You use the Reconciliation tab on the Reconcile Statements window to indicate deposits that have cleared the bank when you reconcile your bank account.
The Reconciliation tab lists all deposits recorded as of the fiscal period end date, in ascending order by deposit number. The deposits also include transfers entered in Bank Services.
The deposits on the bank statement are total deposits, and should match your Accounts Receivable receipt batch totals, providing you create a separate batch for each deposit slip.
Two entries can have the same deposit number if you posted a deposit batch in Accounts Receivable and subsequently posted a corrected error batch for the deposit. The sum of the two entries should match the deposit amount on the bank statement.
If a deposit contained a customer check that was returned due to insufficient funds (NSF), the bank statement normally shows two entries:
- An entry for the total deposit.
- An offsetting entry in the amount of the NSF check.
Similarly, the Reconciliation tab shows two entries:
- The full deposit.
- The returned customer check, when you record the return.
Notes:
- The program automatically clears deposits with a deposit status of Void.
- If a customer's check is returned as NSF, you:
- Change the reconciliation status for the full deposit to Cleared.
- Reverse the receipt using the Reverse Transactions window, and then clear the reversal.
- If a deposit cleared the bank with a different amount than the amount shown in the Deposits column, see Clear Deposit Errors.
- If you want to record a comment with a deposit, as we recommend you do for any unusual transaction (such as a bank error that will be carried forward to the next reconciliation), type your comment in the Reconciliation Description column. When you post the reconciliation, this description is sent to General Ledger and to the subledger where the deposit originated.
- If a deposit consists of receipts from multiple Accounts Receivable batches and any of the batches are not posted, the deposit's reconciliation status is Not Posted. The status changes to Outstanding after all the constituent batches are posted.
- If a deposit was cleared with a bank error in a previous version, but displays on the Reconciliation tab with Outstanding status, mark the deposit Deleted. Posting the bank reconciliation will remove the deposit.