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Reconciliations

Import bank statements for reconciliation

If you can download bank statements from your financial institution, you can reconcile client bank accounts using the Bank Statement Import tab of the Reconcile Bank Accounts screen.
Follow these steps to reconcile the client's bank account against the statement.
  1. Download the bank statement file and save it to a location on your computer or network.
    note
    Most financial institutions have several file formats available to download. Accounting CS currently supports the following formats for bank statement downloads.
    • QIF: Quicken Interchange Format
    • QFX: Quicken Web Connect
    • OFX: Open Financial Exchange
    • BAI2: Bank Administrative Institute Version 2 (also known as Cash Management Balance Reporting Specifications Version 2)
  2. Select
    Actions
    , then
    Reconcile Bank Accounts
    .
  3. Select the account to reconcile in the
    Reconciliation list
    .
  4. Select the
    Bank Statement Import
     tab.
  5. Select
    Browse
     and go to where you saved the file.
    • The application automatically matches transactions in the import file to the transactions recorded in the application based on type, reference, and amount.
    • If any transactions from the bank statement can't be matched, you can manually match them.
    • When you import bank statement transactions through the Bank Statement Import tab Accounting CS automatically uses the posting period end date as the posting date for the imported transactions. For example, if the imported transaction has a date of 9/17/21, the application imports the transaction with a 9/30/21 posting date (assuming the client is set up with calendar month posting periods).
    tip
    Select
    Manage Files
      to remove previously imported bank statement files and associated unmatched statement transactions from the current bank account reconciliation.
  6. Continue with the reconciliation using the applicable tabs on the Bank Accounts screen.

Import multiple statements

You can import multiple statements for each reconciliation. The following rules apply when importing multiple statements.
  • If a statement has already been imported for the current reconciliation and you import another statement, the application refreshes the Unmatched bank account transactions grid and the Unmatched statement transactions grid.
  • The application appends new unmatched statement transactions to the list of outstanding unmatched statement transactions from the other statement imports.
  • You can import the same statement more than once during a reconciliation if necessary.

Make adjustments for unmatched statement transactions

You can save an unmatched statement transaction as an adjustment that is written back to the general ledger using the following steps.
  1. In the Unmatched statement transactions grid, mark the checkbox in the
    Adjustment
     column for the transaction to save as an adjustment.
    note
    When you mark the
    Adjustment
     checkbox, this transaction is no longer available for matching. If you clear the
    Adjustment
     checkbox, the transaction will be available for matching again.
  2. Enter or select the
    GL account number
     to use for the adjustment transaction.
  3. To distribute the transaction to multiple GL accounts, select the ellipsis to open the
    Enter Adjustment Distributions
     window.
  4. Select
    Post Adjustments
    ,
    Finish Later
    , or
    Finalize
    . The transaction will be moved to the applicable tab and marked as cleared.
    note
    To view or delete the adjustment, select
    Edit
    , then
    Non-recurring Adjustments
    .

This article applies to:

  • Product: Accounting CS Client Access
  • Subject: Bank reconciliation

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