Setting Up and Assigning Bank Rec Groups

Transcription

1 Setting Up and Assigning Bank Rec Groups Important Note Salary checks existing in the system before updating to version or higher must be viewed and reconciled under All Bank Rec Groups in Bank Reconciliation. See Payroll Detailed Checklist available on the FM Support website under the Documents section Because of this, it is recommended but not required, the update to this version be installed after the current month s reconciliation and before the first payroll of the next month is posted to accounting. In versions prior to , bank reconciliations were done by selecting an asset extension, such as 101 for LEAs or 111 for LGAs. Also, bank reconciliations were done by selecting a Cash Account number. Now bank reconciliations will be done by Bank Rec Groups. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 1

2 Reconciling by Cash Account (the account credited for a disbursement and the account debited for a receipt) works for some agencies, but others have more complicated situations. This program change allows the user to put together a group of asset account numbers that may not, for example, all end in.101, but are still reconciled from the same bank statement. This document explains how to create Bank Rec Groups and assign them to the asset account numbers. This fairly simple process is necessary if the Bank Reconciliation option and the Cash Table are used. Setup 1. Decide what bank rec groups are needed. When deciding what Bank Rec Groups are needed, look at a list of asset account numbers in the Chart of Accounts to see all of them. To run the list, go to ReportsList Chart of Accounts. In the Show field, select Assets, and click Print. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 2

3 Start by making a note beside each asset account number on the list to indicate the bank statement that reports its activity. For example, in this data all accounts ending in.101 and.102 are reported on one bank statement. Another bank statement is received reporting the.105 Imprest accounts activity. The remaining asset account numbers are for Investments and are not reconciled, but should still be assigned a Bank Rec Group in the event the Cash Table needs to be run. Using this information, it is determined that three Bank Rec Groups are needed. When naming them, try to be as nonspecific as possible so if there is a change in banks, the name of the Bank Rec Group can stay the same. In this simple example a Regular Checking, an Imprest, and an Investments will be sufficient. Tips: If you have more than one checking account, and one is a NOW Account, name one Regular Checking and the other NOW Checking. If you only have a Cash Account and no Petty Cash, no Imprest, no Investments, etc., users will only need one Bank Rec Group. Call it Checking, Cash in Bank, or whatever is preferred. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 3

4 2. Enter the New Bank Rec Groups. Data EntryGroupsBank Rec Groups tab Click Add Group to add all the Bank Rec Groups needed. See the examples in Step 1. Use a simple sequence of numbers for the Title then type the description. The In column refers to whether or not the Bank Rec Group is In Use. When the Bank Rec Group is assigned to an asset account number it will automatically have a checkmark placed in the column. 3. Assign a bank rec group to each asset account number. Data EntryChart of AccountsGroups/Summary Accts tab 1. Click the binoculars icon on the tool bar to search. Under Account Type Filter select Assets. The resulting list will show only asset account numbers. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 4

5 2. Select the first asset account number in the list. Click the drop down control next to Bank Rec Group and choose the one that applies to the currently selected asset account number. Note: This list of options is displayed only when the field is blank before selecting a Bank Rec Group. See Explanation of Options on page 6. NOTE: This is an example of the available options when the asset account numbers are longer than two sections. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 5

6 Selecting a Bank Rec Group: As soon as the Bank Rec Group selection is made, a list of options is displayed that can help make the process quick and convenient. Choose to set only the account number on the screen or select another option to set related account numbers all at once. All options are explained beginning See Explanation of Options on page 6. Changing a Bank Rec Group: After an asset account number has been assigned a Bank Rec Group, it can only be changed by bringing up that asset and changing the Bank Rec Group for that account only. When the new Bank Rec Group is selected, the list of options will not be displayed. It is only displayed when the Bank Rec Group is blank. To select a different Bank Rec Group, click Edit, click the drop down control (), select a different Bank Rec Group, and Save the change. 4. Check Your Progress: To periodically verify the assigning process, run the report suggested that shows the Bank Rec Group assigned to each asset account number. See Verify the Bank Rec Group Assignments 8 Explanation of Options: Each option is explained above. Your account numbers and Bank Rec Groups may be different. These are only examples. o Set this acct only If this option is selected, only this particular account number (10.101) will be set as Regular Checking. This can be done for every asset individually if preferred. o Set as Default for Fund Select this option if all asset account numbers for this Fund (10) should be set as Regular Checking. This option does not automatically change the Bank Rec Group on an asset account number that has already had one assigned. o Set as Default for *.101 This will default to the last section of the asset account number no matter how many sections it contains. If all asset account numbers with this particular section (101) should be set to Regular Checking, select this option. This option does not automatically change the Bank Rec Group on an asset account number that has already had one assigned. o Set as Default for * This will default to the second section of the asset account number no matter how many sections it contains. Selecting this option will set all asset account numbers with the same second section to Regular Checking. If the second section is also the last, as in this example, it will be displayed as an asterisk only and will set all asset account numbers to Regular Checking. This option does not automatically change the Bank Rec Group on an asset account number that has already had one assigned. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 6

7 o Set as Default for Cash Summary Accts Selecting this option will set all Cash Summary Accounts to Regular Checking. The Cash Summary Account is the account selected as the default cash account for any account in the system. See the Groups/Summary Accounts tab. This option does not automatically change the Bank Rec Group on an asset account number that has already had one assigned. 3. In this example, all asset account numbers ending in.101 are Regular Checking, so the third option in the list is selected. The message in the bottom right corner shows the selection made. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 7

8 4. If the selection is correct, Save the record, if not, Undo, click Edit and make a different selection. 5. Refer to the list created as an example under Decide what bank rec groups are needed on page 2 and repeat step 3 for the next account number that has not been assigned a Bank Rec Group. 5. Verify the Bank Rec Group Assignments ReportsList Chart of Accounts When completely finished, run a Chart of Accounts List to verify all the selections. Set up the report as shown on the screen below. If a change is needed, go back to the Chart of Accounts and repeat Assign a bank rec group to each asset account number on page 4. Quick Reference Guide Chalkable_ Setting Up and Assigning Bank Rec Groups 8

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