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This article applies to:

  • Product: Accounting CS
  • Subject: Bank reconciliation

Reconcile impound bank accounts

You can reconcile the firm impound bank accounts using the Reconcile Impound Bank Accounts screen.
note
Before you can reconcile an impound bank account, you'll need to set up at least 1 account as an impound account.
  1. Select
    Actions
     then
    Reconcile Impound Bank Accounts
    .
    note
    The Reconciliations list at the top of the screen includes all current, finalized, and pending reconciliations (denoted by status icons). You can filter the list of reconciliations or search for a specific reconciliation.
  2. Select the account to reconcile, either by selecting it in the Reconciliations list or by selecting it in the Account section of the
    General Information
     tab.
  3. In the
    General Information
     tab, enter the information from your paper statement in the fields in Statement Information section. The application uses this information to reconcile the transactions recorded in Accounting CS to the transactions on the bank statement. For subsequent reconciliations, the application automatically advances the statement dates and uses the prior statement's ending balance as the beginning balance.
    note
    If this is the first time you've reconciled this account, you may need to include in-transit items from the previous bank statement. Accounting CS assumes that these transactions are included in the balance for the impound account. Select
    Edit
     then
    Initial Open Items
     to enter the in-transit deposits and checks. Any transactions that aren't included in the balance will need to be entered and funded.
  4. If your financial institution allows you to download bank statements in 1 of the supported file formats (OFX, QFX, QIF, or BAI2), use the
    Bank Statement Import
     tab to import transactions from the bank statement. Enter the file path name of the statement file or select
    Browse
     to go to it. The
    File
     dropdown includes the last 9 statements.
    note
    • The
      Unmatched Bank Account Transactions
       includes transactions that have been entered into Accounting CS that weren't automatically matched to any single transaction on a bank statement. The transactions are grouped by type, either Credits or Debits. Each group shows the total amount and number of transactions included in the grouping. Expand each group to see the individual transactions available for matching.
    • The
      Unmatched Statement Transactions
       includes transactions imported from the bank statement that weren't automatically matched to any transaction entered in Accounting CS. The transactions are grouped by type, either credits or debits. Each group shows the total amount and number of transactions included in the grouping. Expand each group to see the individual transactions available for matching.
    • Select a transaction from the Unmatched Statement Transactions pane to match to a single transaction in the Unmatched Bank Account Transactions pane.
    • Alternatively, mark the checkbox in the Adjustment column for each transaction to write to your bank account.
  5. Use the
    Deposits & Additions
     tab, the
    Checks & Payments
     tab, and the
    Direct Deposit
     tab to view and/or clear credits, debits, and direct deposit amounts that appear in those tabs. You can immediately notice how clearing the items affects the unreconciled amount that follows the data-entry grids in the totals section.
    • You can clear or unclear transactions in the grids.
    • You can view the source transaction for any transaction in the grids by selecting the blue hyperlinked amount for that transaction. The application opens that transaction in the
      Actions
       then
      Enter Transactions
       screen, where you can view details about the original transaction.
    note
    • In the
      Checks & Payments
       tab, you can use the
      Clear Range of Checks
       screen to clear multiple checks at once by specifying ranges of checks to clear. Use the Checks Ranges grid to enter the starting reference number and ending reference number for the range of checks to clear. You can clear multiple ranges by specifying each range in a separate row.
    • The application displays the difference in the Adjustment column. You can then enter the GL account the difference should be applied to and an explanation in the Adjustment Description column. You clear a transaction for a zero-amount, which essentially has the same effect as voiding it.
  6. Use the
    Account Summary
     tab to view the balances and differences in the reconciliation. Select
    Adjustment
     to make an adjusting entry for the unreconciled amount, if necessary. This tab provides an overview of the balances based on the transactions on the bank statement compared to the balances based on the transactions entered or imported for the bank account, displaying any unreconciled amount.
  7. Use the
    Reconciliation Analysis
     tab to view a summary of the reconciliation, grouped in the following categories: checks and payments, deposits and additions, general ledger balance, and notes. Notes provide suggestions on how to balance the reconciliation. You can print this information by selecting
    Print Notes
     from the right-click context menu.
  8. Use the
    Edit
     menu to open various other windows to assist in the reconciliation. Depending on which tab is active, the following windows may be available:
    • Options
    • Enter Adjustment Distributions
    • Rapid Clear
    • Initial Open Items
    • Statement Summary
    • Non-Recurring Adjustments
    • Recurring Adjustments
    • Clear Ranges of Checks
  9. When the unreconciled amount for the bank account is zero, select
    Finalize
     to finalize the bank reconciliation for this account.
note
  • Before you can close the reconciliation or move to another screen, you'll need to select
    Finish Later
     (to save the work-in-progress reconciliation without finalizing it),
    Finalize
    , or
    Cancel
     (to revert all changes made since the reconciliation was last saved).
  • You can finalize the bank reconciliation even if the unreconciled amount for the account isn't zero, if you choose.
  • A GL account isn't required in the setup of your impound bank accounts. If a GL account isn't assigned, the reconciled bank account total won't match the adjusted period balance, thus creating an unreconciled amount.
  • If you need to edit a reconciliation that's already been finalized, select it in the Reconciliations list then select
    Edit
     then
    Unfinalize Reconciliation
    . This will change the reconciliation status to Pending for the selected reconciliation and any reconciliations completed after the newly unfinalized statement. After you make the necessary corrections, be sure to finalize the statement and all subsequent pending reconciliations.
  • If you're unable to reconcile an account, you can run the Impound Client Activity report. If the ending balance on the report differs from the ending balance for the reconciliation, there may be transactions that are dated for 1 period but posted to another. Verify the transaction date and posting period for each transaction.

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