The Cash Reconciliation function 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.
Each reconciliation process is assigned a unique batch number, and this batch number is assigned to receipts and disbursements items posted to the cash account during the period noted on your bank statement. The system allows you to assign the batch number to a group of transactions in a single step, or you can assign the batch number to one transaction at a time. The system also allows you to remove the batch number, as necessary.
As you assign and/or remove the batch number to transactions, the system automatically calculates the difference in balance amounts recorded on your bank statement and in the Veracross system. When this difference nets to zero, you will have successfully reconciled your cash account for that period.
After a successful reconciliation, the Veracross batch must be marked “complete” to allow for the initiation of new batches when future bank statements are received.
Creating a Cash Reconciliation Batch
To create a new cash reconciliation batch:
- Click the “Cash Reconciliation” item on the Cash Processing homepage.
- Enter the GL cash account associated with the bank account you wish to reconcile
- Enter the beginning and ending dates of the statement period.
- Enter the beginning and ending account balances recorded on the statement.
- Click Add Bank Reconciliation when done.
The system will perform calculations for the specified GL account during the period indicated on the screen, the results of which will be recorded in the middle column of the display, and you will then be able to begin reconciliation.
Opening an Existing Cash Reconciliation Batch
It is not expected or required that you complete a reconciliation batch in a single session at your computer. In circumstances where you do not complete your reconciliation, simply click the “Close” button at the top of the display (see illustration above).
When you wish to continue with your reconciliation of a specific batch, you must first run a query to locate the batch of interest. Click Cash Reconciliation Log on the Cash Processinghomepage. If desired, modify the query design and/or criteria, and then run the query, the results of which will list all reconciliation batches that satisfy your selection criteria. Find the desired batch, and click on the Reconciliation Batch 49 number you wish to continue processing. In the example here, the user can continue processing batch #5 by clicking directly on that number.