This course explores the processes required to manage cash receipts, cash disbursements, and other transactions that affect checkbook balances. It also shows you how to perform the checkbook reconciliation process in the Bank Reconciliation module, ensuring accuracy of your financial data and its relation to your financial institution statements.
After completing this course, students will be able to:
•Identify the impact of the Bank Reconciliation module on other modules.
•Customize the setup of Bank Reconciliation to fit their business needs.
•Perform all Bank Reconciliation related data entry functions. This includes bank transactions, bank deposits, and bank transfers.
•Perform maintenance on Bank Reconciliation documents and records such as checkbooks.
•Print standard reports for audit trail purposes, financial analysis, and to verify data entry.
•Perform the bank reconciliation process in Bank Reconciliation.
Before attending this course, students must have:
•General knowledge of Microsoft Windows
•Basic knowledge of accounting principles
Module 1: Overview and Setup Procedures
This module gives students a general overview of the features and benefits of using the Bank Reconciliation in an integrated environment. It also focuses on the setup procedures for Bank Reconciliation, and the options available to customize it to reflect the way your organization does business. This module also covers entering beginning balances for each checkbook in preparation for using Bank Reconciliation.
•Features and Benefits
•Bank Reconciliation Setup
•Transfer Existing Checkbooks to Bank Reconciliation
Lab : Bank Reconciliation Setup
Lab : Checkbook Setup
Module 2: Daily Procedures
This module defines the ways that transactions can be entered and posted in Bank Reconciliation. The different types of transactions, receipts, and deposits that may be entered in Bank Reconciliation are discussed. This module also explains how each type of transaction may update the cash account balance in the General Ledger, the checkbook balance in Bank Reconciliation, or both.
•Bank Transaction Entry
•Enter Checks, Withdrawals and Adjustments
•Enter Receipt Transactions
•Bank Transfer Entry
•Deposit with Receipts
•Deposit without Receipts
•Clear Unused Receipts
Lab : Enter an Outstanding Check
Lab : Enter a Check Transaction
Lab : Enter a Cash Receipt
Lab : Printing a Check
Lab : Enter a Bank Transfer
Lab : Enter a Deposit with Receipts
Lab : Enter a Deposit without Receipts
Module 3: Reconcile Bank Statements
This module examines the steps that are required to reconcile a checkbook to the bank statement using Bank Reconciliation. The process to enter miscellaneous transactions and adjustments during the reconcile process is also covered in this module. Time is also spent discussing the transaction posting that occurs during the reconcile process.
•Reconcile Bank Statements
•Select Bank Transactions
•Enter Adjustments and Reconcile
Lab : Reconciling a Checkbook
Module 4: Maintaining Records
This module examines the functionality available to maintain Bank Reconciliation records. The processes to void transactions, transfers, and deposits are covered. Time is also spent discussing the procedure for changing and deleting records and how to remove historical information from Bank Reconciliation and the effects of removing this type of history is discussed. The inquiry windows and some reports that can be generated from Bank Reconciliation are also discussed.
•Report Options and Printing
Lab : Removing History