You’ve recently implemented Acumatica as your new ERP system and now you need to reconcile your bank statements.  Reconciliations can be frustrating and time consuming especially if you have high volume and multiple accounts.  You can reconcile your statements as often as you want without having to wait until the end of the month.

To reconcile bank statements in Acumatica, go to the banking tab and click on Reconcile Statements.

Bank Reconciliation Acumatica

Click on the + to add a bank statement reconciliation and choose the cash account you wish to reconcile.  Next enter the reconciliation date and Acumatica will auto populate the Load Documents Up to field. You can also manually change this to any date that you need this to be.  If this account has been reconciled before, the beginning balance, reconciled receipts, reconciled disb., reconciled balance and difference will automatically populate.  Enter the statement balance for the date you are balancing.  Begin checking the box under reconciled column for the cleared items.  If you need to add an adjustment such as a bank charge, click Create Adjustment.

Bank Reconciliation in Acumatica

Choose they entry type in the quick transaction box and fill in the other fields as shown below.

Bank Reconciliation in Acumatica

Click on save.  The adjustment will show in the reconciliation statement with a yellow box and will not be able to be reconciled until the transaction is posted.  Click on the line with the yellow box and this will open a new window and you can go through the steps to release the transaction.  Now you will be able to check this transaction for reconciliation.  Once all the transactions are balanced and you are ready to post the reconciliation, click save.  Next click on Remove Hold and this will put the statement in the balanced status.  If you would like to attach the bank statement as backup, click on file, browse, choose the file, and click upload.  Now you are ready to click release, and this will post to the GL.

If you would like to use the auto match feature in Acumatica, you must configure the cash account to upload a bank statement.  You will need to identify the bank account number and the service to import the bank statement.

Bank Reconciliation in Acumatica

On the cash management preferences form select the Import Bank Statement to a single account check box.

Bank Reconciliation in Acumatica

Upload the file on the import bank transactions form.  The left pane displays the not yet processed transactions and these are the ones you will need to review.  The tabs on the right pane will show you possible matches and by clicking auto match you will run the auto matching process for banking transactions.  If there are transactions that are not matched you can create a document on the create payment tab.  Next click on process and this process anything that you created.  Now you can select reconcile on these transactions and release when you are ready to post to the GL.

Hope that helps! For Acumatica customizations or support, contact us today!