Bank Account Reconciliation & Payment Reconciliation Journal

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Posted on by adams1124

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Hello,

I am confused about these 2 functions.

Suppose that I can import the bank statement data from local banks, do I normally have to use both of these 2 functions, or do I just use one of them?

I found that the data imported from these 2 functions are stored in the same table but the data from the other function cannot be seen, which is probably telling me that I should only use ONE of the functions.

Could anybody advise?

Thank you !

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JAngle 159 on at

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Bank account reconciliation will be used more frequently. The payment reconciliation is just to avoid using another method for bringing in cash receipt journal lines. If you receipt a lot of cash it can be seen as highly useful function due to the text mapping feature. Very few projects that I’ve worked on have needed it.

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adams1124 237 on at

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Hello, Joshi.

Thank you for your valuable information.

Bank payment (cash receipt) is actually very common in Japan and, because of that, payment reconciliation journals can be the ones that should be used here.

These 2 functions are not yet very often used at BC users in Japan and I am trying to figure out what is the best solution in our country.

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Masa,

Here is how I think of the Bank Account Reconciliation and Payment Reconciliation Journal... The Payment Reconciliation Journal I think of this process when companies bring in a daily Bank Statement, via YODLEE, AMC Banking, or other Data Exchange Definition whereby they receive wires and auto-debits to Bank Account and want to record and Post those records. It can match the Bank transactions but it can also just Post the missing ones. The Bank Account Reconciliation I feel is the home to reconcile the monthly Bank Statement, after pulling in the Bank Statement via Data Exchange Definition.

If you need more information, please write back but I hope explains the two processes.

Thanks,

Steve

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adams1124 237 on at

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Hi Steve,

Thank you for your valuable information. It explains a lot.

So it is not which I have to use but when and how I use both of them.

These features are not yet used a lot in Japan and I will further look into them to find out how it should be over here.

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