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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Bank Reconciliation
Finance | Project Operations, Human Resources, ...
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Bank Reconciliation

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Posted on by rcr123 7,986

Good day,

I have been tasked in assisting a new user with the Bank Rec Module. When I key in the balance as per bank statement, dates and click on transactions the values are wrong. And the transactions also comprise of dates outside what was entered. 

I am doing November, but there are transactions from September.

If I click on reconcile the reports that are generated can they be reprinted? Also would this update the GL?

When items are reconciled will they still be listed?

Regards

Rosemary

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Microsoft Dynamics GP
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  • StefanieC Profile Picture
    StefanieC 434 on at

    What do you mean by the values are wrong?  You are entering this bank statement balance in the Reconcile window?

    If you are doing a November bank rec, then transactions from September will show if they are still outstanding.  For instance, you might have a check you dated and sent to a vendor on September 5 and they haven't cashed it yet.  It will still show up when you do the November bank rec because they can cash it and it would show on that bank statement.  The second date field on the Reconcile window is the Cut-off date.  The date you enter there means do not show any transactions AFTER that date.  It doesn't make sense to show December transactions when you are doing a November bank rec.  I normally use the same date in both those fields, like 11/30/22.

    The reports can be reprinted under Financial - Reports - Bank Posting journals.  The GL is updated during the bank rec if you enter any transactions in the Adjustments window.  The GL Posting is then done when you get the difference to zero and hit the Reconcile button.

  • rcr123 Profile Picture
    rcr123 7,986 on at

    6254.Reconcile.JPG

    Hi and thank you for your response. I am reconciling a checkbook ID to an account for the first time using the Bank Rec module.

    These are the entries above, the 64,599 is the balance that was done and entered as per Excel. The 85.01 were bank charges. I can go backwards and verify the balances but they do not pertain to the current financial year.

    Which means they may not have been reconciled, so my other question is do I have to reconcile backwards? 

    Regards

    Rosemary

  • StefanieC Profile Picture
    StefanieC 434 on at

    If you have been using GP for a while but have never done a bank reconciliation in GP, then you can either try to go back and catch them up, or just start from the current month.  Most people have been doing them outside GP (like in Excel) so they decide to start from the current month.  To do that, check out this Microsoft article: learn.microsoft.com/.../how-to-start-using-existing-checkbook-to-reconcile.  

  • rcr123 Profile Picture
    rcr123 7,986 on at

    Thank you, will go through the document with a checkbook in test and match with a reconcile that was done in Excel.

    Question, if a reconcile was started, keyed in the ending balance and the differences were generated, and then deleted, what happens?

    Thanks again for your response.

    Regards

    Rosemary

  • StefanieC Profile Picture
    StefanieC 434 on at

    When you start a reconciliation, you have the option to either Save or Delete it.  Saving it is so you can pull it up later and continue.  Deleting it deletes the reconciliation information.  It does not delete any transactions or anything like that, except for ones you put in that Adjustments window.  Once you delete it, you'll have to re-start the reconciliation.  For instance, if you had marked 20 transactions before deleting the reconciliation those will now be unmarked and you'd have to mark them again.  

    Another tip, you can only have one reconciliation in process for each checkbook.  You cannot start January and save it because you need to find something, and then start February.  You'd need to finish January before you can start February.

  • rcr123 Profile Picture
    rcr123 7,986 on at

    Thank you for your response and my apologies for my late response.

    Thanks for clearing that up about the save and delete, but as I was going through a Microsoft document I noticed on the system the post through to the GL option was not ticked.

    So I think things got a little more complicated, because the user was using the module but did not indicate anything looking wrong.

    Regards

    Rosemary

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