Determine the period you will be reconciling.
- Make sure the checking account has been setup completely in the Reconciliation super tab in the Accounts Payable module. Enter the opening bank balance for the first period you will be reconciling from your bank statement. Tip: The account code needs to be the account number from your Master Chart of Accounts.
- Delete old transactions from the transaction tab that have a date prior to the opening date of your bank statement and have already cleared. The only transactions left with a date prior to the opening date of your bank statement should be the outstanding transactions from your last reconciliation.
- There is a File Maintenance utility to help you with this, especially if you have been using FIMS for awhile and there are a large number of old transactions.
- Select File Maintenance on the menu bar,
- Select Accounts Payable and then
- Select Delete Old Check Rec Transactions.
- Select the Bank Account by clicking on the magnifying glass and enter the date of your first outstanding item.
- This tool will delete all of the transactions prior to the date you entered in the Delete Records prior to field. If there are a large number of records to be deleted, this process may take a few minutes. When the process is complete, you will get a message of how many records were deleted.
- Tip: If you enter a reconciled date on the outstanding items prior to the opening date of your reconciliation period, you can run this process a second time using the opening date of your reconciliation in the Delete Records prior to field and it will delete all of the other old transactions but not your outstanding transactions. Then clear the reconciled date you put on the outstanding transactions until you are ready to reconcile.
- Enter any transactions that are missing from your transaction tab.
- All of the items processed through accounts payable should be included in the transactions.
- Gift deposits are included if you use the gift deposit form in the gifts module.
- General ledger transactions are included if you say yes to Create AP in the journal entry prior to posting.
- If you are not using the gift deposit form or the Create AP field in journal entries, then you will need to enter both the outstanding items from your last reconciliation and any deposits or transactions you entered in the general ledger.
- Enter a Reconciled Date in the Reconciled field in the transactions tab for all items that cleared on your bank statement.
- We suggest you use the bank statement ending date as your reconciled date. For example, if your bank statement covers the period April 1, 2010 through April 30, 2010, then use 04/30/2010 as your reconciled date for all transactions that cleared on your bank statement. Once you have entered the Reconciled date on all the transactions that have cleared for the reconciliation period, you can run the Check Reconciliation Report.
Tip: Using one date for each reconciliation, can be very useful if we have to help you un-post your closed reconciliation. The tool we use un-posts based on the reconciled date, so if you use one date per reconciliation, we will be able to quickly un-post the closed reconciliation for you. For additional information, please refer to FIMS Help or contact FIMS Support.