Bank Reconciliation

Overview 

The Bank Reconciliation tool allows you to reconcile the transactions and balances recorded for Veracross General Ledger Cash Accounts to the statements periodically received from the bank, mark checks and deposits as “cleared,” and to record miscellaneous transactions that appear on your bank statement for items such as interest earned and bank transaction fees.

First Bank Reconciliation 

It is recommended to do a "startup" bank reconciliation for the month prior to your actual first real month on Veracross.  During this bank rec you can make sure that any legacy AP Checks or Deposit Receipts have been flagged as cleared so that when you do your actual, first bank reconciliation, no clean up items will appear.   (Please consult with your Product Area Consultant regarding the completion of "Bank Rec Zero". ) 

Training Opportunities:

Before reconciling, it may be helpful to review the following documentation article, describing the overall process on bank reconciliations, how to add one and view past bank recs.  If you have any questions, you can also reach out to your Implementation or Account Manager about Instructor Led Trainings (ILTs)  that may be available to participate in or view a recording of.

Steps:

  1. Add a Bank Rec.
  2. Clear all Disbursement and Deposit Records that appear on the Bank Statement.
  3. Complete the Bank Rec.
  4. Add any Files or Memo's to the Bank Rec.

Field Definitions of a Bank Rec:

Cash GL Accountthe cash gl account associated with the bank account you wish to reconcile
Beginning and End Statement Date:beginning and ending statement date on the statement from your bank
Stmt Beginning and Ending Balance:beginning and ending balance on the statement from your bank
Stmt Balance Change:a calculated field that displays the difference between the bank ending and beginning balances
Complete?:Set this option to YES when reconciliation for the statement period is complete.  Only one Bank Rec can be open per cash account at one time.
Cash Ending Balance the ending balance of this cash account in Veracross, for this statement period
Outstanding Deposits:the sum of uncleared deposits for this cash account, posted prior to the statement end date
Outstanding disbursements:the sum of uncleared disbursements for this cash account with check dates prior to the statement end date
Adjusted Cash Balance: ending balance less uncleared deposits plus uncleared disbursements, posted on or before the statement end date
Balance Reconciliation:the difference between the bank statement ending balance less the adjusted cash balance
Cleared Deposits:the sum of cleared deposits for this cash account
Cleared Disbursements:the sum of cleared disbursements for this cash account
Net Cleared Bank Transactions:net of all cleared accounting transactions associated with this Bank Rec.
  • Cleared Deposits - Cleared Disbursements + Total Cash JEs + Deposits via Transfer - Withdrawals via Transfer

VCPay Payout Fees:transaction and convenience fees incurred by school as part of payments processed via VC Pay.  These fees emanate from Payouts posted to this Cash account in this Reconciliation period.
Period Reconciliation Amount:calculated amount based upon Period Reconciliation Amount less Payout Fees


Where can you find Disbursements and Deposits?

Within a Bank Reconciliation, you can find the following reports that related to Disbursements and Deposits:

Uncleared Disbursements: a list of all uncleared disbursement headers for the statement period
Uncleared Disbursement Items a list of all uncleared disbursement items for the statement period
Uncleared Deposits (H):a list of all uncleared Deposit Headers  (the full payment)
Uncleared Deposits (I):a list of all uncleared Deposit Items (individual lines of a payment, if there were more than one)
Uncleared Deposits (B):a list of all uncleared Cash Receipt Batches with Deposits that need to be cleared
Cleared Disb a list of all cleared disbursement headers
 Cleared Disb (I):a list of all cleared disbursement items
Cleared Deposits (H):a list of all cleared Deposit Headers (the full payment)
Cleared Deposits (I)a list of all cleared Deposit Items (individual lines of a payment, if there were more than one)
Cleared Deposits (B)a list of all uncleared Cash Receipt Batches with Deposits that need to be cleared
  • Other Reports that can be found in the Bank Statement are, Items Cleared after Stmt Period and Cash JE's.

On the Bank Rec record, the right-hand tabs are reports that display information pertaining to the rec. 

On the Cash Processing Homepage, you can see all of your Disbursements, cleared and uncleared by selecting "Disbursement Header Listing" in the Disbursement Report section.  To view all of your Deposits, you can select the "Cash Receipt Header Listing" in the Receipt Reports section.

Locate all your Disbursements, cleared and uncleared, in the Disbursement Header Listing query


How can you clear Disbursements?

Clearing Disbursements in Batch:

  1. Within the Bank Rec, under the Mark Disbursement section, you may select any of these fields and click update:
    • Clear Disbursements?: set to clear disbursements for this cash account that are within the range indicated below.  If no begin and end check number is specified, all disbursements will be marked as cleared.
    • Unclear Disbursements?: set to "unclear" disbursements currently marked as cleared that are within the range indicated.
    • Begin Check Number: begin check number you wish to clear or unclear
    • End Check Number: end check number in range you wish to clear or unclear

Clear Disbursements in batch

Clearing Disbursements One-by-One within the Bank Rec:

  1. Within the Uncleared Disbursement Report, select the "Cleared (H)?" flag and click Update.

Clearing Disbursements on the Disbursement Record:

  1. Within the Disbursement Record, select "Cleared (H)?" on the General Tab and click Update.

How can you clear a Deposit?

Clearing Deposits in Batch:

  1. Within the Bank Rec, under the Mark Deposits section, you may select any of these fields and click update:
    • Clear Deposits?: set to clear deposits for this cash account that are within the range indicated.  If no begin and end posting date are specified, all deposits will be marked as cleared.
    • Unclear Deposits?: set to "unclear" current deposits marked as cleared that are within the range indicated.
    • Begin Posting Date: begin posting date you wish to clear or unclear
    • End Posting Date: end posting date you wish to clear or unclear
    • CR JE Reference #: if specified, only those cash receipts within this Journal Reference # will be cleared or uncleared.

Clear Deposits in batch

Clearing a Deposit One-by-One within a Bank Rec: 

  1. Within the Uncleared Deposit Report, select the "Cleared (H)?" flag and click Update.

Clearing Disbursements on the Deposit Record:

  1. Within the Deposit Record, select "Cleared (H)?" on the History/Misc Tab and click Update.

How to Complete a Bank Rec. 

Once your bank reconciliation process is finished, flag the Bank Reconciliation Record as Complete.  This will allow you to start a new bank rec. for the same bank account.  If the record is not marked as "complete", you may not generate another Bank Rec. 

(Note:  You can always re-open and continue work on a Bank Rec that is marked as "complete.  For example, if you wish to start a Bank Rec for a subsequent month so that you can start clearing items, but you are still researching  a few items for a prior Bank Rec,  you can mark the prior Bank Rec as complete, start a new Bank Rec, and then when you want to go back to the prior Bank Rec, mark the one you're currently working on as "complete" (because you can always return) and right after you flip Complete? from Yes to No on the prior Bank Rec, you must run the Action "Recalculate Totals" to make sure that you're working on the latest data.   Whenever you re-open a Bank Rec for work (flip Complete? from Yes to No) you must always run the "Recalculate Totals" option. )

Complete a Bank Rec. 

How to add Files or a Memo to the Bank Rec. 

If you are interested in adding notes or uploading files to the Bank Rec. there are two locations this can be accomplished. 

  1. On the General Tab, add an optional memo to note any variances from this month.
  2. On the Files Tab, upload a scanned copy of your Bank Statement for safe keeping in the Veracross Database.