You’re offline. This is a read only version of the page.
Could you confirm the correct procedure for entering opening balances into a new checkbook? I have always understood that the proper procedure is to do the following:
Enter the Last Reconciled Balance and date in the Checkbook winow and Save. This will update the Current Checkbook Balance with the beginning balance. Then enter any outstanding checks into the Bank Trx Entry window and post to Bank Rec only - not to GL. Then enter any outstanding receipts/deposits.
The controversy is whether the Last Reconciled Balance should be the amount on the Bank Statement Less the total of the outstanding cks OR is it the amount that appears on the statement without subtracting out the OS checks.
If you enter the balance that is on the statement and then begin entering OS checks, this decreases the current checkbook balance which seems to me to be what should happen.
Then another theory I heard was not to enter anything in the Last Reconciled Balance field and continue with Reconciling. Don't you eventually have to plug that figure in order to get the checkbook to balance?
The customer wanted to enter the opening balances into the checkbook by doing an increase adjustment. It does update the checkbook balance with the increased amount but again what do you do with the Last Reconciled Balance field?
Thank you,
Nancy
*This post is locked for comments
I have the same question (0)The Last Reconciled Balance is the amount from the bank statement. So, you would enter the bank statement balance and any outstanding transactions from that statement.
Here's information from the Bank Reconciliation Training Guide:
Follow these steps to transfer existing checkbooks:
1. Reconcile existing checkbooks using your previous system.
2. Set up each reconciled checkbook. This makes sure that the last reconciliation balance is the
bank statement ending balance from step 1.
3. Enter transactions for outstanding checks and deposits that have not cleared as of the
reconciliation in step 1.
4. Post. Make sure that outstanding checks and deposits do not re-post to General Ledger, if
previously posted from another module.
Reconcile the existing checkbook manually or in your other system before you set up a checkbook in
Microsoft Dynamics GP. Reconcile the checkbook when the monthly bank statement is received.
Otherwise, there may be several outstanding checks and deposits that must be entered manually.
Use the Checkbook Maintenance window to set up each of the reconciled checkbooks. Enter the last
reconciled balance for each checkbook. The last reconciled balance is the ending balance on the
last bank statement. Change the last reconciled balance until the checkbook is reconciled for the
first time in
Bank Reconciliation.
Share
Report
All responses (
Answers (
4,595
