SAP Business One - Bank Reconciliation

                         Bank Reconciliation in SAP B1

    Summary

 

  • ·   External Reconciliation process

  • ·   Clearing checks and deposits

  • ·   Reconciliation adjustments - bank fees, etc...

  • ·   Reconciliation reports

 

            External Reconciliation Process

 

·   Verify and reconcile transactions in SAP to transactions recorded by the bank

·   Should be performed on a monthly basis

·   Clears all transactions

·   Outgoing payments

·   Deposits

·   Adjustments are recorded in the reconciliation process

·   Bank fees

·   Journal Entries

·   Missed checks or deposits

 

                External Bank Reconciliation

 

·   Go To: Banking > Bank Statements and External Reconciliations > Manual Reconciliations

·   Select G/L Account Code for cash account

·   Enter Bank Statement Information

·   Ending bank statement balance

·   Ending bank statement date



             Reconciliation Bank Statement Window

 

·   Use form settings to arrange the window and columns

·   Sort the window to view transactions easily

·   Ref. 3 column displays Check # and/or Deposit #

·   Sort by payments or deposits to quickly match to statement

·   Use the find feature to locate specific information or amounts




            Clearing Checks and Deposits

 

·   Compare transactions to your bank statement and clear by checking the box next to the transaction.



            Reconciliation Differences

 

·   Monitor totals at bottom

o Compare Payments & Deposits to totals on your bank statement

o Click the Save button to save your reconciliation and come back to it later

o Difference must be zero to add the Reconciliation

o Make adjustments as needed to get difference to zero


        

        Creating Adjustments

 

·   Click on the Adjustments button

o Tip: when difference is negative, your cash account needs debited

·   Select the type of adjustment to be made

·   Make sure date of adjustments made match ending bank statement date

·   Perform and post adjustment(s)

·   Adjustments are automatically recorded and checked as cleared



                Adding Reconciliation

 

·   Click on the Reconciliation button once you difference is zero to create your reconciliation postings.


Bank Reconciliation Report

 

·   Go To: Banking > Banking Reports > External Reconciliation > Bank Reconciliation Report.





Managing Previous Reconciliations

 

·   Go To: Banking > Bank Statements and External Reconciliations > Manage Previous External Reconciliations.








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