SAGE ACCPAC ERP

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SAGE ACCPAC ERP

• Bank Reconciliation
• Presented by

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BASICS OF BANK RECONCILIATION

• Flow of Information
• Receives information from A/P and Payroll
• Receives information from A/R
• Sends information to G/L
• Can import information about cheques and deposits
  produced using other programs

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Bank Reconciliation Users

• Only one person at a time can perform a
  reconciliation for a particular bank
• Multiple workstations can reconcile different
  banks at the same time

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General Rules Bank Services

• Do not post General Journal entries to
  reconciling bank accounts in the General Ledger

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General Rules Bank Services

• It is recommended that the session date be the
  same as reconciliation date
• Reversing payments pay attention to the session
  date
• Use Bank Transfers to record the movement of
  funds between reconciling banks

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General Rules Bank Services

• Use Return Payments to reverse AP Cheques (eg.
  Stale dated, lost, stopped payment)
• Original invoice will be re-instated
• If Cheque was issued via Miscellaneous Payment
• With Vendor - you can choose to have the
  invoice reversed
• Without Vendor the invoice is automatically
  reversed

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General Rules Bank Services

• Use Return Customer Cheques to return AR Deposits
  (eg. NSF cheques)
• Original invoice is re-instated
• If Deposit was posted using Miscellaneous
  Receipt
• With Customer - you can choose to have the
  invoice reversed
• Without Customer the invoice is automatically
  reversed

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Initial Setup

• A consultant must set up your first Bank
  Reconciliation
• What is Needed for Initial Setup
• A balanced bank reconciliation
• Bank statement
• List of outstanding cheques in detail
• List of outstanding deposits in detail

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Menu Changes
5.4 Menu Bank Services Bank
Reconciliation Bank Reports Bank Setup
5.5 Menu Bank Services Bank Periodic
Processing Bank Setup Bank Setup
Reports Bank Transactions Reports Bank
Transactions
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New Features Version 5.5

• G/L Integration Create G/L Batch
• Clear History
• Enter taxes on entries
• Enter taxes on Bank Transfer service
• Print Payment Register
• Transaction Listing report

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Bank Reconciliation - Summary Page
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Entries Page

• Enter service charges, interest income, and or
  any other transactions from bank statement that
  have not already entered into accounting system
• Calculate taxes for taxable entries

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Entries Page Taxable Entries
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Withdrawals Page
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DEPOSITS PAGE
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Individual Cheques within a Deposit
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Reconciliation Status

• Cleared in Future Period
• Cleared with bank error
• Cleared with write-off

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Returns Page
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Post Entries

• Allows quick posting of entries
• Can be do as often as you like
• Independent of Bank Reconciliation posting
• Pay attention to the date, year/period.
• Creates G/L batch of entries and updates the book
  balance in Bank Reconciliation

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Post Entries
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Does it Balance?

• Use the Save and Calculate buttons on the Summary
  page to determine if the Out of Balance amount is
  zero.
• Book Balance must equal G/L account balance.

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Tips to Balance

• Ensure all A/P, A/R and G/L batches are posted
  for reconciling period
• Scan for GL entries using Transaction reports
• Verify dates used in reconciliation

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Before Posting Reconciliation

• Print deposit status report
• Print withdrawal status report

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Post Reconciliation

• Removes all cleared items
• Can be done numerous times during period daily,
  weekly, etc.

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After Reconciliation Posting

• Compare adjusted bank balance to the G/L account
  balance
• Use Account History Inquiry to obtain G/L bank
  account balance quickly

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Reports

• Payment Register activities on a bank account
  initiated from different applications
• New security permission allow users without
  rights to Bank Services to print the payment
  register (trace missing cheques or follow-up on
  customer refunds.

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Transaction Listing

• This report is a list of all transactions
  recorded for a bank that allows you to compare
  the transactions to the bank statement when doing
  a bank reconciliation.
• You can print the report to review bank activity
  for a specified period.
• You can print the report as a worksheet to enter
  notes against each printed transaction and then
  compare the report to the bank statement.

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Transaction Listing Report
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GL Integration

• Specify information to send to the GL
• Integration Tab where you choose format for
  information being sent
• Transactions Tab the types of transactions to
  send to the GL

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Demonstrate Import of OFX Statement here
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OFX Matching/Clearing

• Withdrawals are matched using elements from Sage
  Accpac to those in the OFX file, in the following
  order
• - Cheque Amount
• - Cheque number
• - Reference number
• - Payee (Vendor) name
• - Comment
• If an error spread is defined, it matches the
  amounts that fall within the range , although you
  must approve the clearing of amounts that do not
  match exactly

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Reconciling OFX Statements

• Automates the matching of transactions on your
  bank statement to transactions in your Sage
  Accpac ERP system
• Use the Reconcile OFX Statements form to match
  transactions from the imported bank statement to
  transactions in Sage Accpac

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OFX Matching/Clearing

• Deposits are matched using elements from Sage
  Accpac to those in the OFX file, in the following
  order
• - Deposit Amount
• - Transaction number
• - Comment
• - Payee (Customer) name
• If an error spread is defined, it matches the
  amounts that fall within the range , although you
  must approve the clearing of amounts that do not
  match exactly

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Reconcile OFX Statement
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Reasons for Unmatched Entries

• They are bank entries (eg.interest, fees) not yet
  entered into system
• Discrepancy between system and your bank amounts
  or description
• Different F/X rates
• Amounts in system not yet cleared the bank
• Bank has used different descriptive information
  than you used in your system

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Clear History

• Use the Clear Bank History function to remove
  selected cleared and posted bank transactions.
• Clear History clears the following records
• Bank Transactions.
• Reconciliation Posting Journal.
• Transfer Posting Journal.
• After Clearing Bank History
• Run Return Customer Checks or Reverse Payments.
  The purged transactions should not appear in the
  forms.
• Print the Reconciliation Posting Journal and the
  Transfer Posting Journal reports. The purged
  journal records should not appear in these
  reports.