From the GP Help files -
Reconciling a bank statement with a checkbook
Use the Reconcile Bank Statements window to reconcile the cash-related transaction information you entered with the transaction information recorded by the banking institution.
Before reconciling, back up all your company’s accounting data. See the System Administrator’s Guide (Help >> Contents >> select System Administration) for more information about making backups.
To reconcile a bank statement with a checkbook:
- Open the Reconcile Bank Statements window.
(Transactions >> Financial >> Reconcile Bank Statement)
- Enter or select a checkbook to reconcile. You can reconcile both active and inactive checkbooks. If you previously saved reconciliation information for this checkbook, that information is displayed and you can edit it.
- Enter the ending balance and ending date reported on your bank statement.
- Enter a cutoff date for this reconciliation. Transactions with dates that fall on or before the cutoff date appear in the scrolling window of the Select Bank Transactions window. If you leave the cutoff date blank, all posted transactions that haven’t been reconciled or voided are displayed in the Select Bank Transactions window.
- The reconcile process will list voided transactions that were created before the cutoff date and voided after the cutoff date as outstanding transactions.
- Choose Transactions to open the Select Bank Transactions window.
- If you’re editing saved reconciliation information, the transactions you marked previously remain marked. The totals for the payments and deposits in the cleared transaction section of the Select Bank Transactions window include only payments and deposits. The totals do not include adjustment transactions.
- Mark the C column for the transactions that have been cleared by the bank. To enter cleared differences—transactions that have a cleared amount different from the amount entered in the checkbook—see Entering cleared differences in Bank Reconciliation.
- Use the spacebar to mark the check box. The arrows on the sides of the scrolling window are visual indicators that show which line you’re currently focused on.
The number of cleared transactions and the total amount are updated as you mark each transaction. You can view the original entries by selecting a transaction and choosing the Number link.
To mark or unmark a range of documents, select the first transaction to include and choose Range >> Begin Range. A left arrow symbol (<) appears next to the transaction in the Type column, identifying the beginning of the range. Select the last transaction to include in the range and choose Range >> End Range. A right arrow symbol (>) appears next to the transaction in the Type column, indicating the end of the range. An asterisk appears next to each transaction included in the range. Choose Range >> Mark to mark those transactions as cleared. Choose Range >> Unmark to unmark a range of transactions.
The Cleared Transactions section of this window includes only payments and deposits. Adjustments are not included in the totals.
To enter adjusting amounts, choose Adjustments to open the Reconcile Bank Adjustments window. See Entering a miscellaneous bank adjustment transaction for more information. Choose OK to close the window when you finish.
Choose File >> Print and select the reports to print.
The following table describes the reports that you can print:
Report
Displays
Reconciliation Edit List
Checkbook and bank statement balance information
Bank Adjustments Edit List
Adjustment transactions entered using the Reconcile Bank Adjustments window
Marked Transactions Report
Transactions that have been marked as cleared
Outstanding Transactions Report
Transactions that haven’t cleared the bank, and that fall between the bank statement ending date and the cutoff date entered in the Reconcile Bank Statements window
If you’re using Multicurrency Management, you can print the Bank Adjustments Edit List with both originating and functional information if you marked Include Multicurrency Info in the Posting Setup window.
Choose Reconcile to reconcile the checkbook. The difference between the adjusted checkbook balance and the adjusted bank balance must be zero before the system reconciles the checkbook with the bank statement. The adjustment transactions update Bank Reconciliation, General Ledger, and the checkbook balance. All cleared transactions and any adjusting entries are transferred to history, if you’re keeping history.
When the process is complete, the Reconciliation Posting Journal, Bank Adjustments Posting Journal, and Cleared Transactions Journal are printed. The Last Reconciled Balance and Last Reconciled Date fields for this checkbook in the Checkbook Maintenance window are updated with the bank statement ending balance and the bank statement ending date.
Are you referring to the difference between the Adjusted Book Balance and the Adjusted Bank Balance?
