Better Bank Reconciliation for Checks and Improved Reporting
Business Value
Bank reconciliation reports recently have had a few features that needed to be updated.
Feature Details
The bank reconciliation now matches check entries from the bank based on information from the check ledger. The matching policy previously used information from the bank ledger. The matching rules have been made more clear, and more rules are added to increase matching success rates.
The test report has been changed so the G/L Account Balance field now shows the balance on the actual G/L account at the statement ending balance date. This will make it easier to detect if transactions have been posted to the G/L account without using the bank account type. Allowing direct posting to G/L accounts is one of the main reasons bank reconciliations do not tie to the G/L account.
The Sum of Differences field has been a field that was causing confusing in recent weeks. This is now the same as the total in the Difference column for the reconciled entries.
The Bank Statement report now includes payments that were outstanding when the bank reconciliation was posted.
All new features will be found on both the Bank Reconciliation Page and the Bank Acc. Statement Page (Posted Bank Reconciliations).
You will also get a warning if the G/L account you are assigning to a bank account has the Direct Posting slider set to allow these transactions.
