TRAVERSE Global v11.1

Bank Reconciliation

Bank Reconciliation helps you keep better control of your cash by simplifying the reconciliation of bank statements with your bank accounts. It enables you to track which transactions have cleared the bank, which are still outstanding, and what the balance is of your bank accounts.

Use Bank Reconciliation to post transactions that you enter in Accounts Receivable/Sales Order and Accounts Payable/Purchase Order to multiple cash accounts if those applications are interfaced with Bank Reconciliation.

Bank Reconciliation begins with the initial setup of bank accounts and beginning balances, or the transferal of System Manager Bank Accounts to Bank Reconciliation. Use Bank Reconciliation to enter various types of transactions, print transaction reports, void checks, and to reconcile the balances in the bank accounts and print reconciliation reports.

For more information on setting up Bank Reconciliation, see BR Setup and Maintenance.

Frequently Used Functions

The most frequently used functions are on the Transactions and Reconciliation menus. Use these functions for the following tasks:

  • Enter and edit transactions
  • Stop payments on checks and void checks
  • Print the Transaction Journal and Bank Account Register
  • Post transactions
  • Record cleared transactions
  • Reconcile bank accounts
  • Print the Reconciliation Report
  • Purge cleared transactions

Interfaces

Bank Reconciliation can be interfaced with General Ledger.

ClosedWorkflow

Setup

  • Set up each bank account.
  • Enter outstanding transactions.
  • Set Business Rules.

Daily Work

  • Enter deposits directly through Bank Reconciliation or through a prepaid transaction or cash receipt entered through Accounts Receivable/Sales Order.
  • Enter disbursements directly through Bank Reconciliation or post checks from Accounts Payable or Payroll.
  • Enter withdrawals through the Transactions function in Bank Reconciliation.
  • Make transfers from one bank account to another.
  • Void a check or stop payment on a check. Enter adjustments such as interest earned or service charges.
  • Print the BR Journal and the Bank Account Register.
  • Delete transactions.
  • Post transactions to update the Bank Reconciliation Transactions and the General Ledger Journal if GL is interfaced.

Reconciliation

  • Tell the system which transactions have cleared the bank for each account.
  • Print a Reconciliation Report. It lists cleared transactions, outstanding transactions, and the actual reconciliation. There is a Bank-to-Book and Book-to Bank Reconciliation.
  • Purge cleared transactions.