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How to Perform Bank Reconciliation 

  • 15 August 2021
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Hi Team,

Request you to please help me in executing Bank Reconciliation (Manual/Automatic)  in Apps10.

As I am new to IFS, screenshot's of the process or any notes will be really helpful.

 

Thanks in Advance,

Rakesh

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Best answer by Chandima Pathirana 16 August 2021, 04:46

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Chandima Pathirana
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Hi Rakesh,

You can perform the following steps in manual bank reconciliation process.

  1. Navigate to manual transaction matching window
  2. Query for your cash account
  3. Enter the reconciliation date
  4. Enter the balance in your bank statement in Bank Column

  5. Save the record.

  6. Then you will receive the differences
  7. The difference is shown between the company’s cash account and the bank balance as entered
  8. The difference and the unmatched transactions should be the same
  9. You can select the unmatched transactions which are populated
  10. You can print this through the RMB option and selecting the Print Bank Reconciliation option

  11. Remember when you are querying saved bank reconciliation you need to query by the cash account and the reconciliation date.

Hope this will be useful to perform the bank reconciliation process. Please let us know if you have any concerns.

Best Regards,
Chandima.

N
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Hi Rakesh,

As Chandima mentioned you can perform bank reconciliation via manual matching. Also there is option to perform automatic bank reconciliation where you need to upload bank statement into system.

Steps noted below for your easier reference.

Basic data setup

  • RMB on Payment Institute window & select payment type grouping. then RMB again on pay type & select ‘Attribute for Auto Matching’. 

Process

  • Upload bank statement via external file assistance. External file type = ‘Bank Statement’

 

Go to Automatic reconciliation window. RMB on the window and do automatic matching,.





You can perform Automatic Matching by right clicking on the header part of the window. After the automatic matching is completed, it is possible to undo the matching using the right mouse button option Undo Matching.
Transactions which are not matched during the automatic matching process can be matched in three ways.
1. You can manually match the unmatched transactions
2. You can create transactions in the Cash Book using information in the bank statement
3. Cashed check transactions in the bank statement can be used to automatically cash the open checks, which would result in the automatic matching of those transactions

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Thank u so much @Chandima Pathirana & @Narmada

R
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Hi @Chandima Pathirana 

How to match the unmatched transactions which are populated during the “Manual Transaction Matching” process?

Screenshot’s will be really helpful

 

Chandima Pathirana
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Hi @Rakesh ,

You should be able to match them by ticking as below.

 

Hope this will be helpful

 

R
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Hi @Chandima Pathirana

 

Once the transactions are matched. Is there any way to filter out the matched transactions from Unmatched Transactions?

My requirement is I want to see only the unmatched transactions which are left after manual transaction matching is done. 

Is der any way we can do it?

Thanks in Advance.

Best Regards,

Rakesh

Chandima Pathirana
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Hi @Rakesh,

 

You can use Financials\Cash Book\Bank Reconciliation\Manually Matched Transactions Analysis window to identify the matched transactions for a particular bank statement. Since it shows only the matched transactions you can find out the unmatched transactions through the manual transaction matching window.

 

Best Regards,

Chandima.

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