The Bank Reconciliation process provides a fully automatic bank reconciliation system. The system records every transaction affecting bank accounts on either the General Ledger or Accounts Payable. Control file TMSGL/BNK-UPDT must be flagged to activate Bank Reconciliation and bank file update.

The following transactions update the bank file.

Entries on the General Ledger bank account are compared to bank statement entries and any discrepancies are highlighted by the bank reconciliation report. General Ledger journals can be automatically created for bank charges, direct payments and bank credits entered via the Bank Statement Entry, eliminating the need for processing manual general journals.

Bank reconciliation can be manual or it can be automatic. The automatic reconciliation follows the same principles of reconciliation as the manual allocation process. This manual process is explained below with the features of the automatic process flow included. [Read more…]

Manual bank reconciliation

Automatic bank reconciliation