Posts tagged Checkbook
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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Entering Outside Payroll into GP

If you are entering Payroll information into GP without using an integration, it doesn’t need to take a lot of time or effort to enter it. What you need to do is make sure all the correct distributions are entered for your salaries expenses, and to make sure your transactions appear in your checkbook correctly.

Rather than entering a bank transaction with the corresponding expenses for each transaction that comes through your bank account related to payroll, I’ve found that it is simpler to separate the distribution entry from the bank transaction entry. This means you would enter one GL Entry related to all the payroll distributions, and then enter the corresponding bank transactions as they would appear coming out of your bank account.

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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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