Bank Reconciliation

Yahoo Archive
1
I just recently took over the controllers position at my company and one of
the first things I found is that my predecessor was not reconciling his bank
statements in Vantage, but rather maintaining it in an excel spreadsheet.

Is anyone out there familiar with and using the reconciliation process in
Vantage?

and if not, why?

Thanks for the help.

Daniel A. Nichols
please contact the above at dann@...
2
I don't understand what you mean by "option". If you are out of balance,
you could use a bank adjustment to force things back into balance. We have
all company configuration flags set to post to our G/L, so when I do make a
Bank Adjustment, I realize that this will post to the General Ledger and
make sure that I don't create another problem when trying to fix the first.
The offseting debit or credit does matter.

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


-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:23 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation



Another silly question... I just started the rec. for cash receipts and the
vairance is all messed up ... what option do you use for cash receipts?
"Edward F. Fox, Jr." <efox@...> wrote:That makes things a
little more clear. I think you need to do what works
best for you, but I would do both.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com


-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:43 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation



Well it isn't that I do it half way we have different accounts at different
banks for each so I rec. one but not the other.
"Edward F. Fox, Jr." <efox@...> wrote:Seems to me it is
more difficult to do it halfway.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com


-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:34 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank Reconciliation



This might be a silly question.... but is there any reason to or any reason
not to do a bank reconciliation on cash received. We started in 2001 and I
have never completed a rec. on cash received. I have done them on the
disbursments of course just not on receipts. It seems that I would be
mighty easy to do I just wondered if there was any reason not to do it?
Stephanie Geary



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3
When we started to open the Bank Reconciliation statement for November, it
gave us an error saying "BankGrp already exists
with Company "company name" Group "group name". (132)".

Our October statements have posted to General Ledger, but it still says open
statement. We have several different bank accounts
because we are 1-Company set up with 5 different companies as divisions
using 01, 02, 03, 04, and 05 as our divisions, but each divisions
is a company. I can open all except my company bank accounts for 01, and 02
it says an open statement already exist, even though they
are posted to GL for October. No open statement shows in the Bank
Rec-General Operations-but I can look in General Operations bank Adjustments
entry
and there it shows and open group for October 31, 2003, but it will not let
me open it there. Has anyone had this problem? If so what can I do to fix
it?

Thanks for any help.
4
I remember having a similar problem a couple of years ago and had to get a
utility from Epicor (fixcash.r) to 'fix' the problem.

Matt

-----Original Message-----
From: Danny Burleson [mailto:burleson@...]
Sent: Wednesday, December 03, 2003 8:22 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank Reconciliation

When we started to open the Bank Reconciliation statement for November, it
gave us an error saying "BankGrp already exists
with Company "company name" Group "group name". (132)".

Our October statements have posted to General Ledger, but it still says open
statement. We have several different bank accounts
because we are 1-Company set up with 5 different companies as divisions
using 01, 02, 03, 04, and 05 as our divisions, but each divisions
is a company. I can open all except my company bank accounts for 01, and 02
it says an open statement already exist, even though they
are posted to GL for October. No open statement shows in the Bank
Rec-General Operations-but I can look in General Operations bank Adjustments
entry
and there it shows and open group for October 31, 2003, but it will not let
me open it there. Has anyone had this problem? If so what can I do to fix
it?

Thanks for any help.
5
Hi,
Does anyone have a way to find out what the uncleared balance was at the end of a particular month? Or, when a particular cheque was cleared? We are getting ready for our first year end in Vantage.

Thank you,
Abe

[Non-text portions of this message have been removed]
6
--- In vantage@yahoogroups.com, "Abe Klassen" <ak@m...> wrote:
> You can see the date that you cleared the check if you look under
the invoice tracker and payment activity. The uncleared balance can
be seen in the edit list of your bank reconciliation in vantage. I
always export that info into excel so I have my outstanding checks at
the end of each month and to double check my reconciliation.
>
> Hi,
> Does anyone have a way to find out what the uncleared balance was
at the end of a particular month? Or, when a particular cheque was
cleared? We are getting ready for our first year end in Vantage.
>
> Thank you,
> Abe
>
> [Non-text portions of this message have been removed]
7
Hello all!

We are new to Vantage and this is our first month end and our first use
of the bank reconciliation feature in Vantage. We are not able to get
the "post" option available to post our adjustments after we have
reconciled the bank. The only option that is available to us is the
"print edit list" option. How do we open up the "post" option?

More info......
Since this was our first month end we had a variance due to outstanding
checks posted in our old software package that were not posted to this
one. We zeroed out this variance with an adjustment back to the bank
account in an effort to fool the bank reconciliation feature. So we are
currently sitting with a zero in the variance box and a line difference
(the difference between the opening and closing balance). Still no
option to post. Help please!!

Thanks,
Tim

Timothy M. Foley, C.P.A.
Controller
Sure Alloy Steel Corporation
25880 Commerce Dr.
Madison Heights, MI 48071
timf@... <mailto:timf@...>

248.414.4470 (phone)
248.414.4480 (fax)

Please visit our new website, www.surealloy.com, for more information on
our products and services.




[Non-text portions of this message have been removed]
8
If you have a line variance you can't post. If you don't want the
variance to post to G/L then go to configuration - Company - Modules -
General Ledger and unclick A/P (make sure no one is in A/P). Post with
the line variance. Go back and click A/P. This is the only way I have
found to handle this.

Sandy Morse
BVR Technologies Company
815-874-2471 x112
9
Thanks Sandy. I will give it a shot.

Tim

--- In vantage@yahoogroups.com, "Sandy Morse" <smorse@b...> wrote:
>
> If you have a line variance you can't post. If you don't want the
> variance to post to G/L then go to configuration - Company -
Modules -
> General Ledger and unclick A/P (make sure no one is in A/P). Post
with
> the line variance. Go back and click A/P. This is the only way I
have
> found to handle this.
>
> Sandy Morse
> BVR Technologies Company
> 815-874-2471 x112
>