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1 AptaFund 4.1 Technical Document Release Date: September 2019

Revised Bank Account Reconciliation Procedures APTAWEB-9624, APTAWEB-9625, APTAWEB-9735, APTAWEB-9626, APTAWEB-9705

Introduction AptaFund has revised the Bank Account Reconciliation process. We moved Bank Account Reconciliation

from the Bank Account Register window to a new Bank Account Reconciliation window. Clicking the

Current Balance hyperlink opens a popup to reconcile the next period. The window also includes a command to undo the last reconciliation.

Reconciliation Procedures

Bank Reconciliation Overview From the Banking Menu, click on Bank Account Reconciliation

Figure 1: Banking Menu

Select the account you wish to reconcile

Enter the Statement Ending Date and Ending Balance from your bank account statement

Select deposits and withdrawals that appear on your bank statement and click Mark to clear

transactions listed in the Pending Transactions tab

Check the Journal Entries not in Register tab to bring in any Cash related journal entry transactions

Enter any bank fees, interest earned, manual checks or transfers by clicking on Add Journal Entry

Once the Bank Reconciliation difference is zero, check for G/L Difference. If there is a difference, look at

the screen to see if you can find it (including the Journal Entries not in Register tab), or follow the last step below

Finish Bank Reconciliation

If G/L Difference is not zero, print the Bank Account Reconciliation to research and correct any

discrepancies between the Bank Register and G/L

Release Date: September 2019 2

Bank Account Reconciliation Procedure Select the account you wish to reconcile by either

Selecting the Bank Account and clicking Reconcile Bank Account, or

Clicking on the Current Balance Amount for the desired account

Figure 2: Bank Account Reconciliation Screen

Enter the Statement Ending Date and Statement Ending Balance from your bank account statement in the Reconciliation Summary at the top of the screen

Figure 3: Reconcile Bank Account Screen

Release Date: September 2019 3

Select deposits and withdrawals that appear on your bank statement and click Mark to clear transactions listed on the Pending Transactions tab.

Figure 4: Mark Transactions to be Cleared

Once the transactions are “Marked”, they will change to Status of Cleared. If you mark a transaction accidentally, select the transaction and then “Unmark” the transaction to set back to “Outstanding”

status.

Check the Journal Entries not in Register tab to bring in any Cash related journal entry transactions.

Figure 5: Journal Entries not in Register

This tab contains any records previously entered through the Journal Entry screen prior to the September

2019 release or any Journal Entries marked to not be included in the Bank Register.

Release Date: September 2019 4

Select any transactions to be added to the Bank Register by clicking the box next to the journal entry and then click on Add to Bank Account Register.

If you wish to view the transaction prior to adding to the Bank Account Register, click More > View Journal Entry.

Figure 6: View Journal Entries

Enter any bank fees, interest earned, manual checks or transfers between bank accounts by clicking on

Add Journal Entry on the Pending Transactions tab

Figure 7: Pending Transactions

You can also click on Remove Journal Entry from Register in case an entry was entered incorrectly and shouldn’t be included on the bank register. To View the Source Record, select a transaction, click

More > View Source Record.

Complete the Bank Reconciliation

Once the Bank Reconciliation Difference is zero, check the G/L Difference. This is the difference between your reconciled Bank Register and your General Ledger. If there is a difference, you can investigate on

the screen or run the report.

Click Finish to complete the reconciliation or Finish Later to complete the reconciliation later. You cannot click Finish if the Difference between Cleared Bank Balance and Statement Ending Balance is not

zero click Finish and print the Bank Account Reconciliation Report to research difference.

Figure 8: Finish or Finish Later buttons

Release Date: September 2019 5

Understanding the Reconciliation Summary

Figure 9: Reconciliation Summary

Bank Reconcile column (left)

Last Reconciled – The last bank statement’s ending date used in reconciling this bank account.

Last Reconciled Balance – The last bank statement’s ending bank balance. This should also match

the current bank statement’s beginning balance.

Cleared Deposits – The total deposits marked as cleared on this bank reconciliation. This normally matches the bank statement’s total deposits.

Cleared Withdrawals – The total withdrawals marked as cleared on this bank reconciliation. This

normally matches the bank statement’s total checks/withdrawals.

Cleared Bank Balance – The sum of the Last Reconciled Balance plus Cleared Deposits less Cleared

Withdrawals. (Last Reconciled Balance + Cleared Deposits – Cleared Withdrawals = Cleared Bank Balance)

Statement Ending Date – The current bank statement’s ending date.

Statement Ending Balance – The current bank statement’s ending balance.

Difference – The difference between the Cleared Bank Balance and the Statement Ending Balance.

(Cleared Bank Balance – Statement Ending Balance = Difference)

Release Date: September 2019 6

Understanding the Reconciliation Summary, cont.

Figure 10: Reconciliation Summary (cont.)

G/L Reconcile column (right)

Actual G/L Balance – The sum of the G/L accounts in this bank as of the Statement Ending Date.

Outstanding Deposits – Any deposits dated before the Statement Ending Date that have not been

marked as cleared.

Outstanding Withdrawals – Any withdrawals dated before the Statement Ending Date that have not been marked as cleared.

Expected G/L Balance – The sum of the Actual G/L Balance less the Outstanding Deposits plus the

Outstanding Withdrawals.

(Actual G/L Balance – Outstanding Deposits + Outstanding Withdrawals = Expected G/L Balance)

G/L Difference – The difference between the Cleared Bank Balance and the Expected G/L Balance. If this balance is NOT zero, additional work should be done to reconcile this difference.

Release Date: September 2019 7

Reconciling Differences

Out of Balance when trying to reconcile Bank Statement to Bank Register If the difference of the bank reconciliation is not zero, check for the following issues

Make sure you have Marked everything as cleared that is checked

Check the total Cleared Deposits to the bank statement’s Total Deposits

Check the total Cleared Withdrawals to the bank statement’s Total Withdrawals

Make sure you have entered any transactions showing on the bank statement that are not in AptaFund (fees, interest, transfers manual checks, etc.)

Check for duplicate entries

Check for incorrect posts to cash transactions (wrong cash account, etc.)

Check for transactions that cleared the bank for a different amount than recorded in AptaFund

Bank is Not in Balance with General Ledger If the G/L Difference in the Bank Reconciliation screen is not zero once you have reconciled the bank

statement, run the Bank Account Reconciliation Report. Check to see how much you are off for the month you are reconciling. This is shown as the Sub-Total Difference amount on the GL Reconciliation

tab of the Bank Account Reconciliation Report. If the difference is not zero, you’ll need to research and correct or document the discrepancy.

Figure 11: Sample Bank Account Reconciliation Report

Figure 12: GL Reconciliation tab for Bank Account Reconciliation Report

Release Date: September 2019 8

Researching Differences

Figure 13: Bank Reconciliation Tab on Bank Account Reconciliation Report

There are four tabs on the Bank Account Reconciliation Report which play a part in determining the

source of any differences between the bank and the G/L.

Bank Reconciliation - All cleared transactions that matched that period’s bank statement

Outstanding – All deposits and withdrawals recorded in AptaFund that have not cleared the bank

Actual GL Detail – All general ledger transactions where the transaction dates fall between the previous and current bank reconciliation dates

GL Reconciliation – Summary of the prior three tabs’ totals and any remaining difference.

All transactions/totals with dates within the reconciled period contained on the Bank Reconciliation and

Outstanding tabs must match the transactions/totals on the Actual GL Detail Tab. (Bank Reconciliation(current period) + Outstanding (current period) = Actual GL Detail)

Where to look for differences

Start by looking at the differences for the deposits on the GL Reconciliation Tab. Then look at the transactions on the Actual GL Tab. Compare the amounts to the transactions in the Bank Reconciliation

and Outstanding Tabs, highlighting matches as you go until you locate one or more transactions/totals that don’t have matches.

Figure 14: Bank Reconciliation Tab on Bank Account Reconciliation Report

Continue this process comparing the Withdrawals and Credits also highlighting as you go until you have

located all of the differences.

Determine how to correct these differences and re-run the Bank Account Reconciliation Report to confirm all differences have been resolved.

Release Date: September 2019 9

Transactions that may cause differences

Transactions on Bank Reconciliation tab that are not on Actual GL Detail tab

Transactions entered in AptaFund with dates beyond actual bank transaction.

Best solution: Locate the transaction and use the Re-Date functionality in the Journal Entry screen

Transactions on Outstanding tab that don’t belong (may not contribute to differences)

Journal Entries

If entered to clear stale check(s), mark both transactions as cleared in Bank Reconciliation

If pulled into Bank Register but doesn’t belong, remove transaction from Bank Register

Transactions on Actual GL Detail that don’t belong

Transactions with incorrect dates

Duplicate transactions

Transaction entered in AptaFund Journal Entry Screen that did not post to Bank Register

Best solution: Locate the transaction on the Bank Reconciliation screen on the Journal Entries not on Register tab and add the transaction to the register.

Other

Check the Banking Cash Account screen to make sure that all Funds/Controlling accounts are set up

Figure 15: Banking Cash Accounts

Release Date: September 2019 10

Additional Bank Reconciliation Information

Tip for making Journal Entries

If you are increasing cash, debit cash, credit expense or revenue

Example – Interest: Debit Cash/Credit Revenue

Example – Void prior year check: Debit Cash/Credit Expense

If you are decreasing cash, credit cash and debit expense or revenue

Example - Bank Charge: Credit Cash/Debit Expense

To Un-Reconcile a Bank Account, select More > Undo Last Reconcile

Figure 16: Undo Last Reconcile

Optional System Defined Grid Display Settings on Bank Reconciliation Screen

You can choose from Only Show Unreconciled Transactions or Show All Transactions

Figure 17: System Defined Grid Display Settings

Release Date: September 2019 11

New option for Bank Register

Figure 18: Choice of how to Display EFT Payments

New Journal Entry Posting message when Journal Entry contains a cash account code

Figure 19: JE Posting Message when JE Contains a Cash Account