Banking: Reconcile |
  
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Banking: Reconcile |
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The Reconcile screen allows the user to select a property and reconcile a selected bank account within that property. Each account is listed with its corresponding department, where applicable (see: Setup/Property Setup/Accounting/GL/Departments).
The fields are further defined:
Field |
Description |
|---|---|
Statement Date |
Enter the statement date. |
Closing Balance |
Enter the closing balance on the statement. |
Print Adjustment Report |
Select to print an adjustment report upon posting. |
Service Charge |
Enter the service charge date. |
Amount |
Enter the service charge amount. |
Account |
Select the corresponding G/L Account. |
Interest Earned |
Enter the interest earned date. |
Amount |
Enter the amount of interest earned. |
Account |
Select the corresponding G/L Account. |
Last Reconciled |
Displays the last reconciled date |
Beginning Balance |
Displays the beginning balance from the G/L. |
Service/Interest |
Displays the service fee minus the interest earned. |
Cleared |
Displays the total amount of checks "cleared" from A/P. |
Closing |
Displays the closing balance reflecting the beginning balance minus the service fees and cleared accounts. |
Difference |
Displays the difference in the bank's closing balance versus VMS transactions. |
How to Reconcile an Account:
1.Select a property from the drop-down menu.
2.Select the necessary bank account and its corresponding department.
3.Click on the Reconcile 
button.
4.If consolidated reconciliation is defined (see Setup/Property Setup/Accounting/GL), select the department to post any service or interest information
5.Deposits will populate on the left side of the screen; checks will appear on the right side.
6.Check off each cleared deposit and check reflected in the bank statement.
7.Upon satisfactory reconciliation, select the Post 
icon to post the transactions and print a reconciliation report.