Posts tagged Cash
Month End Reconciling Process for Cash Accounts

Reconciling your accounts each month is an important process to complete so that you have accurate and timely financials. You will want to reconcile each of your balance sheet accounts. However, I recommend focusing on the four main account types, and then working on the rest of the account. The four main account types you will want to make sure to reconcile are Cash, Accounts Receivable, Accounts Payable, and Inventory.

In this blog post I will go through the process we recommend for reconciling your cash accounts each month. In future blog posts I will review the process for Accounts Receivable, Accounts Payable, and Inventory.

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How to Reconcile a Bank Statement in Dynamics GP

Reconciling your Bank account to your checkbooks in GP is an important part of keeping your checkbooks up to date and accurate.

I recommend using the following process once a week to reconcile each of your checkbooks.

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Reconcile to General Ledger for Bank Reconciliation

In my last blog post, I wrote about what to do if your Cash Account and Checkbook Balance do not tie.  I described a process that you could use to find the discrepancies in GP 2010.

In GP 2013, they have added to the Reconcile to GL functionality. Previously this tool only worked for reconciling Payables and Receivables to the GL.  Now they have added Bank Reconciliation.

However, before you use this tool, you will first want to verify that everything has been posted through Series Post.  You will also want to make sure that there are no outstanding deposits. These are two things you will want to check when your Cash Account and Checkbook do not tie, before you use the Reconcile to GL tool.

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What Do You Do if Your Checkbook and Cash Accounts Do Not Balance?

When your Checkbook and Cash Account do not tie, it can be frustrating to figure out what has caused the discrepancy. There are a couple quick things to check before you start any time consuming research into the difference.

The first thing you will want to check is that everything has been posted through Series Post.  If you have transactions sitting in Series Post, this may account for all or part of the difference.  To check Series Post go to Financial > Transactions > Series Post.  Mark next to any unposted transactions, but watch for any monthly or recurring batches.  You will want to make sure these are unmarked before you post the rest of the transactions.

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