Bank Reconciliation User’s Guide JOBSCOPE ®

JOBSCOPE Bank Reconciliation Copyright, Jobscope, LLC, 1996 - 2011 JOBSCOPE® Information in this document is subject to change without notice. Jobscope LLC makes no warranty of any kind regarding this material, and shall not be held liable for errors contained herein or for damages resulting from the use and performance of this material. The information in this document is protected by copyright. No part of this manual may be reproduced in any form without the expressed written consent of Jobscope LLC.

Bank Reconciliation

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Table of Contents

Bank Reconciliation ....................................................................................................................................... 2

Configuration Settings .............................................................................................................................. 2

User Bank .............................................................................................................................................. 3

Payment Code ....................................................................................................................................... 5

Performing the Bank Reconciliation ......................................................................................................... 6

Adding Entries for Bank Fees .................................................................................................................. 12

Transfers ................................................................................................................................................. 14

There is a box on the Modify Bank Codes screen labelled ..................................................................... 14

Reports .................................................................................................................................................... 14

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Bank Reconciliation

Bank Reconciliation is the process of verifying that the amounts on the bank statement are consistent or

compatible with the amounts in your company's Cash account in the general ledger and vice versa. To

do this, the withdrawals from the bank account (checks, fees, and other payments) and the deposits into

the bank account must be marked as having been processed by the bank (reconciled). Then, the

withdrawals and deposits not reconciled can be subtracted and added, respectively, to the balance

shown on the statement and compared with the appropriate cash account in the general ledger.

The Bank Reconciliation module in Jobscope does the part about marking the withdrawals and deposits

as reconciled. There is also an Outstanding Checks report in Accounts Payable which will list and total

the outstanding checks. In Accounts Receivable, there is a report which will list deposits as well.

The Accounts Payable User Guide describes the process of creating the withdrawals (checks, ACH

payments, etc.). This module must be online before beginning bank reconciliation, or you won’t have

the withdrawals side to reconcile.

Deposits are recorded in the Reconcile Payments mode of the Accounts Receivable module. This is

described in the Accounts Receivable User Guide.

Configuration Settings

After you have Accounts Payable and the Reconcile Payments mode of Accounts Receivable online, the

only setup required is the Next Bank Reconciliation Number and the User Bank information.

The next sequentially assigned bank reconciliation number needs to be setup in System Utilities, System

Configuration, Financials, Bank Reconciliation.

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User Bank

If you will be using the ACH (Automated Clearing House) functionality to electronically pay, then you will

need to make a User Bank entry for each bank account from which you will make ACH transactions. To

get to the User Bank screen, click on System Management, System Utilities, Financials, Accounts

Payable, User Bank. The User Bank screen displays.

The Jobscope user’s bank routing transit number and account must be entered for each bank from

which ACH transactions will be made. All the pertinent fields are described below and all are entered

via the User Bank screen in System Utilities under the Financials / Accounts Payable menu. The

respective bank will be able to provide the values for these fields.

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Bank Code – Bank Codes are entered and maintained in the Modify Bank Codes selection. For ACH, you

need an entry in this table for each bank code.

Bank Routing Id - Transit Routing Number

Bank User Id – The id number assigned by the bank and entered in Table 3201

Bank Account - Account Number to be debited

Type of Account – You may use this to define the type of account. It is not used in the processing

Company Code – Select the company code from Table 0001 entries in the drop down

Bank Name – Enter the bank account name

ACH Related Information:

Destination Name - Identifies the bank to which the ACH file will be sent

Immediate Origin - Bank-assigned number identifying your company

Originating DFI - Bank-assigned number identifying origin of the transactions

Service Class Code - Identifies type of transactions – debit (225), credit (220), or both (200)

Pad File to Full Block - Adds records to end of file to fill last 10-record block. You will normally check this

on

Each ACH transaction will be recorded in the checks table with an assigned transaction number which is

then recorded on each invoice record being paid, the same as if a check had been generated. The

number for the transaction will be assigned based on the “next ACH transaction” number assigned via

the Modify Bank Codes screen in System Utilities under the Operations menu. Whereas check numbers

can be 6 digits, ACH transactions are limited to 5 digits. This is because the number is prefixed by the

letter “A” to distinguish it as an ACH transaction.

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Payment Code

You will need a special “BA” payment code in table 7004.

If you don’t set up the BA code, you will get this message if you try to add adjustment entries on the

Bank Reconciliation screen.

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Performing the Bank Reconciliation

On the main Jobscope window, click on Financial Accounting, then Bank Reconciliation. The program

will open with the toolbar below, and the Bank Reconciliation screen. If the screen does not display,

click on the Perform Reconciliation selection on the toolbar.

This is the Bank Reconciliation screen. Begin by selecting a Bank Code from the dropdown. The Bank

name and account number display.

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Enter the Statement Period date ranges. These dates will be saved in the Reconciliation record.

In the Statement Info area, enter the Beginning Balance, Ending Balance, Total Deposits, and Total

Withdrawals amounts from the statement.

The next step is to retrieve the deposits and withdrawals to reconcile. This area is near the middle of

the screen, just above the grid. Select the earliest date that you want to retrieve withdrawals and

deposits, and click on the Retrieve Data button.

The retrieved data will display in the grid. They won’t have the checkmarks when they first display.

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You can double click on an entry to see more detail. Double clicking on the first withdrawal in the grid

displays the Bank Reconciliation Drill Down screen.

Similarly, a deposit looks like this.

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To mark withdrawals and deposits as reconciled, check the box beside the item.

The system will keep a running total of the total amounts checked at the bottom of the grid.

You can use the Mark Checks As Cleared fields to enter an uninterrupted check range, and the system

will mark all checks in the range as cleared in the grid, so that you will not have to mark them one at a

time.

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When you have everything set, click on the Finish button ( ) at the bottom of the screen.

If everything is okay, you will get this message.

If there are problems, you will get one of the following two messages.

The other one looks like this.

In either case, you can click on OK to save the reconciliation in an Incomplete status. The reconciliation

will have to be completed before a new reconciliation can be started. If you click on OK, you will get this

message.

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When you click on OK, the screen will go blank. To get back in, click on Perform Reconciliation on the

toolbar.

If you have an incomplete reconciliation, you will get this message when you open the Bank

Reconciliation module. Click on OK and the incomplete reconciliation will display.

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Adding Entries for Bank Fees

The bank statement may list fees or other charges or credits for which you don’t have a withdrawal or

deposit record in your system. You can create a record for these items by clicking on either the Add

Withdrawal ( ) button to add a withdrawal, like a bank fee or other charge, or the Add

Deposit ( ) button to add a deposit, like interest. These buttons are at the bottom left of

the screen.

If you click on Add Withdrawal, the Withdrawal Adjustments from Bank Reconciliation screen displays.

The system will write BA into the Type Payment field and the Accounts for the BA bank code to the

Credit Account and Debit Account fields. You can change the debit account if you need to. The amount

should be entered as a positive amount. The system knows this is a withdrawal, and it will figure out

which account will be debited or credited.

These entries are stored in the database as bank deposits.

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If you click on Add Deposit, the Deposit Adjustments from Bank Reconciliation screen displays. The

system will write BA into the Type Payment field and the Accounts for the BA bank code to the Credit

Account and Debit Account fields. You can change the debit account if you need to. The amount should

be entered as a positive amount. The system knows this is a deposit, and it will figure out which account

will be debited or credited.

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Transfers

There is a box on the Modify Bank Codes screen labelled Not Used for Payments.

If the Not Used for Payments box is checked, then the bank code will not display in the dropdown for

bank code selection in the Accounts Payable programs. If this box is checked, the system will allow all

the accounts except the cash account to be blank.

You would use the Not Used for Payments function only if you are using the Bank Reconciliation

function. Take the case in which you have an account which you use as a reserve for your main

operating account. You don’t write checks on it, but you do make transfers to and from that account

and your main operating account. These transfers are represented by journal entries which you make in

Batches mode of the General Ledger module. When you are entering a batch line item, the system

checks to see if the account is the cash account for a bank code. If it is, then a check box labelled Post to

Bank Reconciliation will display, and it will default to checked. Therefore, these journal entries will

appear on the bank reconciliation screen. With Not Used for Payments checked, the users will not be

able to inadvertently select this bank code for an invoice.

Reports

You can get a listing of Bank Reconciliations in the system by clicking on the Reports selection on the

toolbar and then Bank Reconciliation.

September 6, 2016