Bank Statement Reconciliation - Setup Requirements

Bank Statement Reconciliation - Setup Requirements

Navigation

Financial System Admin > Bank Account
Financial System Admin > AR Control

Setup Steps

• The Bank Account must be set up (see Bank Account)

  • The Reconciliation Method must be set to the appropriate method to be used for the specific bank account

    • Where the reconciliation method is Manual

      • the Reconciliation Method must be set to Manual Entry

    • Where the reconciliation is via bank statement upload

      • the Reconciliation Method must be set to Download.

      • When Download is selected, a Bank Statement Mapping Tab is displayed. This is where the Rootstock system transaction types are to be mapped to the values supplied by the bank in the bank statement file. For example, if the bank identifies Accounts Payable EFT Payments as Outgoing EFT in the interface files they send, then set the AP EFT Payment (General) field to Outgoing EFT. 

 Important: Make sure that the mapped text is exactly as it appears on the bank statement, including spaces if they are used on the bank statement file.

• AR Control settings (see AR Control).

  • If the Bank Account’s currency is the same as the company's home currency, the Single Currency Payment Variance Account on the AR Control object must be populated.

  • If the Bank Account’s currency is other than the company's home currency,  the Multicurrency Payment Variance Account on the AR Control object must be populated. 

  • The Bank Reconcile - Interest Income Acct on the AR Control object must be populated. 

  • The Bank Reconcile - CC Processing Fee Acct on the AR Control object must be populated.

  • The Bank Reconcile - Interest Expense Acct on the AR Control object must be populated. 

SEE ALSO

Bank Statement Reconciliation - Overview
Bank Account
Bank Statement Reconciliation - First Reconciliation
Bank Statement Reconciliation - Bank Statement Upload

Bank Statement Reconciliation - Process Uploaded Statement

Bank Statement Reconciliation - Process Statement Manually