Bank Reconciliation

Process

Navigation:  Banking > Transactions > Reconciliation Statements

1. Create a new Reconciliation Statement by selecting the ‘+’ icon.
2. Select the Cash Account.
3. Ref. Number will be created by system.  
4. Enter the reconciliation date (typically this is the last day of the month).
5. Enter the Ending Balance from the Bank Statement in the Statement Balance field.  
6. Compare the transactions to the lines of the bank statement by using Document Reference Numbers, such as a check number, dates and amounts.  For each confirmed transaction, select the Reconcile checkbox next to the corresponding transaction.  
7. Create Cash Adjustments for transactions that are in the bank, but not in Acumatica, such as bank fees.  When creating these Quick Transactions, it is recommended to RELEASE rather than SAVE.  If not, unreleased transactions cannot be reconciled, therefore would require additional steps to release from a different screen.  
8. When the reconciled balance matches the bank statement balance, the difference should be zero and the process is complete.
9. At any point in the process the reconciliation statement can be put on HOLD to return to later.  Once satisfied that the reconciliation process is complete, RELEASE the statement.  **Note:  Once a statement has been released, the only way to make corrections is to VOID the statement and start the entire process from the beginning.

The monthly statement is not needed to begin the process. Reconciliations can be performed at any time and in as many sessions as needed.  Most banks provide the option to download a list of recent banking transactions and usually display the daily ending balance that could be used to reconcile to.  In order to save changes before exiting, the statement needs to be placed on HOLD.