SMART Finance Related News
My bank reconciliation doesn’t balance, now what? How do I find what is causing the variance? Here are some tips to help you find the variance. If after going through these tips, you still can’t get it to balance, reach out to the finance team. We're here to help! 1. Check the prior month’s reconciliation worksheet to see if you had any adjustments that have not cleared the bank. Do these need to be added back in? Why didn’t they clear? 2. Are there any payments that have not been posted? Go to Finance> Accounts Payable> Payment Detail Summary. In the period field, input less than the next period. For example, if completing the reconciliation for December you would input < 20xx07 and a zero in the JE Code Column. Click Find. If there are any unposted payments, they will show up here. 3. Have all checks been updated with check numbers? Go to Finance> Accounts Payable> Payment Summary. In Pay Type, select Check from the drop down and in the printed column, select No. Click on Find. If you have any checks that were not updated with the check number, they will show up here. These will need to be updated with check number. Please reach out to the Region 1 Finance Team for help on this. a. Are there unposted receipts or deposits? Finance> Accounts Receivable> Receipt Detail Summary. In the period field, input less than the next period. For example, if completing the reconciliation for December you would input < 20xx07 and a zero in the JE Code Column. Click Find. 4. Have all the payroll GL’s been created and posted? Go to Finance > General Ledger > Journal Entry Summary. In the Period field, enter the period reconciling and in the Source field choose SHR from the drop down list. Then click find/retrieve. If the GLs have been created in payroll, you should see data here. If the GL’s have not been created in payroll there will be no data. 5. Did you have any posted manual journal entries that would have hit cash?