Resolution:
On the Bank Reconciliation:
Statement Date = Date on the bank statement.
Opening Balance = Opening balance for the month from the bank statement.
Check off all of the checks and deposits that are on the bank statement reconciliation, noting the four possible exceptions below.
How the report should tie out:
Closing Balance = closing balance on the bank statement
Closing Balance + Uncleared Balance = should balance to the balance on the bank code account number on the General Ledger.
Six types of transactions in Vision may not flow through to the Bank Statement Reconciliation:
- Journal Entries: Have to be entered on the Miscellaneous tab. May also cause a Cash Journal Warning (see number 4).
- Void payroll check adjustments: The checks show up on the report, but the amount is VOID. The amount has to be filled in on the miscellaneous tab of the bank statement reconciliation.
- Payroll checks: In Payroll Setup (found in Configuration, Payroll, General), if the option to Post net payroll directly to bank is not enabled then a Salaries Payable account will be entered and the payroll will post directly to the liability account entered as opposed to the bank code directly. If that is the case, then an additional step must be made - a Cash Disbursement referencing the bank code account in order to have the payroll expense apply to a bank account.
- Any Cash Disbursements, Cash Receipts, Journal Entries etc. that transfer from one bank account directly to another: This can be checked by running a Cash Journal report. If there is a warning on the last page of the report, some transaction of this sort has been run.