Using CR Reconciliation Center

Use the CR Reconciliation Center functionality to reconcile bank statements only if your bank offers a program to download importable digital bank statements.

Similar to CR Check Center Entry workflow, the CR Reconciliation Center enables you to balance your transaction records to the ending balance on your bank statement. In contrast, CR Reconciliation Center allows you to streamline the workflow. First, import your bank's statement as a spreadsheet. Second, apply matching rules to automate part of the reconciliation process. Matching rules are used by CR Reconciliation Center to automatically match against imported data, such as checks and deposits. Then, you can focus your time on manually resolving the unmatched items.

The CR Reconciliation Center workflow uses three main functions:

  • CR Reconciliation Center Entry: Use this function to perform these actions: import bank transactions, preview bank records, run automatic rule matching, manually match transactions, tie deposits to multiple transactions, view record details, void checks, and delete or reset imported transactions that have not been updated. From within CR Reconciliation Center Entry, you can also run CR Trial Balance Report, make appropriate journal entries, and perform a final update with CR Entry Balance Bank Accounts Report.
  • CR Reconciliation Rule Setup: Use this function to create matching rules. Each rule must be created for one bank and one Check Reconciliation transaction type, such as Check, Charge, Deposit. You should create rules that are based on typical transactions and terminology contained in your bank statement. Rule matching assigns rules to find the transaction type and then to find bank transactions in the system to match. The final matching is based on the bank transaction. One bank transaction may correspond to one or many GL transactions.
  • CR Reconciliation Rule Matching Report: This report runs as a background process when you select Rule Matching in CR Reconciliation Center Entry. The report applies the matching rules to the bank records you imported for a specific bank statement. Matches are validated by the system and matched items are automatically set to 'cleared.'

Existing CR and CRE reports run the same with CR Reconciliation Center. Efficiently, two important reports can be initiated from within CR Reconciliation Center Entry: the CR Trial Balance Report and CR Entry Balance Bank Accounts Report.

The CR Reconciliation Center honors division security. Operators can only view bank(s) and general ledger accounts in their allowed divisions.

During the time when an operator is reconciling a bank account in CR Reconciliation Center Entry, that record is locked. A message is displayed: Reconciliation is Locked by <operator login initials>. Other operators cannot access that reconciliation.

Check Reconciliation bank transactions (CRET) are always in the bank's currency. GL Transaction Entry records are always in the company's [domestic] currency. During reconciliation, currency and exchange rate are displayed in the CR Reconciliation Center Entry-Reconciliation Detail.