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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / bank reconciliation
Microsoft Dynamics GP (Archived)

bank reconciliation

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Posted on by Multi_G 130

Does anyone know how the 'adjusted bank balance' and 'adjusted book balance' values are derived on the 'select bank transactions' screen? We are doing our first GP bank recon and I cannot figure out why I have a variance. I have verified all the activity in the gl account versus what is in the bank recon screen and I don't see a problem. I am left with trying to understand where GP gets the 'adusted' numbers it is using to determine there is a variance.

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  • Community Member Profile Picture
    Community Member on at

    Hi,

    The 'Adjusted Book Balance' takes its figures from the Current Chequebook Balance as stated on the Chequebook Card (Cards >> Financial >> Chequebook).

    If you do not enter a cut off date in the Bank Reconciliation window, then the actual Chequebook Balance figure is used.

    If you do enter a cutoff date then the figure displayed is calculated by taking the Current Chequebook Balance and adding back any payments, and subtracting any receipts that are dated after the cut off date.

    The 'Adjusted Bank Balance' however is a calculation: It is the statmeent ending balance as entered by you in the bank reconciliation window....Less outstanding checks...Add outstanding deposits. It is re-calculated whenever a transaction is ticked or unticked in the select trx window.  

    If this is your first reconciliation for this chequebook in GP, open the Chequebook Card...make sure the 'last reconciled balance' field is populated with the ending balance from the bank statement...as at the last time you reconciled the old way (manually, or on your old system).

    Also, the first time, I would not enter a cut off date. This way you make sure that you are getting all the transactions entered in GP...there may be a transaction that went through your bank account, that is recorded in GP with a date after the cut off date...say, if the user entered the incorrect date on the transaction.

    Other than the above, you are looking at the usual suspects to make your bank rec balance:

    1. Are all receipts deposited? (look in: transactions >> Financial >> Bank Deposits)
    2. Did any payments or receipts clear your bank account for a different value than you have recorded in GP. (Use the Cleared Amount functionality to adjust these).
    3. Is the Bank Satement ending balance as entered by you in the Bank Rec window correct?
    4. Were all sundry charges / receipts on your bank statement entered in GP?

    Depending on the number of transactions, it can often be best to delete the bank rec and start again. It is simple to make a mistake when reconciling the bank manually....and its no different in this regard just cos your ticking on a screen, rather than a paper record.

    Ian Stewart.

  • Jenelle Roberts Profile Picture
    Jenelle Roberts 175 on at

    If this is your first bank reconciliation, you may need to do an adjustment with in the bank rec module for your starting cash balance.  When I did my first bank rec, I had entered a cash balance when 1st setting everything up, but it only hit the GL and not the 'check book'.

     Just do an adjustment : misc income and do it to your cash account... this way it will both debit and credit your account and the next result will be your adjusted balances matching.

     

    -Jenelle Roberts

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