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Reconciling checks not ported over from previous system?

  • November 17, 2022
  • 3 replies
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G
Freshman I

We have recently started with Acumatica and had all of our information from our previous system ported over, however the checks were not included.  For context we never used the previous system to reconcile our bank statements.  We exported our information on to an excel sheet and did it there.  We made the necessary JE’s into the system as needed to balance, therefore all of the checks on that system were never marked as having been cleared individually.  So I know that for that reason porting them over would have been a gargantuan task! 

I will be using Acumatica for our reconciliation and know how do use it. What I don’t know is how to clear out the previous checks that are now clearing?  Because everything that was ported over was in our GL, I’m not sure what to do? 

Any help is greatly appreciated! 😊

Best answer by Laura02

Hello,

You are going to create the individual checks with the debit and credit to cash via GL entry in step 2 posted by me above.  In the 1/31 bank reconciliation statement you then clear one side of the debit/credit to cash and leave the other side of the step 2 entry as an open/outstanding check in the bank rec of 1/31.

 

The GL entry created in step 2 has no effect in GL - is a wash, debit/credit to cash account.

However, this entry creates debits and credits that are now seen in Bank Reconciliation screen.  You can clear one side of 1/31 entry (step 5), leaving open/uncleared the credit side of the GL transactions representing checks and leave open the debit side of the GL entries representing outstanding deposits.

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    Laura02
    Captain II
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    • Laura02
    • Captain II
    • 3132 replies
    • November 17, 2022

    Hello,

    For the first Bank Reconciliation Statement in Acumatica, after all historical records are imported and tied to prior system, instructions below. For example, say you are “Going Live” Feb 1, first bank rec in Acumatica 2/28, last bank rec in Excel 1/31.

    1. Gather list of Open/outstanding items as of prior Bank Statement dated 1/31.
    2. In Acumatica, enter Open Items from step 1 in GL with a Debit and Credit to Cash with Check Number or Deposit numbers listed separately on each line. Use Date 1/31.
    3. Begin Bank Reconciliation statement in Acumatica with Date 1/31.
    4. Use “Reconcile All” to mark 100% of historical transactions through 1/31 Cleared & Reconciled at the same time.
    5. Un-check Reconciled and Cleared boxes for the outstanding historical items listed in step 1. Uncheck CREDITS for checks/disbursements and un-check DEBITS for deposits.

    At this point the 1/31 Bank rec will be completed with $0 difference at the top.  Release 1/31 Reconciliation Statement.

    The 2/28 Acumatica bank rec will be “normal” -- follow Acumatica instructions to complete a normal bank rec.

    Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
    G
    Freshman I
    • GYoung
    • Author
    • Freshman I
    • 1 reply
    • November 17, 2022

    Hi Laura,

    This totally answers a lot of other questions that I did have on how to clear those items, but all of our A/P checks paid out were not ported over individually.  So that is my dilemma. 

    How do I clear them individually if they aren’t there as individual transactions? 

     

    Thank you for your fast response!

     

    Laura02
    Captain II
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    • Laura02
    • Captain II
    • 3132 replies
    • Answer
    • November 17, 2022

    Hello,

    You are going to create the individual checks with the debit and credit to cash via GL entry in step 2 posted by me above.  In the 1/31 bank reconciliation statement you then clear one side of the debit/credit to cash and leave the other side of the step 2 entry as an open/outstanding check in the bank rec of 1/31.

     

    The GL entry created in step 2 has no effect in GL - is a wash, debit/credit to cash account.

    However, this entry creates debits and credits that are now seen in Bank Reconciliation screen.  You can clear one side of 1/31 entry (step 5), leaving open/uncleared the credit side of the GL transactions representing checks and leave open the debit side of the GL entries representing outstanding deposits.

    Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
    Chris Hackett
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