We’re trying to display our current bank balance in the Acumatica system. However, we have found that the balance that Acumatica is wildly different than what the Bank reports. Is there a way to get the tow balances to accurately reflect each other. I think this may have to do with a delay in updating, but I have no idea how to rectify this.
Question
Is there a way to get the Bank Balance in Acumatica to accurately reflect what the visible cash amount in the bank?
Hello,
In reviewing your question, I thought of the variety of reasons that they might occur that would always create a difference which would keep your Books different than the Bank during the month. There may be more.
On the Book side:
- Payments to Vendors which did not clear the bank
- Payments from Customers that did not yet get deposited into the bank
- Prepayment requirements pending processing
On the Bank side:
- Bank fees, interest earned or other charges not recorded in your books
You can utilize a bank feed to pull in daily transactions which would help to more closely match the two, but may always have some differences based on the transactions above.
Agree with Patrick, items in transit such as checks, deposits, etc. would not be posted by a bank until they have actually been transacted at the bank. However, those same items would be recorded in your books (Acumatica) when they issued or known about. That is a timing difference. You can reconcile daily to make sure you have recorded everything the bank says has transacted, but then you would have to trust that you have recorded everything that the bank does not yet know about (ex. checks not yet cashed by recipient) and therefore what you have in Acumatica would be your actual cash balance. I don’t think there is any way to make sure bank and GL match every day though.
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