Reconciling a bank statement with CR Reconciliation Center

Perform these steps only if you use CR Reconciliation Center functionality to import, match, and reconcile bank statements. The instructions for reconciling a bank statement assume you have already imported a bank statement and performed a rule matching.

  1. Select Check Reconciliation > Entry > Reconciliation Center.
  2. Specify the Bank # for the bank record for the statement you are reconciling and click Search.
  3. Click the drill down arrow.
  4. In the Reconciliation Detail page, in the static information, review the static information for trial balance data. For example, Balance as Calculated, Adjusted Book Balance, Difference.
    Note: Optionally, you can click Trial Balance to print the CR Trial Balance Report.
  5. In the Bank Records grid, select a record that is not marked in the Matched column. You can match to an existing record or manually add a record that is not in the system yet:
    To match a record; for example, a deposit:
    1. Click the drill down arrow of the selected record.
    2. In the Matching Detailpage, make note of the Amount value in the static information.
    3. Click the Transactions Not Cleared tab.
    4. Click Search.
    5. In the grid, if a transaction is available in the system, select one or more transaction records to match the deposit amount.
    6. Click Save.
    7. In the static information, ensure the Amount value and the Total Matched value are equal.
      If the values are equal, the Matched flag is automatically selected. Notice that the one or more records you selected are removed from the Transactions Not Cleared grid. Those records are now shown on grid on the Matched Transactions tab.
      Note: If you realize that one or more of these records were not the correct record for this deposit, you can select the record and click Delete. The records are removed and you can start over reconciling the deposit record.
    8. Click the back arrow to match another record.
    To manually match a record; for example, interest:
    1. Click the drill down arrow of the selected record.
    2. In the Matching Detail page, make note of the Amount value in the static information.
    3. Click Manual.
    4. In the Manual page, select a Transaction TypeIf a rule was applied, some fields are autopopulated. You can override values, if appropriate..
      The transaction type determines whether an Offset Bank or GL Account # value is required. For example, interest is posted only to the reconciliation bank and would not require an offset bank. A transfer would require an offset bank. Specify the appropriate value:
      • In Offset Bank, select the bank where the transaction is to be posted.
      • In GL Account #, select the GL account where the transaction is to be posted.
    5. In Reference, specify a reference, such as a transaction ID.
    6. Click Save.
      The Matched flag is automatically selected.
    7. Click the back arrow to return to the Reconciliation DetailIf a rule was applied, some fields are autopopulated. You can page. Notice that, in the static information, the interest amount was added to the Total Manual value.
  6. Repeat steps as necessary to match the remaining bank records.
    Note: If you manually unmatch a record, the transaction is no longer cleared. In the Bank Records grid, you can select one or more records, click Reset, to revise how you manually matched a record. When you complete this revision, click Submit and click Yes to complete the reconciliation.
  7. In the Reconciliation Detail page, in the Bank Records grid, ensure all records are marked in the Matched column.
  8. In the static information, ensure the value for Total Unmatched is 0.0. When that value is 0.0, the Submit button becomes available.
    Note: The static information is current. Review the amounts based on best practices for trial balance. Optionally, you can click Trial Balance to print the CR Trial Balance Report. You can also compare the Current Book Balance value to the Current Balance value in GL Account Inquiry. If the currency is an issue, click the arrow next to the Exchange Rate field to edit the rate. This change does not update SA Currency Setup.
  9. Click Submit.
    If the value in Total Manual is greater than zero, a journal is opened. GL and bank transactions are created for manual matches.
  10. A question is displayed: Balance bank accounts?.
    • Click Yes to run CR Entry Balance Bank Accounts Report. This action updates the last balance and last balance date. This action updates the GL Transaction Entry and clears the transactions.
    • Click No to submit without running the report.
  11. Repeat steps as necessary to reconcile another bank statement.
    Note: The reconciliation process can be iterative: matching, reconciling, matching, reconciling. If you are performing this task as part of an iteration, be aware that manual matches can be marked in the Matched column. They are also posted to the general ledger when you Submit. When you run CR Entry Balance Bank Accounts Report, the bank is updated and the reconciliation is finished. If you do not update the reconciliation, then the manual matches become marked matches when you return to the Reconciliation Detail page in the next iteration.