Bank Statement Reconciliation - First Reconciliation

Bank Statement Reconciliation - First Reconciliation

When bank statements are reconciled in Rootstock using General Ledger->Bank Statement Reconciliation, there are two requirements above and beyond the formal prerequisites stated in Bank Statement Reconciliation - Setup Requirements:

Opening Bank Statement

At least one bank statement for the bank account must already have been saved to the database. The reason is that two fields in the succeeding bank statement to be entered will take their values from the last statement entered for the account - so there must be a last statement entered for the account. These two fields are:

1. From Date: This is set to the previous statement's Statement Date plus one day.

2. Opening Balance: This is set to the previous statement's Ending Balance.

Validations in the Bank Reconciliation process prevent users from entering new bank statements if no prior statements have been saved for the specific bank account. When Rootstock customers are ready to use Bank Reconciliation for the first time, they should coordinate with Rootstock Professional Services. According to the customer's input, Rootstock Professional Services will create the initial bank statement for each managed bank account.

Or user can also follow the below steps to create a new (first) bank statement for a newly created Bank Account.

First Bank Statement

Manual Entry (If 'Reconciliation Method' on Bank Account is 'Manual Entry')

1. Navigate to Site Map > General Ledger > Bank Statement Reconciliation and select the Bank Account. This opens the Process Statement Manually page.

2. Click the Enter New Bank Statement button and click New in the pop-up displayed.

3. The system allows the user to enter the values for the fields 'Date of Last Statement', 'Statement Date', and 'Ending Balance'.

  NOTE  The 'Date of Last Statement' defaults to one date prior to the 'Statement Date'.

5. Click Save to create the Bank Statement or click Close to close the pop-up without saving the Bank Statement.

6. Then select the newly created Bank Statement in the 'Statement Header' drop-down field and follow the procedure in the Bank Statement Reconciliation - Process Statement Manually to reconcile and finalize the Bank Statement.

Rootstock System Bank Account Transactions

Existing Rootstock customers
 

Details of Rootstock system transactions that affect the balances of managed bank accounts are stored in the Bank Account Transaction (glbanktxn__c) object. This object records (among other things) the reconciliation status of each transaction: whether it has been reconciled to a bank statement and, if so, whether a variance was incurred. When reconciling a bank statement for the first time, the Bank Account Transaction object should contain exactly the proper set of unreconciled Bank Account Transactions.
When Rootstock customers are ready to use Bank Statement Reconciliation for the first time, getting the Bank Account Transaction object to reflect only unreconciled transactions may require the assistance of Rootstock personnel to mark some transactions as already reconciled.

New Rootstock customers with unreconciled transactions from a legacy system
 

For new Rootstock customers, unreconciled bank account transactions entered/processed in their legacy system as at go-live will need to be uploaded into Rootstock (i.e., the opening go-live unreconciled bank transactions). See Import Bank Account Transactions for Initial Bank Statement for instructions for doing this.

SEE ALSO
 

Bank Account 
Import Bank Account Transactions for Initial Bank Statement
Bank Statement Reconciliation - Overview
Bank Statement Reconciliation - Setup Requirements
Bank Statement Reconciliation - Bank Statement Upload
Bank Statement Reconciliation - Process Uploaded Statement
Bank Statement Reconciliation - Process Statement Manually