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Hi All
I'm trying to do our 1st bank recon in GP 10 after a re-implementation and having some troubles understanding the difference GP is calculating.
What are the proper steps to follow when doing this please? Its urgent!!!!!
Thanks in advance
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Hi I-thomas,
Yes the Bank Rec is from 2010, the bookkeeper that was working here before, she never entered anything, so I started to do in between my daily job. Also I have learned GP by myself, so when you stated CM00100, what it means? where I have to look for.... finally I decided to enter the check that are missing, I when over each box that belows to old bookkeeper and I didnt find anything.... Thank You!!!!
Hi Pat
I was really astonished when I read you're doing a bank reconciliation for January 2010. Did you perhaps mis-type the year? Even if you were doing a reconciliation for January 2011, I dont understand why you would do that.
Let me clarify a few points (1) you need to make sure that ALL transactions are entered into Great Plains. If not, you will never reconcile GP to your bank statement because frankly the transaction just does not exist (2) I don't follow the idea of entering an adjustment. The method I shared with you is to adjust the Chequebook balance in the CM00100 after I'd ensured that all my transactions are entered and I've ticked the items that make up my reconcilition for the respective month (3) if you utilise my method you need to edit the value in the CM00100 based on what GP calculates in the bank reconciliaiton. This "adjustment" will either be negative or positive. Ultimately, your aim is to get your bank reconcile balance to zero.
It is imperative that you enter all checks, receipts, adjustments due to exchange differences, bank charges, interest etc into your bank reconciliation. It will never work otherwise, Pat.
I suggest you get in touch with Microsoft Tech support so that they can also advise you based on the actual circumstances.
Good luck!
Hi I-Thomas, I did everything that you explained, but in January 2010 I found everything that matched the Bank Statement, my ending balance was 68K but GP showed 78K, I want to do and adjustment, how I can approach it. Also when I started February I found that many manual check have not entered, the accountant told me to apply credits into payables so we can clean all the payables opened from 2010, so now ....I do not what to do, Please advise, do I should entered those check, if any discrepancies how I can do the adjustment, it seem that all the manual checks have not been entered.
Pat,
The easiest way I found to do the 1st bank reconciliation is to edit the value of the checkbook balance field in the CM00100. Start off by entering your bank statement ending balance. Then ensure that all your payments & deposits are ticked, as well as, any adjustment entries that are required (eg. bank charges, interest, foreign exchange differences). GP will calculate the difference for you automatically - this is the value you use to edit the checkbook balance value in the CM00100 (of the respective checkbook ID). I always make sure that I note down the value before editing anything in case I need to "roll back".
I've used this method with several bank accounts very successfully after posting my question here. Good luck!
Please I have the same problem, the Bank account have been never REC. So I am entering transactions from 2010, the deposit matched but check and other withdraw did not match, and I have everything in there, I was trying to do and adjustment, the windows shows the income account so how I can do this what account I should use, or is better if I enter the different as I read before on the past comments.
I-thomas
So if you began using GP on 10/1/2010, then you would be entering the "adjusted" balance for 9/30/2010 in the last reconciled balance field in the checkbook window. I think we are saying the same thing. The proof that you are entering the correct figure is two fold. A) does in bring the checkbook reconciliation to 0 for 10/31 and B) can you get the same figure by taking the 9/30 bank statement and via outstanding items arrive at same figure.
Either that or just plug the figure that makes the 10/31 reconcile 0 difference.
Warren
@Warren - am I understanding you correctly that (1) I need to calculate the checkbook balance figure as at 30.10.2010 because this is the 1st bank reconciliation I want to do then (2) edit the checkbook balance in the checkbook maintenance window so that my reconciliation will work?
You can also enter deposits without receipts to set the balance to the proper value. GP will let you enter a negative deposit amount, so if your cash account is correct and you just need to adjust the checkbook balance, enter a deposit (negative or positive) to "true" up the checkbook balance.
In cards > checkbook, look up the checkbook. If you have never reconciled the checkbook, the last reconciled balance field is available for edit. This is where you would enter the amount to bring the first reconciliation into balance.
As a general statement, it would be the last bank statement amount plus adjustments for o/s items that GP knows nothing about. Example of o/s items that GP knows nothing about would include checks issues prior to using the GP checkbook. That is o/s as of the bank statement date.
For example: Began using GP checkbook on 12/1/10. Bank statement dated 11/30/10 shows balance as $100. O/S item for the 11/30 statment is a check for $10 issued 11/29 (prior to using the GP checkbook). The last reconciled balance figure should be $90.
As always there are exceptions, but that should get you started in the right direction.
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