDS
Cabinet Member or Representative responsible for completing this form: INSTRUCTIONS FOR COMPLETING THIS FORM: Answer each question by placing an X in the either the Yes, No,, or Applicable () column. Provide
More informationNEXTGEN BUDGETARY ACCOUNTING TRAINING
NEXTGEN BUDGETARY ACCOUNTING TRAINING TRANSACTIONS I. Vendor Maintenance II. III. IV. Requisition Entry - Routing Purchase Order Entry Accounts Payable - Invoice Entry V. Accounts Payable - Cash Disbursements
More informationSBM Reconciling and Closing Accounts
Administrative Data SBM Reconciling and Closing Accounts Course Information Course Title - SBM Reconciling and Closing Accounts Number - SBMT2135 Total Credits - 2 Course Description Units This course
More informationHOW TO RECONCILE YOUR CASH ACCOUNTS
HOW TO RECONCILE YOUR CASH ACCOUNTS Monthly all accounts under 1000.00 must be reconciled (excluding the Petty Cash account or accounts where the statements may not be sent on a monthly basis in that case
More informationfor Sage 100 ERP General Ledger Overview Document
for Sage 100 ERP General Ledger Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered
More informationCREDIT CARD PROCEDURES OBJECTIVE..2 OVERVIEW..2 DEPARTMENT S CREDIT CARD PROCEDURES...3 FINANCIAL SERVICES PROCEDURES... 5 BANK RECONCILIATION 6
CREDIT CARD PROCEDURES TABLE OF CONTENTS OBJECTIVE..2 OVERVIEW..2 DEPARTMENT S CREDIT CARD PROCEDURES...3 FINANCIAL SERVICES PROCEDURES... 5 BANK RECONCILIATION 6 APPENDIX A..16 APPENDIX B...18 OBJECTIVE
More informationBank Reconciliation Training
Bank Reconciliation Training Table of Contents Exercises UAN Version 2005 1) UAN Overview 2) Bank Reconciliation #1 3) Bank Reconciliation #2 4) Bank Reconciliation #3 5) Reports Bank Rec Training - Issued
More informationInternal Financial Controls for Nonprofits: Review a Bank Reconciliation
Friday 22 June 2012 (30 minutes) Community Sector Council Newfoundland and Labrador (CSC) Facilitated by: Darlene Scott, Senior Program Associate, CSC darlenescott@cscnl.ca 1 Here is some great advice
More informationRepairing Your Accounting System
Repairing Your Accounting System Who is this paper for? This paper is for companies that have been using DBA Next-Generation for some time, but have struggled up to now with getting the accounting system
More informationThe End of Month Closing process cuts off all sub-journal postings for the month and should be performed at the conclusion of each month.
End of Month Closing The End of Month Closing process cuts off all sub-journal postings for the month and should be performed at the conclusion of each month. Closing the month involves up to five steps:
More informationNexsure Training Manual - Accounting. Chapter 6
Nexsure Training Manual - Accounting Journal Entries In This Chapter Journal Entry Definition Journal Entry Overview Adding Journal Entries Setting up Automatic Recurring Entries Using General Ledger Allocation
More informationTIPS AND TRICKS for the CORE ACCOUNTING MODULES REMINDER:
REMINDER: Please remember that this document is meant to be a guideline with some ideas of ways you can use MAS 90 / 200 core accounting modules more fully. However, your settings or process may not work
More informationEFT 2012 GETTinG STarTEd GuidE
EFT Getting Started Guide 2012 EFT Direct for Sage Simply Accounting User Guide Before You Start...1 Hardware and Software Requirements...1 Make Arrangements with Your Bank...2 Getting Help...2 The Manuals...2
More informationFI to FI Transfer Frequently Asked Questions
FI to FI Transfer Frequently Asked Questions FI to FI allows you to transfer money between your accounts at Minnesota National Bank and accounts you have at other financial institutions. This new service
More informationChanging from Cash to Accrual Accounting
Changing from Cash to Accrual Accounting Contents About Changing the Accounting Method Creating a Client Disb Recov (1210) Account Contacting LexisNexis PCLaw Technical Support Adjusting Disbursements
More informationMonth End Processes in LAMPS
Month End Process Month End Processing in LAMPS During this session we will review recommended month end practices in LAMPS. Last day of the Month Process Cash Receipts /Journal Entry Batch Credit Card
More informationAccounts Payable Back Office Reference Guide
Accounts Payable Back Office Reference Guide Version 4 Copyright Orion Law Management Systems, Inc. All rights reserved Printed in the United States of America www.orionlaw.com All Rights Reserved. No
More informationM O N T H E N D / Q U A R T E R L Y / Y E A R E N D C H E C K L I S T S & P R O C E D U R E S ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE
M O N T H E N D / Q U A R T E R L Y / Y E A R E N D C H E C K L I S T S & P R O C E D U R E S ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE PAYROLL GENERAL LEDGER PROCOM SOLUTIONS, INC. OAKLAND CENTER 8980-A ROUTE
More informationDepartment of Human Services Client Trust Fund 7290 Trust Accounting System Procedures
Human Services Client Trust Fund 7290 Trust Accounting System Procedures 03.004.00 Effective Date: September 12, 1997 Revised: December 28, 2015 Department of Human Services Client Trust Fund 7290 Trust
More informationPreparing for Bank Reconciliations
Contents About Preparing for Bank Reconciliations What is Reconciled Preparing for the Reconciliation Selecting the Bank Account and Period About Preparing for Bank Reconciliations Bank Reconciliation
More informationInstall the System Manager, following instructions in Chapter 3 of the System Manager Administrator Guide.
Before You Begin Install the System Manager, following instructions in Chapter 3 of the System Manager Administrator Guide. During installation, select Bank Services as a component to install. Activate
More informationTHEME: THE BANK RECONCILIATION
THEME: THE BANK RECONCILIATION By John W. Day, MBA ACCOUNTING TERM: Bank Reconciliation The bank reconciliation is a process by which to compare an entity's book cash balance with the bank's cash balance
More informationFlorida A & M University Bank Reconciliation Procedures
TABLE OF CONTENTS 1.0 OVERVIEW...2 2.0 DEFINITIONS...2 3.0 RESPONSIBILITIES..2 4.0 GENERAL PROCEDURES...2 4.1 BANK RECONCILIATIONS.2 4.2 RECORDS 6 1.0 Overview The University currently maintains four bank
More informationNEXTGEN TRAINING TRANSACTIONS. I. Vendor Maintenance. Purchase Order Entry. Invoice Entry. Cash Disbursements. V. Journal Entry Cash Receipts
TRANSACTIONS I. Vendor Maintenance II. Purchase Order Entry III. Invoice Entry NEXTGEN TRAINING IV. Cash Disbursements V. Journal Entry Cash Receipts Janet Cowart VI. VII. Queries/Reports Bank Statement
More informationReconciling a Bank Statement
Reconciling a Bank Statement 1. Under Data Adjustments Receipt add interest Claim take out bank charges 2. Under Check Recon Reconcile Bank Statement a. Always do trial first b. Fill in information, then
More informationAccounts Payable User Manual
Accounts Payable User Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia Notice of Authorship
More informationWelcome. to the Bank Reconciliation Manual. How to Use This Guide. Contents. Index. Modules
Welcome to the Bank Reconciliation Manual How to Use This Guide Contents Index Modules How to Use This Guide Go to the How to Use This Guide page (this page). Go to the Contents. T Go to the previous page.
More informationBalancing Bank Reconciliation and General Ledger. Where to Compare Balances (between Bank Reconciliation and General Ledger)
Tech Tips Balancing Bank Reconciliation and General Ledger Where to Compare Balances (between Bank Reconciliation and General Ledger) There are two windows in Microsoft Dynamics GP that display both the
More informationGlossary of Accounting Terms
Glossary of Accounting Terms Account - Something to which transactions are assigned. Accounts in MYOB are in one of eight categories: Asset Liability Equity Income Cost of sales Expense Other income Other
More informationHow To Use A Bank Service On A Bank System
Sage 300 ERP 2014 Bank Services User's Guide This is a publication of Sage Software, Inc. Copyright 2014. Sage Software, Inc. All rights reserved. Sage, the Sage logos, and the Sage product and service
More informationOVERVIEW AND TERMINOLOGY
ACH Online Services OVERVIEW AND TERMINOLOGY There are ACH terms and definitions that are helpful to understand in order to use the ACH Online Service. In addition, there are basic tasks (accessing ACH
More informationSage 300 ERP 2012. Bank Services User's Guide
Sage 300 ERP 2012 Bank Services User's Guide This is a publication of Sage Software, Inc. Copyright 2014. Sage Software, Inc. All rights reserved. Sage, the Sage logos, and the Sage product and service
More informationBank Reconciliation. MaddenCo Inc. Revised October, 2015. Copyright 2015 by MaddenCo, Inc All rights reserved.
Bank Reconciliation MaddenCo Inc. Revised October, 2015 Copyright 2015 by MaddenCo, Inc All rights reserved. 1 Please understand that MaddenCo has expended substantial sums in developing and maintaining
More informationGENERAL PAYROLL CONTROLS Dates in scope:
GENERAL PAYROLL CONTROLS Risk # Risk Expected Control Step # Testing Documents/Info Needed 1 Unauthorized initial pay rate 2 Unauthorized/unsupported deductions (statutory deductions and benefits). Initial
More informationCASH: DISBURSEMENTS PROCESSING C-173-15.2 ACCOUNTING MANUAL Page 1 CASH: DISBURSEMENTS PROCESSING. Contents
CASH: DISBURSEMENTS PROCESSING ACCOUNTING MANUAL Page 1 CASH: DISBURSEMENTS PROCESSING Contents I. Introduction 2 II. Disbursements Processing 2 Page A. Vendor Payments 2 1. Vendor Checks 2 2. Roles in
More informationAP and AR Corrections Handout
AP and AR Corrections Handout 11.0 Reversal and Correction Entries 11.1 Overview The standard method to reverse and correct posted entries is to use Reverse Posted Document. This ensures that the audit
More informationMonthly Closing & Reconciliations. Presented by Bronwyn Duprey
Monthly Closing & Reconciliations Presented by Bronwyn Duprey Introduction Data Flow File Types Reconciling within an application Reconciling applications to General Ledger STO Reconciliation Tools Other
More informationEntering the Take-up data in CrossCheck Travel
Entering the Take-up data in CrossCheck Travel Review of Data Entry procedures By now you will have prepared your financial take-up figures ready to be entered into CCT and faxed them to your GSC representative.
More informationAudit of Cash Balances
Audit of Cash Balances Chapter 23 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 23-1 Learning Objective 1 Show the relationship of cash in the bank to the various transaction
More informationACCOUNTS PAYABLE SETUP
ACCOUNTS PAYABLE SETUP Mortgage Computer Ogden, Utah Contents - Updated September 9, 2013 General Ledger Setup... 4 Bank Accounts... 6 ScrolEx Setup... 10 General Ledger 3 General Ledger Setup This selection
More informationCASH RECONCILIATION & INTERNAL CONTROLS
CASH RECONCILIATION & INTERNAL CONTROLS Montana Clerks, Treasurers & Finance Officers Institute ~ May 2011 Presented by: Brenda Schneider, Superior; Doris Pinkerton, Forsyth & Darla Erickson, Local Government
More informationChecking Accounts. Open, Manage, and Reconcile
Checking Accounts Open, Manage, and Reconcile 1. What is a checking account? A checking account is opened at a bank or other financial institution. Banks offer several different types of checking accounts.
More informationSage 100 Year-End Closing Procedures
SWK technologies, inc. Tech Tips SWK Technologies, Inc. Sage 100 Year-End Closing Procedures SWK TECHNOLOGIES, INC. 5 Regent Street Suite 520 Livingston NJ 07039 backup before period end Make sure that
More informationState Accounting Office
State Accounting Office State Accounting Manual Policies and Procedures Policy Number CM-100003 Section Name Cash Management Policy Name Payment Cancellation Effective Date Revised Date I. Purpose The
More informationInaugurating your books with QuickBooks is a breeze if you ve just started a business:
Setting Up Existing Records in a New Company File APPENDIX I Inaugurating your books with QuickBooks is a breeze if you ve just started a business: your opening account balances are zero and you build
More informationCaused By 1. Time. 2. Errors. lags $ XXX. but not by bank (e.g., deposits. Add: Deposits recorded by business. Cash balance per bank statement
ILLUSTRATION 8-5 BANK RECONCILIATION FORMAT Balances Should Agree Bank Reconciliation (Date) balance per bank statement Add: Deposits recorded by business but not by bank (e.g., deposits in transit) Less:Charges
More informationExample: Spencer Company has the following information available as of April 30, 2002.
CASH AND CASH EQUIVALENTS on hand, demand deposits and other bank accounts are considered cash. equivalents are short-term investments (90 days or less) that can be converted into cash without any significant
More informationDynamics GP 50 Tips in 50 Minutes
Tip #1 Speed Up GL Distribution Entry Account Alias Financials Assign an Alias to Accounts. In any GL Distribution Entry window, click the arrow next to the Account Lookup button or type Ctrl+Q. 1 Enter
More informationNorth Dakota University System Accounts Payable Processes
Accounts Payable Processes Voucher Post Pay Cycle Payment Post Training Manual 3130 Kilgore Road, Suite 400 Rancho Cordova, CA 95670 916.669.3720 www.maximus.com ACCOUNTS PAYABLE BATCH PROCESSES OVERVIEW...3
More informationMake the right move.. and let A.J. Smith Federal Savings Bank... Make it Easy for You!
Make the right move.. and let A.J. Smith Federal Savings Bank... Make it Easy for You! Make the right move Switch your checking account to A. J. Smith Federal Savings Bank! We know that switching your
More informationAccounts Payable System Administration Manual
Accounts Payable System Administration Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia
More informationDynamics GP 50 More Tips in 50 Minutes
Financial Tip #1 Use Keyboard Shortcuts for Marking Cleared Transactions in Bank Rec Transactions >> Financial >> Reconcile Bank Statement Select the first transaction, then type CTRL+B (Begin Range).
More informationCopyright 2006 Business Management Systems. Web Based ERP/CRM Software
Web Based ERP/CRM Software INTRODUCTION...8 Features... 9 Services... 10 INSTALLATION...11 CUSTOMER FILE...12 Add Customer... 12 Modify Customer... 14 Add Ship To... 15 Modify Ship To... 16 Reports...
More informationSage 50 Accounting. Premium 2014 Level 2. Courseware 1616-1. For Evauluation Only. MasterTrak Accounting Series
Sage 50 Accounting Premium 2014 Level 2 Courseware 1616-1 MasterTrak Accounting Series Sage 50 Premium Accounting 2014 Level 2 Lesson 2: Banking and Credit Cards Lesson Objectives In this lesson, you will
More informationCardholder Guide. Applying for a Card
Cardholder Guide Applying for a Card Corporate Purchasing Card Cardholder New Account Form needs to be filled out for every candidate with the appropriate department manager as well as the Comptroller's
More informationEVERYTHING YOU WANTED TO KNOW ABOUT MID-YEAR & YEAR- END FINANCIALS
EVERYTHING YOU WANTED TO KNOW ABOUT MID-YEAR & YEAR- END FINANCIALS Rev. 11/2015 1 of 7 TABLE OF CONTENTS Introduction... 3 Getting Started. 3 Filling out the Troop/Group Finance Report... 4 Submitting
More informationMicrosoft Dynamics GP. Bank Reconciliation
Microsoft Dynamics GP Bank Reconciliation Copyright Copyright 2007 Microsoft Corporation. All rights reserved. Complying with all applicable copyright laws is the responsibility of the user. Without limiting
More informationChanging from Accrual to Cash Accounting
Changing from Accrual to Cash Accounting Contents About Changing from Accrual to Cash Accounting Description of Accounting Methods Creating a Client Disb Expense (5010) Account Adjusting GST/Vat and Sales
More informationTahoe Donner Association Job Description
Job Title: Accounting Technician II Job Code: 706 Department: Accounting Reports to: Accounting Manager FLSA Status: Nonexempt Class Code: 8810 Salary Level: Hourly 17 Pay Range: $16.37 21.34 File Name:
More informationAccounts Payable. Best Practices: Existing Control: Control Gap: Controls Evaluation and Gap Analysis. Purchasing
Accounts Payable Gap Analysis: POS identifies the following Best Practices as efficient and effective control processes for the above risk. Listed for comparison are the controls currently in place, if
More informationSage Payroll Services
SAGE ACCPAC Sage Accpac ERP Sage Payroll Services Integration Guide 2006 Sage Accpac International, Inc. All rights reserved. Sage Software, Sage Software logos, and all Sage Accpac product and service
More informationAccounting for Credit Card Transactions
Accounting for Credit Card Transactions Essential Tools for Reconciling Stand Alone Credit Card Terminals and IU Pay Plus Page 1 of 17 Quick Reference Flow Chart for Daily Reconciliation Process Use this
More informationChanging from Accrual to Modified Cash Accounting
Changing from Accrual to Modified Cash Accounting Contents About Changing from Accrual to Modified Cash Accounting Adjusting GST/Vat and Sales Tax Adjusting Accounts Receivable Adjusting Receive Payments
More informationAccounting for Credit Card Transactions. Tips and Tools for Reconciling Credit Card Terminals and IU Pay Plus
Accounting for Credit Card Transactions Tips and Tools for Reconciling Credit Card Terminals and IU Pay Plus 1 Quick Reference Flow Chart for Daily Reconciliation Process Use this quick reference guide
More informationNONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL
NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL I. Financial Planning/Budget Systems 1. Organization has a comprehensive annual budget which includes all sources and uses of funds for all aspects of
More informationAccrued Expense Payroll Process in MUNIS
Accrued Expense Payroll Process in MUNIS Objective Accrued payroll is for an employee who earns salary in one fiscal year and paid in another (i.e.: summer spread wages). Salary amounts will be posted
More informationActivity Balance Transfer Process
Activity Balance Transfer Process Process Implementation 1 May 2014 As a reminder, Navy CYP Fee Policy states that child care payments are required prior to services--certain exceptions may apply. All
More informationCALCASIEU PARISH SCHOOL BOARD SCHOOL ACTIVITY FUNDS EPES ACCOUNTING PROCEDURES MANUAL
CALCASIEU PARISH SCHOOL BOARD SCHOOL ACTIVITY FUNDS EPES ACCOUNTING PROCEDURES MANUAL TABLE OF CONTENTS CPSB SAF EPES Procedures Manual START UP 4 Log in 4 Main Screen 5 Exit 5 UTILITIES 5 Preferences
More informationReceiving Payment in Foreign Currency
Receiving Payment in Foreign Currency Contents An Example Preparing PCLaw for Foreign Currency Receiving Funds in Foreign Currency Performing Month End Procedures An Example To better illustrate the procedures
More informationGeneral Ledger Auditing. Presented By: Jim Lee
General Ledger Auditing Presented By: Jim Lee Table of Contents Overview... 3 Month-End Accounting Binder... 3 Month-End Accounting Checklist... 4 Trial Balance... 5 Journal Entries... 6 Account Reconciliations...
More informationWhat are the elements of an accounting system?
What are the elements of an accounting system? An accounting system is comprised of accounting records (checkbooks, journals, ledgers, etc.) and a series of processes and procedures assigned to staff,
More informationAccounts Receivable. Chapter
Chapter 7 Accounts Receivable The Accounts Receivable module displays information about individual outstanding income sources. Use this screen to verify that invoice receipts, cash receipts, and other
More informationJob title: Staff Accountant Receivables
Job title: Staff Accountant Receivables Our Firm Capsim Management Simulations Inc designs, builds and delivers the renowned Capstone Business Simulation and a suite of related business simulations to
More informationFUNCTIONS OF THE NIGHT AUDIT MAIN PURPOSE: To verify the accuracy and completeness of guest and non-guest accounts.
The NIGHT AUDIT - Hotels operate 24X7 so Front Office regularly review and verify the accounts. - Audit is a daily review of guest account transactions at Front Office against revenue center transactions.
More informationAccounts Payable. Cash Projections Reports - 3-tiered Pay on Dates show what is due in the next 30/60/90 days.
The Accounts Payable module can process multiple Companies and Locations and is fully integrated to the General Ledger module. With the Reporting and Query capabilities of the AP module, you can increase
More informationAppointment Manager. Centricity Business 4.3. Melody Frye 517-432-0898 melody.frye@ht.msu.edu. MSU HealthTeam BASIC: Front Desk
Appointment Manager Centricity Business 4.3 Training and Education (M-F 8a 5p) Melody Frye 517-432-0898 melody.frye@ht.msu.edu 1 Overview Front Desk is functionality within the scheduling application where
More informationBUTTE COUNTY 4 H YOUTH DEVELO0PMENT PROGRAM FINANCIAL FORMS
4 H Financial Forms These forms were revised from the California State 4 H Treasurer's Manual (4H1035, rev 5/2003). Please note this workbook contains the below worksheets without formulas. Form 5.1 Mid
More informationOFFICE OF THE STATE COMPTROLLER DIVISION OF LOCAL GOVERNMENT SERVICES
OFFICE OF THE STATE COMPTROLLER DIVISION OF LOCAL GOVERNMENT SERVICES AND ECONOMIC DEVELOPMENT TECHNICAL ASSISTANCE Comptroller OFFICE OF THE STATE COMPTROLLER DIVISION OF LOCAL GOVERNMENT SERVICES & ECONOMIC
More informationState of Wisconsin Department of Administration. Regular Deposit aka Direct Journal Payment Job Aid. Version 3.0 (9/29/2015)
State of Wisconsin Department of Administration Regular Deposit aka Direct Journal Payment Job Aid Version 3.0 (9/29/2015) TABLE OF CONTENTS TABLE OF CONTENTS... 1 PURPOSE... 2 STEP 1 Create the Deposit
More informationCalifornia Creativity Regional Accounting and Banking Policy and Procedures Version 1.0 Effective: 9/1/2014
California Creativity Regional Accounting and Banking Policy and Procedures Version 1.0 Effective: 9/1/2014 PURPOSE In recent years, the increased requirements of Nonprofit GAAP (Generally Accepted Accounting
More informationRecurring Payments. Navigate to: Accounts Payable>File Maintenance/Lists>Recurring Payments
Recurring Payments Overview Recurring payments can be created for payments that should be generated on a user-defined periodic basis. Recurring payments are typically set up for payments that are a fixed
More informationPSFIN v9.2 Expenses Administrator Participant Guide
PSFIN v9.2 Expenses Administrator Participant Guide Version 1.0 March 2015 This page left blank to facilitate front/back printing. Table of Contents Table of Contents Table of Contents... 3 Introduction...
More informationSolar Eclipse Accounts Payable. Release 8.7.2
Solar Eclipse Accounts Payable Release 8.7.2 Legal Notices 2011 Epicor Software Corporation. All rights reserved. Unauthorized reproduction is a violation of applicable laws. Epicor and the Epicor logo
More informationAmicus Small Firm Accounting: Frequently Asked Questions
Amicus Small Firm Accounting: Frequently Asked Questions Questions Administration... 3 1 How do I add another user account? 3 2 How are passwords set up and how are they used? 3 3 What does "Reset User
More informationBANK RECONCILIATION OVERVIEW OBJECTIVES. This chapter defines the Student Refund check reconciliation process.
BANK RECONCILIATION OVERVIEW This chapter defines the Student Refund check reconciliation process. OBJECTIVES After completing this section, you will be able to: 1. Understand how the check reconciliation
More informationCOMMONWEALTH OF PENNSYLVANIA GOVERNOR'S OFFICE. Month-end Closing Processes
MANAGEMENT DIRECTIVE Subject: Month-end Closing Processes 310.27 Number COMMONWEALTH OF PENNSYLVANIA GOVERNOR'S OFFICE By Direction Of: Michael J. Masch, Secretary of the Budget Date: December 14, 2005
More informationMicrosoft Dynamics GP: What's New Plus Tips and Tricks
Microsoft Dynamics GP: What's New Plus Tips and Tricks Solution Showcase 2015 Client Conference About the Presenter Katja Brinck Senior Consultant, Microsoft Dynamics GP, Armanino Katja has over 12 years
More information