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GP Bank Reconciliation Transactions

Use the information in this Microsoft Dynamics GP Bank Reconciliation Transactions article you can ensure that your checkbooks accurately reflect the transaction detail that appears on your monthly bank statements. You can enter the transactions to update your Cash account and checkbook balances, to enter receipts and deposits, and to reconcile your checkbook.

The following topics are discussed:

  1. Bank transaction requirements: describes the transaction requirements and posting in Bank Reconciliation.
  2. Multi-currency transactions: explains multi-currency options you can use in Bank Reconciliation.
  3. Checks, withdrawals, and adjustments: contains information about recording and posting check, withdrawal, and adjustment transactions.
  4. Receipts: explains how to enter the receipt information in Bank Reconciliation.
  5. Deposits: describes how to enter deposits.
  6. Bank account transfers: explains how to transfer funds from one checkbook to another.

Dynamics GP Bank Reconciliation Transactions Requirements

Because Bank Reconciliation integrates with several other modules and has multi-currency functionality, there are some transaction requirements and recommendations you should understand before using this module.

Dynamics GP Bank Reconciliation Transactions Requirements information is divided into the following sections:

  • Bank Reconciliation integration with other modules
  • Voided transactions that affect Bank Reconciliation
  • Bank Reconciliation posting
Bank Reconciliation Integration with Other Modules

Whenever you enter a transaction in another module that uses a checkbook, the Bank Reconciliation is updated. Therefore, you should use the Bank Reconciliation transactions only to record those miscellaneous transactions, receipts, and the deposits not recorded elsewhere.

Voided Transactions that Affect Bank Reconciliation

Transactions that are voided in other modules will be listed on the Bank Reconciliation reports. Transactions that were originally entered before the reconciliation cutoff date and that were voided after the cutoff date are listed as the outstanding transactions.

Bank Reconciliation Posting

Posting moves transactions to permanent records. In Dynamics GP Bank Reconciliation Transactions, the posted transactions and reconciliation adjustments update the General Ledger Cash accounts and checkbook balances.

  • When you post the deposits, only Bank Reconciliation is updated, unless you have gains or losses.
  • When you post the receipts either in Bank Reconciliation or in other modules, the General Ledger Cash account is updated.
  • After you post the transfers, the Cash accounts and the checkbook balance all are updated.

Multi-currency Transactions

If you’re using Multi-currency Management with Dynamics GP Bank Reconciliation Transactions, you can choose the currency to enter on checks.

This information is divided into the following sections:

  • Rules for multi-currency transactions
  • Exchange rate and document date
  • Multi-currency account distributions
  • Rounding differences
Rules for Multi-currency Transactions

If you’re using Multi-currency Management, the following rules apply when entering transactions.

  • You must set up a functional currency for the company before entering the transactions.
  • Both the transaction and the posting dates must fall within a valid exchange rate period, or you can’t post the transaction.
  • Realized gains or losses due to the rounding differences are posted to the Realized

The following rules apply to the deposit and receipt transactions.

  • For checkbooks assigned to the functional currency, you can enter and post deposits with receipts in any currency that is valid for the company.
  • When the deposit is voided, the system uses the exchange rate for the original transaction so that the amounts for the void are calculated correctly.
Exchange Rate and Document Date

If a transaction’s currency ID is not in the functional currency, a rate type and the associated exchange rate table are assigned to the transaction. The rate type is the default rate type from the selected checkbook. If one isn’t assigned to the checkbook, the default rate type for the Financial series specified in the Multi-currency Setup window is used.

The document date assigned to a transaction determines the exchange rate to use, based on the currency ID and associated rate type entered for the transaction. Each time you change the document date on a multi-currency transaction, the system searches for a valid exchange rate.

Multi-currency Account Distributions

For multi-currency transactions, distribution amounts are displayed in both the functional and originating currencies. However, you can change only the originating amounts.

When you’re entering a multi-currency transaction, the originating debit and credit amounts must balance. If the functional equivalents don’t balance, the difference is posted to the Rounding Difference account, which is displayed on the Bank Transaction Posting Journal.

Rounding Differences

If you’re using Multi-currency Management, your system might calculate a rounding difference and post that amount to the Rounding Difference account if a transaction’s originating debits and credits balance, but the converted functional debits and credits don’t balance. The distribution for the rounding difference doesn’t show on the window but does show in posting journal.

Dynamics GP Bank Reconciliation Transactions Checks, Withdrawals and Adjustments

In Dynamics GP Bank Reconciliation Transactions, you can record and post the transactions related to checks, withdrawals, and other adjustments.

Dynamics GP Bank Reconciliation Transactions Checks, Withdrawals and Adjustments information is divided into the following sections:

  • Entering a check, withdrawal, or adjustment transaction
  • Entering a miscellaneous check
  • Bank transaction voids overview
  • Voiding a bank transaction
Entering a Check, Withdrawal, or Adjustment Transaction

To enter a check, withdrawal, or adjustment transaction:

  • Open the Bank Transaction Entry window.
Dynamics GP Bank Reconciliation Transactions

Bank Transaction Entry

  • Select Enter Transaction, then select a type.
  • Enter the transaction date. To enter a different posting date, choose the Transaction Date expansion button to open the Bank Transaction Date window. Select OK to close the window when you finish.
  • Select or Enter checkbook ID for this transaction. The default checkbook ID, check or the transaction number, and Cash account information appears automatically.
  • Enter the name of the payee or the payor, the description, and the transaction amount.
  • Enter the offset posting accounts and the amounts for the transaction.
  • Choose the Post to post the transaction. The checkbook balance is updated, and the information is posted to or through General Ledger, depending on your selection in the Posting Setup window.
  • Close the window. The Bank Transaction Posting Journal is printed if you selected that option in the Posting Setup window. If you’re keeping the history, you can reprint the posting journals using the report options windows.
Entering a Miscellaneous Check

To enter a miscellaneous check:

  • Open the Miscellaneous Check window.
Miscellaneous Check window

Miscellaneous Checks

  • Select or Enter a checkbook ID.
  • Enter or accept the default check number and the date.
  • Enter the recipient name in Pay to the field.
  • Type the amount of the check in the $ field. The amount entered will be converted to the words in the Dollars field. The amount will be the credit entry for the cash account assigned to the checkbook, which can’t be changed.
  • Enter the recipient address in Address fields, and type any additional information in the Memo field.
  • Select the check format, and select to print an alignment form or the check.
  • Select an offset account using an account lookup button. Type a debit or credit for the account. Press TAB to move to the next line. Repeat this step for each account you’re entering the debits or credits for until the difference is zero.
  • Click Print Check, and then click the Post to complete the procedure. You can post the check without printing it, but you cannot print the check after it has been posted. You can void the check later, if necessary.
  • Close the window. Depending on your selections in Posting Setup window, some posting journals might be printed.
Bank Transaction Voids Overview

When you void a posted transaction entered in Bank Reconciliation, the amounts posted to accounts are reversed and the checkbook balance is updated by the voided transaction amount.

  • If you’re not keeping the history, voided transactions are deleted after posting.
  • If you are keeping the history, voided transactions are stored for auditing purposes.
  • When you void the transaction in the originating module, the checkbook is updated in Bank Reconciliation.
  • If you must void a transaction you entered in another module, you should use that module to void the transaction so you keep accurate accounting records throughout the system.

Dynamics GP Bank Reconciliation Transactions Receipts

Receipts are any type of payment the business might receive. Once the receipts are entered in Bank Reconciliation or posted in other modules, they are available for deposit. Use the deposit entry procedures to enter deposits for transactions with and without receipts. You also can clear the receipts if you identify individual receipts that should be removed.

Receipt transactions appear in the Bank Reconciliation once they’ve been posted in other modules. However, you might need to enter the cash receipts that aren’t related to a specific customer. For example, your business might receive the annual utility rebate from your electrical service provider.

Dynamics GP Bank Reconciliation Transactions Deposits

Bank Reconciliation enables you to manage your deposits by entering the deposits with receipts, without receipts, and to clear receipts. You also can void deposits.

Microsoft Dynamics GP Bank Reconciliation Transactions Deposits information is divided into the following sections:

  • Bank deposits overview
  • Entering a deposit with receipts
  • Entering a deposit without receipts
  • Clearing a receipt from a deposit
  • Deleting a deposit
Bank Deposits Overview

You can enter the following deposit types in Bank Reconciliation:

  • Use Deposit with the Receipts to enter a deposit for receipts that were posted in Bank Reconciliation, or from another module.
  • Utilize Deposit without the Receipts to enter a deposit without assigning receipts.
  • Use Deposit to Clear the Receipts to remove a receipt from a list of receipts available for deposit. You also can use this transaction type to clear individual receipts made as part of a lump-sum deposit.
  • Use Void Deposit to remove the deposits that were entered and posted incorrectly.
Entering a Deposit with Receipts

To enter a deposit with receipts:

  • Open the Bank Deposit Entry window.
Bank Deposit Entry

Bank Deposit Entry

  • Select Enter/Edit and the Deposit with Receipts type.
  • Enter the deposit date.
  • Enter or select the checkbook ID and description.
  • To restrict the number of receipts that appear in the scrolling window, enter a range, then choose Re-display.
  • Mark each receipt to include in the deposit. To mark or unmark a group of receipts, choose the Mark All or Unmark All.
  • To change the individual currency and coin amounts or to view total amounts for each receipt type, choose the Deposit Amount expansion button to open the Deposit Totals window. Select OK to close the window when you finish.
  • To print a Bank Deposit Worksheet so you can verify your receipts, choose File >> Print.
  • Choose Save or Post. If you post a deposit, the Bank Deposit Posting Journal is printed when you close the window, depending on your selections in the Posting Setup window.
  • The posting journal displays deposit information and all receipts marked for each deposit posted since you opened the window.
Entering a Deposit Without Receipts

To enter a deposit without receipts:

  • Open the Bank Deposit Entry window.
  • Enter or select the checkbook ID and the description.
  • Enter the deposit amount. To break down the deposit into its component monetary types, choose the Deposit Amount expansion button to open the Deposit Totals window, and enter the correct amounts for checks, credit cards, currency, and coin. Select OK to close the window when you finish.
  • To print a Bank Deposit Worksheet so you can verify the information, choose File >> Print.
  • Choose Save or Post. If you post the deposit, the Bank Deposit Posting Journal is printed when you close the window, depending on your selections in the Posting Setup window.
  • The posting journal displays deposit information for each deposit posted since you opened the window.
Clearing a Receipt from a Deposit

To clear a receipt from a deposit:

  • Open the Bank Deposit Entry window.
  • Enter the deposit date.
  • Enter or select the checkbook ID and description.
  • To restrict the number of receipts visible in the scrolling window, enter a range for the receipts and choose Redisplay.
  • Mark each receipt to clear. If you mark a group of receipts, and then you change the receipt type, date range, or currency ID and choose Redisplay, the previously marked group of receipts remains marked and you can mark additional receipts.
  • Choose Save or Post. If you post a deposit, the Bank Deposit Posting Journal is printed when you close the Bank Deposit Entry window, depending on your selections in the Posting Setup window.
  • The posting journal displays deposit information and all receipts marked for each deposit posted since you opened the window.
Deleting a Deposit

To delete a deposit:

  • Open the Bank Deposit Entry window.
  • Enter or select the checkbook ID and deposit number to delete.
  • Choose Delete.

Bank Account Transfers

Transferring funds from one checkbook to another ensures that your accounts contain the correct amounts for your accounting activities. For example, you might want to transfer funds from your general checkbook account to your payroll checkbook account before each payday.

To transfer funds between checkbooks:

  • Open the Bank Transfer Entry window.
Bank Transfer Entry

Bank Transfer Entry

  • Select Enter Transfer and enter the transfer number.
  • Enter the transfer date. To use a posting date that’s different from the transfer date, choose the Transfer Date expansion button to open the Bank Transfer Date window and enter a posting date. Select OK to close the window when you finish.
  • Enter the transfer description, which states why you’re transferring the funds.
  • Select or Enter the checkbook ID for the checkbook you’re transferring funds from.
  • Enter the distribution reference for the Cash account that you’re transferring funds from.
  • Enter the amount to be transferred.
  • Select or Enter the checkbook ID for the checkbook you’re transferring funds to.
  • Enter the distribution reference for the Cash account that you’re transferring funds to.
  • Choose Post. The Bank Transfers Posting Journal is printed when you close the window, based on settings in the Posting Setup window. Both checkbook balances and Cash accounts are updated to reflect the posted transfer.
  • The posting journal displays all transfer transactions posted since you opened the window.

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