How to Initialize the Bank Reconciliation Process in Acumatica
Follow these Steps to Initialize the Bank Reconciliation Process in Acumatica:
Initializing the Bank Reconciliation Process
In Acumatica, you should initial the first bank reconciliation with a date just prior to the initial trial balance/go-live date.
Acumatica treats the initial bank reconciliation as a “dummy” reconciliation on the date of the bank balance. The initial bank reconciliation should be done after the trial balance has been loaded in order to clear the opening trial balance number. However, because you want to reconcile the bank account before the trial balance, we suggest leaving the any reconciliation with an On Hold status until after the trial balance numbers are loaded. Once the trial balances have been loaded you should be able to complete the reconciliation.
Import the journal entry from Excel as a journal entry into the Journal Transactions screen. Make sure every line hits the Cash account so there is no impact on the General Ledger Balance. For example:
Let’s assume your book balance is $100 and your bank balance is $200 with two outstanding checks:
- Check #1 for $30
- Check #2 for $70.
The journal entry would have 4 lines, all assigned the same cash account in the Account field:
- Debit $200 (Transaction Description: Bank Balance)
- Credit $30 (Transaction Description: Check #1)
- Credit $70 (Transaction Description: Check #2)
- Credit $100 (Transaction Description: Book Balance)
We suggest you enter description text into the Transaction Description column because it will display when you perform the actual bank reconciliation.
Next, do a “dummy” bank reconciliation on the date of the bank balance.
- With the example entry above in place, you can now reconcile the Book Balance credit against the existing Book Balance debit. Once cleared your reconciliation should result in a $0.00 balance.
- Next, use the Reconciliation Statements screen to reconcile the Bank Balance line above with the Bank Balance number entered in the Statement Balance field.
What remains are outstanding Check #1 and Check #2 which you can reconcile in the future once the checks actually clear per the bank.