AP1001 Accounts Payable Check Reconciliation

Check Reconciliation

Application Overview

Periodically, the bank will send a statement showing all checks that have been paid out of your checking account, as well as all deposits and charges made.  The canceled checks will be included with the statement.  Each of these statements must be reconciled, that is you must ensure that there are no discrepancies between your records and the bank's records concerning the account.

 

The file can be purged to save disk space, or the information can be retained on file for future reference.


The following is one procedure to use in reconciling checks:

 

1)    If you are using multiple cash accounts, enter the cash account number of the account you are reconciling.

            

2)    Enter the number of the first check on the stack.  The information on file for the check number entered will be displayed on the screen.  Ensure that the vendor and amount are correct; if not, make a note of it.

          

3)    Enter the statement ending date on the screen where it says Date Reconciled.  This field will default to the last date entered on subsequent entries.

              

4)    Repeat steps 3 and 4 until all checks have been entered.  You can press the F1 key when the cursor is positioned for entry of the check number to bring up the next check on file.  This can save you some entry time.

              

5)    After all the checks are entered, print the Check Reconciliation Report in the Reports pull down window for the correct cash account. Answer Y to Show Paid Checks, enter the statement date for the reconciliation date and the ending check date.  Answer N to Purge Reconciled Checks.

              

6)    A report will print showing all outstanding checks (those that the bank has not paid yet) and all checks that were shown as paid on the current statement.

 

7)    Find out what the checkbook total was for the account on the statement ending date.  This total, plus the total outstanding checks shown on the report, minus any charges shown in the state­ment should equal the account ending balance shown on the state­ment.

 

8)    If these amounts are not equal, then you must figure out why.  First, compare the total of reconciled checks to  the figure on the bank statement. If they do not match, find which check amount is incorrect. Make sure that the last statement was properly reconciled. Make sure that there are no arithmetic errors in the checkbook. Correct any errors found.

 

9)    Enter the charges shown on the statement into the checkbook.

 

10)  The statement is now reconciled.

 

Run Instructions

 

Select Check Reconciliation from the pull down A/P Processing window.  The following screen will then be displayed:



 The following options are available:

  • Select the desired mode from the Check Reconciliation menu bar
  • Enter the data requested on the screen
  • To select paid checks, enter the data per the Entry Field Descriptions
  • To print the a list of outstanding or reconciled checks, select the Check Reconciliation Report from the Reports pull down window

To exit press the ESC or F10 key when the cursor is positioned for entry of the first field on the screen.

 

To return to the menu bar, press the ESC or F10 key. To leave this application, press X for EXIT when positioned at the menu bar.


Entry Field Descriptions

 

Name

Type and Description

Reconcile Checks For Which Cash Account ?

An account number in the standard account number format.

 

Pressing the F7 key will allow you to search for the account by number or pressing the F8 key will allow you to search for the account by description.

 

Enter the number of the cash account that corresponds to the checking account being reconciled.

 

This field defaults to the default A/P cash account.

 

This field will only be entered if multiple cash accounts are being used.

Check No

6 numeric digits (999999).

 

Enter the check number, which is printed, on the upper right‑hand corner of all checks.

Press the F1 key to pull up the next check on file.

Check Date

A date in the standard date format.

 

This field is displayed automatically, no entry is required.

 

This is the date that was written or printed on the check.

Vendor

6 alphanumeric characters.

 

This field is displayed automati­cally, no entry is required.

 

This is the vendor number of the vendor to whom the check was written.  The vendor's name is also displayed automatically to the right of the vendor number.

Amount

9 numeric digits with 2 decimal places and an optional minus sign (9,999,999.99‑).

 

This field is displayed automati­cally, no entry is required.

This is the amount for which the check was written.

 

For manually written checks there is a possibility that the amount was entered incorrectly and that it differs from the actual amount written on the check.  If this is the case, and A/P Open Item Ad­justment needs to be made for the difference.  After this adjustment has been posted, the amount shown here should then be correct.

 

It is possible for this amount to show as negative.  This probably indicates that an adjustment has been made to a check that has already been purged from the Check Reconciliation File.

Date Reconciled

A date in the standard date format.

 

This field defaults to the current date the first time and to the last date entered on later entries.

Account Search by Number Screen:




Enter Checks to Reconcile Screen:










 


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