Bank reconciliation in Accounts Payables

Yahoo Archive
1
I just love this forum. Here I was, thinking I was doing things as
efficiently as possible. Sure enough, I was wrong. Thanks for your
insight. I am going to implement this today.

Randall Lunsford
Excel Machinery, Ltd.
e-mail: rlunsf@...
Phone: (806) 335-4565 ext. 531
Fax: (806) 335-9017

-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Tuesday, April 09, 2002 11:13 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables

Randy....we use direct deposit also....same issue....the way I handle
that
is to enter a bank adjustment in the bank reconciliation for the monthly
amount of direct deposit checks, that transaction is then posted to the
G/L
when the bank reconciliation is posted. Then I have no need for a
reversing
entry. The bank adjustment is to credit cash and debit the direct
deposit
liability account. This leaves a delightful zero direct deposit
liability
for the month and cash is accurately stated.

Sounds like you have all sorts of "FUN" transactions....glad to hear
that
Vantage handles them well for you.

Our bank provides a website for us to move money around.... to pay
vendors
and employees...very handy. We still generate the invoice transactions
and
paychecks thru Vantage including using a separate check number series
(same
thing as your phantom check numbers) which then provides us with
transactions that need to be cleared. Nice to see a variety of
solutions
to solve the same issues.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Randy Lunsford [mailto:rlunsf@...]


[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
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and Crystal Reports and other 'goodies', please goto:
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(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
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2
HI everyone,

HOw you all do Bank reconcilation in vantage?
Here we are having problems when we do bank reconcilation, it does
not reflect GL entries into it,
examples if we already have recurring journal setup in GL exa,ple for
monthly loan payment, rent or something else. it does not concile
that payment which will be due every month in bank reconcilation.


Can anyone explain what procedure they have for reconcilation.

Thanks
3
I started here about a year and a half ago and the bank reconciliation
was totally useless. There were a couple of temp and an accountant
before me that did not have a clue how to do a bank reconciliation.
They just keep making adjustment to get to the balance they thought they
should have. When I took a look at it, as you are explaining, it was
very difficult to use. Besides having to adjust the adjustments that
had been made. So I do my bank reconciliations manually and enter
adjustments through journal entries.

Although someone told me not to long ago that the system will get loaded
up with all of these uncleared checks and deposits. To fix that, I will
have to run a printout of my G/L, clear all of the checks in the bank
reconciliation program and reverse all of the entries that the system
post.

Debbie Fulgenzi
DEBRON INDUSTRIAL ELECTRONICS



-----Original Message-----
From: sharma_nalini [mailto:sharma_nalini@...]
Sent: Tuesday, April 09, 2002 9:00 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank reconcilation in Accounts Payables

HI everyone,

HOw you all do Bank reconcilation in vantage?
Here we are having problems when we do bank reconcilation, it does
not reflect GL entries into it,
examples if we already have recurring journal setup in GL exa,ple for
monthly loan payment, rent or something else. it does not concile
that payment which will be due every month in bank reconcilation.


Can anyone explain what procedure they have for reconcilation.

Thanks





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Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
<http://groups.yahoo.com/group/vantage/files/>
(2) To search through old msg's goto:
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[Non-text portions of this message have been removed]
4
Sharma, You are correct that a JE to cash will not show up
on the bank reconciliation. What you want to do is a 'Bank Adjustment
Entry' from within the reconciliation program.
You may want to keep a checklist of recurring items so that
you don't miss anything but you will need to re-key the
entries each month.

I use the program and it works great, balances to the penny each month or we
don't close!


-----Original Message-----
From: sharma_nalini [mailto:sharma_nalini@...]
Sent: Tuesday, April 09, 2002 8:00 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank reconcilation in Accounts Payables


HI everyone,

HOw you all do Bank reconcilation in vantage?
Here we are having problems when we do bank reconcilation, it does
not reflect GL entries into it,
examples if we already have recurring journal setup in GL exa,ple for
monthly loan payment, rent or something else. it does not concile
that payment which will be due every month in bank reconcilation.


Can anyone explain what procedure they have for reconcilation.

Thanks



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
5
I reconciled all 5 of our bank accounts for March yesterday afternoon. We
reconcile to the penny every month also. We have ACH transactions for A/P
and P/R. I use the bank funds transfer and bank adjustments to get all
transactions entered into the general ledger. I do not use recurring
transactions. But if a check is generated to pay an invoice, why isn't it
showing up as an outstanding check? Even our ACH transactions have to be
cleared.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Matt Finn [mailto:matt@...]
Sent: Tuesday, April 09, 2002 8:45 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables


Sharma, You are correct that a JE to cash will not show up
on the bank reconciliation. What you want to do is a 'Bank Adjustment
Entry' from within the reconciliation program.
You may want to keep a checklist of recurring items so that
you don't miss anything but you will need to re-key the
entries each month.

I use the program and it works great, balances to the penny each month or we
don't close!


-----Original Message-----
From: sharma_nalini [mailto:sharma_nalini@...]
Sent: Tuesday, April 09, 2002 8:00 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank reconcilation in Accounts Payables


HI everyone,

HOw you all do Bank reconcilation in vantage?
Here we are having problems when we do bank reconcilation, it does
not reflect GL entries into it,
examples if we already have recurring journal setup in GL exa,ple for
monthly loan payment, rent or something else. it does not concile
that payment which will be due every month in bank reconcilation.


Can anyone explain what procedure they have for reconcilation.

Thanks



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/



[Non-text portions of this message have been removed]
6
We have numerous bank transactions each month that don't require a check
(line of credit advances/paydowns; payroll direct deposits; wire
transfers, etc). When we have a line of credit paydown or wire
transfer, we issue a manual check in A/P using check numbers that will
not conflict with the "real" checks. We keep track of these "phantom"
check numbers so that we don't have to hunt for the next "phantom"
number. When we reconcile, it is very easy to spot these transactions
because they are grouped together (ex. Our "real" checks are numbered
34XXX (five digits) and our "phantom" checks are seven digits). We
issue about two hundred and fifty checks a month, therefore it is very
unlikely that these check numbers will overlap. The only problem that I
have when reconciling is payroll direct deposits. Because Vantage
considers direct deposit a "deduction", the reconciliation does not have
an amount for each direct deposit amount. Therefore, I have to make an
entry in the bank reconciliation for every payroll that month (lump sum
entry) and then reverse it after I post the bank recon. I am very
please with the Vantage bank reconciliation feature, except for the
direct deposit issue, and I usually reconcile the first day of the
month, due to internet banking.

Randall Lunsford
Excel Machinery, Ltd.
e-mail: rlunsf@...
Phone: (806) 335-4565 ext. 531
Fax: (806) 335-9017

-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Tuesday, April 09, 2002 9:24 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables

I reconciled all 5 of our bank accounts for March yesterday afternoon.
We
reconcile to the penny every month also. We have ACH transactions for
A/P
and P/R. I use the bank funds transfer and bank adjustments to get all
transactions entered into the general ledger. I do not use recurring
transactions. But if a check is generated to pay an invoice, why isn't
it
showing up as an outstanding check? Even our ACH transactions have to
be
cleared.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Matt Finn [mailto:matt@...]
Sent: Tuesday, April 09, 2002 8:45 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables


Sharma, You are correct that a JE to cash will not show up
on the bank reconciliation. What you want to do is a 'Bank Adjustment
Entry' from within the reconciliation program.
You may want to keep a checklist of recurring items so that
you don't miss anything but you will need to re-key the
entries each month.

I use the program and it works great, balances to the penny each month
or we
don't close!


-----Original Message-----
From: sharma_nalini [mailto:sharma_nalini@...]
Sent: Tuesday, April 09, 2002 8:00 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank reconcilation in Accounts Payables


HI everyone,

HOw you all do Bank reconcilation in vantage?
Here we are having problems when we do bank reconcilation, it does
not reflect GL entries into it,
examples if we already have recurring journal setup in GL exa,ple for
monthly loan payment, rent or something else. it does not concile
that payment which will be due every month in bank reconcilation.


Can anyone explain what procedure they have for reconcilation.

Thanks



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/



[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
7
We enter the lump sum of the direct deposit as a bank adjustment entry as we
are reconciling. We post it back to the checking account. This will
reconcile the account and the entry will wash. This eliminates making the
reversing entry after the reconciliation is posted.

You can also use this same method to clean up the reconciliation program if
it has not been used. Simply clear everything from the past up to the point
you want to begin using it. Whatever amount it takes to reconcile, enter it
as a bank adjustment and post it back to the bank account. This will wash
out of checking and all the old entries will be gone.

Karen Brodniak
Accounting Manager
Phone: 425-742-7011 x44
Fax: 425-353-8945
karen.brodniak@...

-----Original Message-----
From: Randy Lunsford [mailto:rlunsf@...]
Sent: Tuesday, April 09, 2002 8:48 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables

We have numerous bank transactions each month that don't require a check
(line of credit advances/paydowns; payroll direct deposits; wire
transfers, etc). When we have a line of credit paydown or wire
transfer, we issue a manual check in A/P using check numbers that will
not conflict with the "real" checks. We keep track of these "phantom"
check numbers so that we don't have to hunt for the next "phantom"
number. When we reconcile, it is very easy to spot these transactions
because they are grouped together (ex. Our "real" checks are numbered
34XXX (five digits) and our "phantom" checks are seven digits). We
issue about two hundred and fifty checks a month, therefore it is very
unlikely that these check numbers will overlap. The only problem that I
have when reconciling is payroll direct deposits. Because Vantage
considers direct deposit a "deduction", the reconciliation does not have
an amount for each direct deposit amount. Therefore, I have to make an
entry in the bank reconciliation for every payroll that month (lump sum
entry) and then reverse it after I post the bank recon. I am very
please with the Vantage bank reconciliation feature, except for the
direct deposit issue, and I usually reconcile the first day of the
month, due to internet banking.

Randall Lunsford
Excel Machinery, Ltd.
e-mail: rlunsf@...
Phone: (806) 335-4565 ext. 531
Fax: (806) 335-9017

-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Tuesday, April 09, 2002 9:24 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables

I reconciled all 5 of our bank accounts for March yesterday afternoon.
We
reconcile to the penny every month also. We have ACH transactions for
A/P
and P/R. I use the bank funds transfer and bank adjustments to get all
transactions entered into the general ledger. I do not use recurring
transactions. But if a check is generated to pay an invoice, why isn't
it
showing up as an outstanding check? Even our ACH transactions have to
be
cleared.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Matt Finn [mailto:matt@...]
Sent: Tuesday, April 09, 2002 8:45 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Bank reconciliation in Accounts Payables


Sharma, You are correct that a JE to cash will not show up
on the bank reconciliation. What you want to do is a 'Bank Adjustment
Entry' from within the reconciliation program.
You may want to keep a checklist of recurring items so that
you don't miss anything but you will need to re-key the
entries each month.

I use the program and it works great, balances to the penny each month
or we
don't close!


-----Original Message-----
From: sharma_nalini [mailto:sharma_nalini@...]
Sent: Tuesday, April 09, 2002 8:00 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank reconcilation in Accounts Payables


HI everyone,

HOw you all do Bank reconcilation in vantage?
Here we are having problems when we do bank reconcilation, it does
not reflect GL entries into it,
examples if we already have recurring journal setup in GL exa,ple for
monthly loan payment, rent or something else. it does not concile
that payment which will be due every month in bank reconcilation.


Can anyone explain what procedure they have for reconcilation.

Thanks



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/



[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/






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Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service
<http://docs.yahoo.com/info/terms/> .


[Non-text portions of this message have been removed]
8
Randy....we use direct deposit also....same issue....the way I handle that
is to enter a bank adjustment in the bank reconciliation for the monthly
amount of direct deposit checks, that transaction is then posted to the G/L
when the bank reconciliation is posted. Then I have no need for a reversing
entry. The bank adjustment is to credit cash and debit the direct deposit
liability account. This leaves a delightful zero direct deposit liability
for the month and cash is accurately stated.

Sounds like you have all sorts of "FUN" transactions....glad to hear that
Vantage handles them well for you.

Our bank provides a website for us to move money around.... to pay vendors
and employees...very handy. We still generate the invoice transactions and
paychecks thru Vantage including using a separate check number series (same
thing as your phantom check numbers) which then provides us with
transactions that need to be cleared. Nice to see a variety of solutions
to solve the same issues.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Randy Lunsford [mailto:rlunsf@...]


[Non-text portions of this message have been removed]