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Is there any way to do bank reconciliation for multiple checkbook together? Please help.
Thanks in advance
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Hello Everyone
Is there any way to do bank reconciliation for multiple checkbook together? Please help.
Thanks in advance
*This post is locked for comments
Hello Everyone
Thank you for your response. Is there any way to create SQL script to do Bank Reconciliation for two checkbooks?
Thanks
Thanks for that explanation Leslie. That's a creative use of cash account distributions. Thanks for the enlightenment!
Hi Frank,
While it's true that a checkbook can only have one cash account assigned to it, it's not required that the cash account come from the checkbook when entering transactions. Take a look at the Account settings for customers and vendors. There is a radio button where you select whether to get the cash account from the checkbook, or from a cash account of your choice. If you mark the other radio button, your transactions still go into the checkbook register, but they book to a different GL account.
Remember, the bank reconciliation transaction is between the bank statement and the check register, the GL account isn't involved. Although the system will let you, an individual GL account should only record transactions from a single checkbook, but checkbook transactions can be posted to multiple GL accounts.
Reconciling the checkbook balance to the general ledger is as simple as adding up all of the cash accounts that receive transactions from that checkbook. Kind of like we add the Terms Discounts to the A/P or A/R balance when we tie it to the A/R or A/P trial balance. Same concept.
I have clients that want to know what a particular store contributes to the cash balance. They have a single checkbook, but each store has its own cash account in order to split up the cash by store.
Kind regards,
Leslie
All GP versions have a one-to-one relationship between Checkbook and GL Account, so multiple accounts per checkbook is not possible nor is multiple checkbooks per reconciliation.
In GP 2013, the Reconcile Utility for Bank Reconciliation allows you to include one checkbook only at a time, in order to provide a detailed view for the matched, unmatched and potentially matched transactions between the Bank and the associated GL Account.
Multiple Banks option is not available. Although, you could script out through the same logic to create a view for all the banks and their associated GL Accounts in SQL Management Studio.
Essential References for the Banks Reconcile Utility;
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