Bank Reconciliation

A bank reconciliation should be completed each month (or more frequently). This process confirms that all entries on the bank statement have been entered in ACAS, and helps identify any errors on the bank statement or in ACAS. This screen is where existing reconciliations can be searched, and new bank reconciliations created.

Create and verify a new Bank Reconciliation entry (Manual method)

Use this method of reconciling accounts other than the main CMF account (import feature has only been completed for CMF accounts), or for manually reconciling the CMF account.

1. Go to the Period Close menu, then click on Bank Reconciliation.

2. Select the Bank Account that you wish to reconcile, and click Search. Then click the New button.

   1. If the bank account is the main CMF account, two buttons will appear: Import from CMF, and Reconcile Manually. Click the Reconcile Manually button.

3. Complete the following fields:

   • Statement Date - enter the Statement Date show showing on the bank statement

   • Statement Amount - enter the closing balance showing on the bank statement

   Transactions up to and including the Statement Date that have not been reconciled will be displayed. There will likely be an amount showing in the Variance field, which should come to 0.00 when the correct transactions have been selected (the Statement Amount will equal the Ledger Balance).

4. Working from the bank statement, click on the checkbox beside each transaction that shows on the bank statement. Also tick the transaction on the bank statement (it is easiest to work from a printed copy so you can do this).

5. If there are entries on the bank statement that are not ticked in ACAS, they must be entered into the system either by a Receipt Entry, Expense Entry, Express Payment Entry or Journal Entry (the Fee Entry, Interest Entry, Deposit Entry and Payment Entry shortcut buttons can be used to complete these entries).

   It is possible to finish your bank reconciliation and still have items not ticked in ACAS because they have not shown on your bank statement yet, but you cannot have items on your bank statement that are not ticked in ACAS. 

6. Add attachments (optional)

   1. Click Select file or Attach from Library to choose the file that you wish to attach. 

   2. Navigate to where the desired file is saved, select the file, and click Open.

   3. The file is now attached to the bank reconciliation. 

      1. Files can be viewed by clicking on the file name.

      2. To download a file, click on the Download arrow. 

      3. To remove a file, click on the rubbish bin icon.

7. When all transactions on the bank statement have been ticked on the statement and in ACAS, the Variance should be 0.00. Click Save and a message will appear confirming the reconciliation has been saved. 

   Note: If the Variance is not 0.00 you need to find out why. Contact the ACAS support personnel at your local conference office if you need further assistance.

8. Click Print to display and print/save the Bank Reconciliation report. Click the X to close the report.

9. If the reconciliation is ready to be verified (no further changes allowed), click on Bank Reconciliation. Search using the correct filters to display the reconciliation. 

   Highlight the reconciliation to be verified and click Verify. The Verified Date will appear next time a search is done for this reconciliation, and it cannot be edited unless it is unverified. 

    

Create and verify a new Bank Reconciliation entry (Import from CMF method)

This feature is only available for the main CMF account currently.

1. Go to the Period Close menu, then click on Bank Reconciliation.

2. Select the Bank Account that you wish to reconcile, and click Search. Then click the New button.

3. The Next unreconciled statement date will appear, along with two buttons: Import from CMF, and Reconcile Manually. Click the Import from CMF button.

4. Transactions that have an exact match on the amount and reference number will be automatically matched. A pop-up window will appear, indicating how many transactions have been auto-matched, and to review them under the Matched tab. Click Ok.

5. The Bank Reconciliation Entry screen will be displayed, with the following fields completed:

   • Statement Date - as per the CMF statement, and cannot be edited.

   • Statement Amount - as per the CMF statement, and can be edited if performing a correction.

   Transactions up to and including the Statement Date that have not been reconciled will be displayed. There will likely be an amount showing in the Variance field, which should come to 0.00 when the correct transactions have been selected (the Statement Amount will equal the Ledger Balance).

6. Working from the bank statement, select a transaction in the Bank Statement section. Then select the corresponding transaction in the ACAS Transactions section. If the amounts match, click the Match button. The matched transaction will then be removed from the Unmatched tab of both sections and moved to the Matched tab of both sections.

7. Continue this process until all transactions on the Bank Statement side have been matched.

   1. You may select multiple transactions by holding down the Ctrl key and clicking on the transactions. The Match button will only be active and available to click when the total of transactions selected on the Bank Statement side equals what is selected on the ACAS side. This can be seen in the Bank Statement Lines to Match, and ACAS Statement Lines to Match in the top right-hand corner of the screen.

8. If there are entries on the bank statement that are not already in ACAS, they must be entered into the system either by a Receipt Entry, Expense Entry, Express Payment Entry or Journal Entry (the Fee Entry, Interest Entry, Deposit Entry and Payment Entry shortcut buttons can be used to complete these entries).

   It is possible to finish your bank reconciliation and still have items not ticked in ACAS because they have not shown on your bank statement yet, but you cannot have items on your bank statement that are not ticked in ACAS. 

9. Add attachments (optional)

   1. Click Select file or Attach from Library to choose the file that you wish to attach. 

   2. Navigate to where the desired file is saved, select the file, and click Open.

   3. The file is now attached to the bank reconciliation. 

      1. Files can be viewed by clicking on the file name.

      2. To download a file, click on the Download arrow. 

      3. To remove a file, click on the rubbish bin icon.

10. When all transactions on the bank statement have been ticked on the Bank Statement side, the Variance should be 0.00. Click Save and a message will appear confirming the reconciliation has been saved. 

    Note: If the Variance is not 0.00 you need to find out why. Contact the ACAS support personnel at your local conference office if you need further assistance.

11. Click Print to display and print/save the Bank Reconciliation report. Click the X to close the report.

12. If the reconciliation is ready to be verified (no further changes allowed), click on Bank Reconciliation. Search using the correct filters to display the reconciliation. 

    Highlight the reconciliation to be verified and click Verify. The Verified Date will appear next time a search is done for this reconciliation, and it cannot be edited unless it is unverified. 

Unmatch transactions

If you have incorrectly matched one or more transactions, you can unmatch them (only on unverified bank reconciliations).

1. Be in the relevant bank reconciliation.

2. Click on the Matched tab (from either the Bank Statement or ACAS Transactions section).

3. Locate one of the incorrectly matched transactions and select it. All transactions matched with it will be highlighted.

4. Click the Unmatch button. The selected transactions will then be unmatched and can be correctly rematched.

5. Alternatively, the Reset button can be clicked and all transactions will be unmatched.

6. Remember to save, and re-verify the bank reconciliation if needed.

Search for a bank reconciliation

1. Go to the Period Close menu, then click on Bank Reconciliation.

2. Select your search filters. These can either be one or a combination of the following:

   • Bank Account

   • Date

   • Only Unverified Statements

   Click Search.

Un-verify a bank reconciliation

If you need to edit a verified (saved) reconciliation, it must be unverified first. Contact the ACAS support personnel at your local conference office to request assistance if you are unsure about whether you should do this.

1. Select your search filters. These can either be one or a combination of the following:

   • Bank Account

   • Date

   • Only Unverified Statements

   Click Search

2. Highlight the reconciliation to be unverified and click Unverify. A warning pop-up message will appear, indicating if any previous reconciliations will also be unverified. Click Ok to continue.

3. The Verified Date will be removed from the relevant reconciliation/s. When an unverified reconciliation is double-clicked on, the reconciliation can now be edited.

4. Once the edits have been completed and the Variance is 0.00, remember to verify the reconciliation again.