Bank Reconciliation

[Former Member]

Hello Experts,

Need your guidance and suggestions, we have a scenario as given below:

In this structure what is the best way to perform bank reconciliation?

I would also like to know how we can reconcile the main group?

[julie_jamieson2]

Under Banking>Bank Statements and External Reconciliations>Reconciliation you are able to select a range of GL accounts to reconcile.

Haven't tried or used the process, but it may be useful?

You may need to re-number your GL accounts so they are in a range, but with segmented accounts it is possible to do that

[Former Member]

Hi Julie,

this is not useful. It is giving only one Gl for reconciliation.

plz help here.

regards,

[Former Member]

Can you elaborate your question with an example?

[Former Member]

Hi,

You can see the COA structure for Banks given above.

Now in this type of COA, I need to do Bank Reco., what is the best way I can do that,

as in a bank statement we can not get bifurcation like what we received through cheques, or transfers or other things.

I need to reconcile the bank not individual accounts.

How can I do it?

Let me know if you need more information.

thanks and regards,

Ravi

[Former Member]

Hi,

As per the screenshot, You have created sub bank accounts for Main bank account.

So, it is not possible to select and reconcile all sub GL accounts of Main GL account with your bank statement. You left with no option other than selecting individual account and reconcile with Bank statement. Because Title account cannot be select for Reconciliation.

May be it is your internal management decision but it would have been easy if you have 1 single account as bank account for respective bank and can create UDF in Outgoing Payment for sub accounts to enter details(Sub accounts name) at the time of transaction.

Thanks,

Harshal

[Former Member]

Hi Harshal,

that is what i am doing it right now. Manually working on the reco.

I just want to know that if i need to change the structure now? then how can i do that?

Bdw thanks for the replies. it is really helpful.

regards.