TechKnowledge Content
SUMMARY
This article lists the steps to set up a new checkbook in Bank Reconciliation and inactivate the existing checkbook.
MORE INFORMATION
To set up a new Checkbook in Bank Reconciliation, follow these steps:
1. Post all transactions in Payables Management, Receivables Management, Sales Order Processing, Invoicing and Payroll.
2. Click Cards, click Financial, and then click Checkbook.
3. Select an existing Checkbook and then click to select the Inactive check box. Repeat this step to mark each existing Checkbook(s) as inactive.
4. Manually reconcile your last bank statement as of a specific point in time, and determine your outstanding checks and deposits.
5. Set up new checkbook: Click Cards, point to Financial, and click Checkbook, set up your new checkbook with the appropriate settings, and enter your Last Reconciled Balance and Last Reconciled Date from the last bank statement reconciled manually.
6. Turn off posting to General Ledger: Click Tools, point to Setup, point to Posting, and click Posting, select Financial as the Series, select Bank Transaction Entry as the Origin, unmark the Post to General Ledger check box, and then click Save. Repeat this step to de-select the Post to General Ledger check box for the Bank Deposit Entry window and then click OK to exit the window.
7. Enter outstanding checks: Click Transactions, point to Financial, and click Bank Transactions, enter your outstanding checks, and then click Post. Repeat this step to enter and post all outstanding checks, click X to close the window, and then click OK to print the Bank Reconciliation Posting Journal.
8. Enter outstanding deposits: Click Transactions, point to Financial, and click Bank Deposits, enter your outstanding deposits, and then click Post. Repeat this step to enter and post all outstanding deposits, click X to close the window, and then click OK to print the Bank Reconciliation Posting Journal.
9. Click Cards, point to Financial, click Checkbook, and then compare the Checkbook Balance to the Cash Account Balance. The two balances must equal for that point in time.
11. Turn posting to GL back on: Click Tools, point to Setup, point to Posting, click Posting, select Financial as the Series, select Bank Transaction Entry as the Origin, click to select the Post to General Ledger check box, and then click Save. Repeat this step to select the Post to General Ledger check box for the Bank Deposit Entry window and then click OK to exit the window. This turns on posting to General Ledger.
12. Verify that all Customers, Vendors and Employees are set up to Use Cash Account from Checkbook.
This article was TechKnowledge Document ID:134
