The general steps involved in performing bank reconciliations are summarized in the list that follows. Be sure to refer to the specific documentation for each step, which includes more detailed information.
It is most advantageous to begin performing bank reconciliations in Costpoint after running Costpoint for at least several periods and when you have enough historical data to warrant successful processing.
However, you must complete the preliminary setup earlier, before you process bank reconciliations, so that the historical Costpoint Accounts Payable (A/P), Accounts Receivable (A/R), and Payroll (P/R) transactions have the necessary data when you are ready to start processing the bank reconciliations.
Perform the following six steps as part of the general Costpoint setup before you begin processing A/P, A/R, and P/R transactions and before you create bank transactions history, with which you complete bank reconciliations:
Enter bank account information on the Manage Banks screen.
Enter detailed setup information for a bank on the Manage Company Bank Accounts screen.
Establish cash accounts in Costpoint General Ledger.
Assign bank abbreviation and cash account information for Cash Receipts transactions.
Assign bank abbreviation and cash account information for Accounts Payable transactions.
Assign bank abbreviation and cash account information for Payroll transactions.
The following steps are specific to the bank reconciliation process:
Run the Update Cash Accounts screen.
View Cash Accounts from the Manage Company Bank Accounts screen.
Run the Manage Bank Statement Information screen.
Run the Create Bank Transactions History screen.
Clear checks on either the Accept Bank Transactions screen or the Process Bank Transactions Acceptances screen:
Accept Bank Transactions — View all General Ledger and manual adjustment transactions, clear or unclear these transactions, and match them to the bank transactions on a single or multiple-row basis.
Process Batch Bank Transactions Acceptances — Clear or unclear groups of transactions based on various selection parameters.
View Bank Reconciliation.
Execute the Print Bank Reconciliation Summary Report.
Execute the Print Bank Reconciliation Detail Reports.