Bank Reconciliation - Journal Entries

Epicor ERP 10
1

Hi - We are new to Epicor 10, and using the Bank Reconciliation statement processing for the first time. Our accountants handle it manually.

How would you handle general journal entries (i.e… like for Payroll), as it looks like only cash transactions (AP/AR) show up on the unmatched transactions section. We have several journals that we need to Properly account for when we process the bank recon.

Just wanted high level best practices if anyone has run into same question/issues.

Thanks
Pete

2

More specifically - general journal entries do not show up when we retrieve the unmatched transactions in the Bank Statement Processing Module, only AP Payment, bank transfers and cash receipt entries show up .

3

You can use payroll clearing account instead of bank account in Journal Entry and use Bank Adjustment in Bank Statement Processing against payroll clearing account.

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4

For payroll, I use bank adjustments and bank transfers (if necessary).

If trying to use a bank reconciliation on a bank account, never use journal entries.

  • If moving money between bank accounts, such as a bank transfer from the operating account to the payroll account, use a bank transfer.
  • If you write a check in the operating account using AP and deposit it in the payroll account, the check should use a bank transfer GL account. To record the deposit, use a positive bank adjustment from the bank transfer GL account.
  • Using bank adjustments use a negative adjustment for credits and a positive adjustment for debits to the bank account.
  • At the end of the adjustments, print the BA edit list and then post. GL Journal entries are done.

Charlie Smith

CRS Consulting Svcs

(860) 919-1708

CTCharlie@outlook.com

1 Like
5

Thank you!! This really helped us.