Getting Started with Bank Reconciliation – AX 2012

When you are first getting started on AX 2012, many people get confused as to how to get started on the Bank Reconciliation module to have a clean cutover. Say you are going live on 1/1/2015, it is important to have a good clean bank reconciliation as of 12/31/2014, as this will be the basis for your first real bank reconciliation in AX 2012, as of 1/31/2015.

At 12/31/2014 your Bank Reconciliation is as follows:

Bank Statement Balance: 250,652.35

Less:

Outstanding Checks:

Plus:

Outstanding Deposits:

Bank Balance per Ledger: 168,000.00

Based on the above information, we will have to update the subledger information that existed on 12/31/2014.

This is accomplished in few simple steps:

1. Create General Journal, with one line to update the Bank Balance $250,652.35 as of 12/31/2014, the offset should be to the same ledger account of the bank account, which in this case in 10251.
2. Create an additional General Journal, on this one, create a separate line for each outstanding transaction.
3. Post Both Batches, after posting you will notice that the GL Balance of the bank account remains the same:
4. In Cash and Bank Management, select the bank account, and select Account Statement Reconcile:
5. Enter the Bank Statement Date of 12/31/2014, and the Bank Statement Balance of $250,652.35, then select the Transactions Button.
6. Select only the Bank Statement Balance line that you posted to the Bank Account, and click Reconcile account from the top of the window.
7. You have now reconciled the account as of 12/31/2014, creating the outstanding transactions in the Ledger so they are available to reconcile on 1/31/2015, after transactions for the month have been entered into AX.

By Nobuko Lima, Finance Solution Architect, Arbela Technologies

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