Bank Reconciliations and Acumatica

Reconciling bank accounts can be a time-consuming and frustrating process unless everything matches exactly, of course! Technology has certainly changed the process by making bank account transactions accessible virtually any time of the day. We no longer wait until the official bank statement is received in the mail to complete this daunting task. I reconcile our bank accounts every day to reduce mistakes and cut down on end-of-the-month tasks. Acumatica eases some of the frustration by making it simple to create adjustments inside the reconciliation and even upload your bank statement into the reconciliation to auto-match items.  

Bank Reconciliation

• On the banking tab, click on Reconciliation Statements.
• Click the + to add a bank statement reconciliation.
• Choose the cash account.
• Enter the reconciliation date.
• Acumatica will populate the Load Documents Up To field with the reconciliation date, but you can manually change the date to any date desired.
• Beginning Balance, Reconciled Receipts, Reconciled Disb., Reconciled Balance, and Difference will automatically populate.
• Enter the Statement Balance for the date you are balancing.
• Click the check box under the Reconciled Column for cleared items.
• The Cleared check box will automatically check and add the date of the statement.
• To quickly add an adjustment, such as bank charge or credit card charge, click Create Adjustment.

• Once the Quick Transaction box appears, choose the Entry Type, such as Bank Charge, Credit Card Charge, etc. (Choices appear based on the Adjustment Types set up with that account.)
• Enter the Document Date (transaction date).
• Financial Period will automatically populate.
• Enter a Document Reference (such as invoice number or transaction ID).
• Enter Amount.
• Enter a Description.
• Click Save.
• The Adjustment will show in the reconciliation statement with a yellow box and will not allow reconciliation until the transaction is posted.
• Press Ctrl while clicking on the Banking tab then Release Cash Transactions (continue to press Ctrl) to open a second window
• Click on the checkmark next to the appropriate transaction and click Release. Or, if all transactions are ready to post, simply click Release All.
• Go back to the reconciliation statement, and click Save. The transaction just entered should be available to show as reconciled. (You may need to close out the screen and go back in.)
• Once all transactions are balanced for the month and you are ready to post the reconciliation, click the checkmark next to Hold so that the statement is in balanced status.
• Attach the copy of the bank statement as backup documentation.
• Click Files.
• Click Browse and choose the applicable file.
• Click Upload.
• Once all files are uploaded, click the X to close the Files window.
• Depending on your company’s accounting controls, the statement is now ready to be posted by the approver.
• Approver can click Release at the top of the statement to post to G/L.

Auto-Match in Acumatica

Since I choose to balance daily and we have not set up the ability to upload transactions yet, I am not the expert on auto matching by any means. But I can share the following information from Acumatica that you may find helpful:

• To configure a cash account to upload a bank statement to it, you must specify the identifier of the account in the bank statement and specify the bank statement upload settings for the Cash Management module.
• Specify the bank account number in the External Ref. Number box.
• Specify the application service that reads the data being imported in the Statement Import Service box on the Cash Accounts (CA202000) form. (Both steps are shown in the following screenshot.)
  
  

• On the Bank Statement settings tab of the Cash Management Preferences form, select the Import Bank Statement to Single Cash Account check box.
• Upload the Bank Statement.
• Click Upload File on the Import Bank Transactions form, and select a file to be uploaded in the Statement File upload dialog box.  
• The system uploads the transactions from the file to the bank statement in the system.
• The left pane displays the not-yet-processed transactions imported from bank statements; you need to review these transactions.
• The tabs on the right pane show the possible matches for bank transactions. By clicking Auto-Match, you run the auto-matching process for the bank transactions.
• On the Process Bank Transactions form, for the bank transactions that have no matches to any transactions that exist in the system, you can specify details of documents that will be created during processing of transactions.  
• Select a transaction that is marked as not matched, and create a document on the Create Payment tab.
• Initiate the process of transactions on the Process Bank Transactions form by clicking Process.
• Then you can select the Reconciled check box for transactions that have the Cleared check box selected.
• Finally, click Release to release the bank statement.

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