How do I Run the Accounts Payable Check Reconciliation Report?

To run the check reconciliation report:

1. In the Accounts Payable module, click on the Reconciliation super tab and then click on the Processes tab.
2. Select the Account Code by clicking on the magnifying glass. The Opening Bank Balance should default in correctly from last month and should match the ending balance from last month. Enter the Ending Bank Balance from your bank statement.
3. The Transactions From Date should be far enough back to include any outstanding items and the Transactions To Date should be the end of the month you are reconciling which should be the end date on your bank statement.
4. The Reconciliation Period should be the period you are reconciling. For example if you are reconciling the month of April, the beginning date of the reconciliation period is April 1, 2015 and the ending date of the reconciliation period is April 30, 2015. This should also match the statement period on your bank statement.
5. Select to sort the report by Check number or Date by clicking on the drop-down arrow.
6. If you want a list of the cleared items to print on your report, then check the Display Cleared Transactions box. If not, then un-check the box.  Tip: If this is the first time you are running the report, then be sure you entered the Opening Bank Balance on the Account tab in the Balance field prior to running the report.
7. Click OK and run the report.
8. Important: We recommend that you print this report, since it is not available to print after you have closed this reconciliation.
9. After printing and verifying all is correct, click on Mark as Closed at the top of the report to close this reconciliation.

About the Report

The report starts with the Opening Bank Balance. Then it lists the sub-totals of all the transactions that have cleared in the reconciliation period. The Calculated Ending Bank Balance is the Opening Bank Balance plus or minus the cleared transactions. The variance will be zero when the Calculated Ending Bank Balance equals the Ending Statement Bank Balance you entered to run the report.

Then there is a list of sub-totals for all of the outstanding items, which are added and subtracted from the Calculated Ending Bank Balance to determine the Ending Book Balance. The Ending Book Balance is then compared to the Consolidated Trial Balance amount from the general ledger. The variance between the Ending Book Balance and the Consolidated Trial Balance is the next amount shown.

To Mark as Closed, both variances need to be zero. The bank statement needs to be balanced, and it also needs to balance with the general ledger in FIMS. This is a new feature of Version 12.

If there is a variance to the Consolidated Trial Balance, please refer to this article:

How do I Reconcile my Accounts Payable Check Reconciliation to the General Ledger when there is a Variance?