Main Page → Bank Reconciliation → Documentation → Reconciliation → Reconciling a Bank Statement


Contents

  • 1 What This Process Does
  • 2 Best Practices
  • 3 Reconciling a Bank Statement
    • 3.1 Step 1
    • 3.2 Step 2



What This Process Does


  • This process exceptions report will reconcile selected records that have not been cleared in the Bank Reconciliation module.
  • Service Charges and Returned Checks are reconciled automatically as part of Charge and Returned Check Distribution.


Best Practices


  • Bank Reconciliation Report - printing this report BEFORE running the reconciliation process provides a list of transactions in your Bank Reconciliation module, including voided checks, that are considered outstanding. Any cleared transactions that were not updated would also be included.
  • Bank Statement - Compare the outstanding transactions on this report with the items on your current bank statement (which HAVE cleared the bank).


Reconciling a Bank Statement


  • OpenRDA 3.0: Finance → Bank Reconciliation → Bottom of Taskbar → Reconcile Bank Statements
  • OpenRDA 4.0: Finance → Bank Reconciliation → Taskbar → Any Tab → Reconcile Bank Statements



Step 1


  1. Populate applicable fields. If you wish to automatically clear without viewing, set the list to Automatic. If you wish to manually select which records will clear, set the list to Process Exceptions.
  2. Click the Select Transactions button when finished.
  3. Upon selecting, errors and/or warnings will display if required fields are not populated.


FIELDSOpt.Rec.Req.Description
Select Checks---Checks to reconcile
Select Voided Checks---Voided Checks to reconcile
Select Electronic Transmittals---Electronic Transfers to reconcile
Select Deposits---Deposits to reconcile
Select Redeposits---Redeposits to reconcile
Statement Date--♦The date the transaction appears on the bank statement
Bank Identification-♦-Bank ID to reconcile
Transaction Number♦--Also known as check number, EFT number, deposit number, etc.
Amount♦--The amount of the transaction
Transaction Date♦--The date the transaction was updated to the Bank Reconcililation module
Default All Transactions as Skipped♦--Select if all transactions on the list that follows are to be skipped (not reconciled)
Opt. = Optional  Rec. = Recommended  Req. = Required


Step 2


  1. After clicking Select Transactions, a browse screen will appear showing the user a list of transactions.
  2. The user must determine which transactions are to be reconciled.
  3. If one is to be skipped, the transaction is selected and one of two boxes can be checked (both boxes are located at the top of the screen):
    • Default Skip Record - the transaction is marked as skipped but remains on the list of transactions.
    • Skip This Record - the transaction is marked as skipped and is removed from the list of transactions.
  4. Once finished, click the Save/Finished button.