In GP when a Bank Rec is performed and the user is able to post the Rec - assuming the difference is down to 0.
My question is that this reconciliation - is between the bank Statement and GP Checkbook. - Once the difference is $0 I able to post it regardless if it matches the GL- is this a correct assumption?
It is not a three way recon between Bank Statement, GP Checkbook and GL General ledger - is this a correct assumption?
Thanks
Hello,
Let me chime in here. The reconciliation window (Transactions | Financial | Reconcile bank statement), is a 2-way match to reconcile your (#1) checkbook balance in Bank Rec to your (#2) Bank statement. You can go ahead and post this when the difference is 0.00. (There is nothing for the GL cash account in this window. )
After you have reconciled your checkbook balance above to the bank statement, you have an "Adjusted checkbook balance' at the bottom of that recon. You can reconcile the (#3) GL cash account against this adjusted balance, in which you can use your own tool to accomplish this. (or use the spreadsheet as an aid found under Tools | Routines | Financial | Reconcile to GL and select 'Bank reconciliation'.) (So you can use it to compare transactions in the Bank Rec table and the GL cash account.)
So there are 2 separate reconciliations performed to achieve the 3 way match.
I hope that helps.
Cheryl Waswick
Microsoft Dynamics GP Support
Thanks for your response - but I disagree as to how can it be a three way recon - when the system lets you post the recon once it is balanced with the Statement and Checkbook. It is up to the user to manually review that it also balances to the GL.
We had a clerk who has balanced the entire year because the net difference was $0. But each month when I compare to the General Ledger it does not balance.
In my opinion - unless it is in balance with GL - it should not let you post it. At least that is how some of the other systems I work with behave.
Hello!
I would say it is a 3-way recon between Bank Statement, Checkbook and General.
Does Dynamics GP allows you to use two checkbooks with 1 GL account? The answer is yes, but not advisable that's why you still have to consider GL account and Checkbook with 2 balances to reconcile.
To answer your question - "between the bank Statement and GP Checkbook. - Once the difference is $0 I able to post it regardless if it matches the GL". Technically the system will post the reconciliation once the difference is 0. That is after considering your Book Balance which is your GL.
Please click this link for more details about reconciliation.
support.microsoft.com/.../the-checkbook-balance-and-the-general-ledger-cash-account-do-not-balan
Regards,
Cecile
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