Just a quick note on the bank reconciliation.
Bank reconciliation in Navvision works on the following basic principle:
The bank reconciliation forces you to enter into your system all the bank entries of the bank to the bank book . Otherwise the bank reconciliation cannot be done as the bank statement has to be matched. Thus you will not have a case of “checks/charges in bank not in bank book”.
I am giving you a brief process which should start you up.
The first process is to check that your G/L bank balances match with Sub ledger Bank balances (This is a must as the bank recon is done with the Sub ledger bank balances). Correct them first if they are not matching (normally errors come due to some one tampering the posting groups)
The second step is to go to General ledger → periodic routines → bank account recon which will open up a screen.
In the bank account number put the bank which you want to reconcile.
In Balance last statement, the amount should be previous period of the bank’s statement. (you can go to bank card to put this amount first time).
In statement ending balance, put the closing balance of the bank;s statement for which period it is being reconciled.
Now we come to the reconciliation part in the lower part of the screen. There are two methods here, but I suggest using the Function ->Suggest lines.
When a screen pops up, put the starting date. As a rule the beginning of when you installed the system (this helps in pulling all the open items if any unreconciled in previous periods) is the date that is put. Ending date is usually the last date of the bank’s statement for which recon is being done. in include checks put a tick.
Upon OK, all the open (unreconciled) items will be brought on to the screen. (Note: when the system brings it on the screen, it tick marks all the entries as applied in anticipation that everything will be reconciled. So it is your task to remove which is not to be applied). Just a couple of definitions before we proceed.
Statement Account column - represents amounts in bank statement
Applied Amount column - represents system’s bank account.
Difference - represents differences if any (at the beginning it will all be zero) that will later on be posted as a General journal when you do reconciliation.
Applied entries - These all will have to be 1. Otherwise the system will not allow you to post.
Total Balance - The value all the amounts applied. This should match finally with the Ending balance statement of Bank which was entered above.
Let us now get back to reconciliation.
Now you have to amend the reconciliation. First delete all those lines which are not yet appearing on the bank statement. (Thus, if you have issued a check for 50$ and it is not reflected in bank statement, but will be displayed above delete the line). Second add fresh lines for bank charges/interest which appears in bank statement but not in the list above. Third is reflect the correct bank’s statement amount in the Statement balance (You may have deposited a cheque for 100$, but the bank statement shows 96$ after deducting charges. So the statement amount column should be changed to 96 and there will be a difference of 4).
Once you adjust the statement amount line by line, the reconciliation statement will be nothing but a mirror image of your bank statement with the ending total balance at the bottom of the screen matching your bank statment.
Then go to Function and select transfer to general journal. Select the appropriate template and batch. (NOTE: Please ensure that the journal at the receiving end is blank as it may overwrite an existing unposted journal there). Say OK. All the differences will be transferred to the general journal along with the bank account number. Verify and post the general journal. When you come back to the reconciliation statement, the difference column should all be zero (as you posted those entries through G/L).
Click the Posting Button. This should generate a reconciled statement which can then be viewed from General Ledger → reports- Bank reconciliation. Fill in the filters and you should have the bank recon. statement.
Hope it helps.
Regards, (ALWAYS SELECT A TAG WHEN POSTING ON THE FORUM. IT HELPS REACH ISSUES QUICKLY)