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Bank Reconciliation Process
Bank Reconciliation Process
Issue/Symptom/Question
How do I perform the Bank Reconciliation Process?
Applies To
PENTA Web > Accounting Module > Bank Reconciliation
PENTA version 21.2 and up
Note: Microsoft is ending Internet Explorer, therefore the IE Web Browser is not supported
Resolution/Fix/Answer
Prerequisites:
- The Bank Reconciliation Initialization has occurred: Bank Reconciliation Initialization Steps
- The Bank Accounts are configured Configuring PENTA to use the Bank Reconciliation Module
Process
- Select the Bank Reconciliation feature from the Accounting PENTA Web Module
- Select the Bank Account to reconcile
- Click the Button to Add the Bank Rec to open the Create pop
- Enter the Statement Date from the Bank Statement received that is to be reconciled
- Enter the Ending Balance on the Bank Statement received to be reconciled
- Click the Create button to begin reconciling
If you would like to learn more about loading a Bank File speed up the bank reconciliation, see Processing a Bank Rec with a Bank File to Auto Match - Go through the PENTA Transactions and check the box for the transactions that appear on the bank statement to reconcile
- Once everything on the bank statement has been identified and checked, the difference between Bank Adj. Balance and PENTA Balance should be zero
- If an entry on the bank statement (fees, interest, etc.) is not available to check, make the entry in PENTA and refresh
- The Post Adjustments button can be used to navigate to the appropriate module (Cash Receipts or Journal Entry for interest earned, etc.) to make the entry
- Use the Add drop down arrow on the Adjustments Tab to move all unreconciled transactions and identify them as Deposit in Transit, Outstanding Check, etc.
- The Add button (the drop down arrow) allows for a unique Other Adjustment to be entered, if needed, to force the reconciliation
- Note: once a transaction has been flagged as an adjustment, it has to be deleted/removed from the Adjustments Tab using the trash can icon to make it available to be reconciled again
- With that said, it is best to work on Adjustments last, instead of as they are identified using the + symbol transaction by transaction, because the identification of Adjustments is automated:
- Withdawals with a Check # are marked as Outstanding
- Deposits are marked as In Transit
- With that said, it is best to work on Adjustments last, instead of as they are identified using the + symbol transaction by transaction, because the identification of Adjustments is automated:
- Use the Mark as Complete button to complete the Reconciliation Process and mark the transaction records as reconciled
Tips:
- The Search boxes can be used to quickly limit the list
- The columns can be click sorted
- The Grid Filters button can be used to limit the transactions that show
- Reconciled Items unchecked will hide the rows that have already been checked to shrink the list as you work through the reconciliation process.
- Deposits can be removed if there is a desire to focus on the Withdrawals only
- Withdrawals can be limited to Checks or Electronic
You can click the Close button to leave a reconciliation in progress and finish later. Select by clicking on the row from the list to open up the reconciliation again and continue.
, multiple selections available,
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