Bank Reconciliation Data Entry

Summary: This article will explain how to enter Bank Reconciliation data manually, where to verify the necessary Bank Recon information, and what steps need to be taken to prevent Bank Recon issues going forward.

Bank Reconciliation

Bank Reconciliation Data Entry is an important component of the final data conversion and auditing process. Bank Reconciliation Data Entry in Vantaca entails entering statement balances as well as any uncleared or outstanding items for the associated bank accounts. The balances must be entered in the following locations:

• Association > Bank Accounts
• Accounting > Reconciliation

Bank Reconciliations (Bank Recs) can be provided in varying formats, typically a .xlsx, .csv, or .pdf. Because these are being entered manually, the format of the file is not as important as ensuring that accurate and attentive data entry is being performed. Depending on the Legacy software platform you're converting from, the formatting of the content within those files can vary widely. The most important information needed in each file is Association Name/Code, Bank Account Number, Statement Balance (sometimes this can be called GL Balance, Cleared Balance bank balance, working Balance), and any Uncleared Items that need to be entered into the system.

Process:

On the Association > Bank Accounts, a list of Bank Accounts will be displayed including operating accounts, Other DDA accounts, savings, and CD’s.

It is important that any Bank Recs being entered match the correct bank account number. There may be additional Bank Recs on hand for an account that is not in Vantaca. If this happens, we need to verify with the list of Bank Accounts that was provided in the data conversion process to understand why the account in question is not present. If the Account Information is available and needs to be present in Vantaca, then the account will need to be entered before proceeding.

Association > Bank Accounts:

1. Click the Edit button for the desired Bank Account then enter the bank statement balance and beginning date. Beginning date will always be the last day of the month prior to software activation. e.g. 9/1 clients would have a beginning date of 8/31. After entering the information, select Update.

Note: This would be the ending balance for that statement period. 

2. Ensure accurate entry of any outstanding items. Outstanding items are entered here so that the Bank Register item is created, but the GL is not impacted. This is done by completing the following steps:

1. Drill into the desired Bank Account, then Select + New Open Item.
   
2. Enter the Date and Description exactly as it is on bank rec (copy & paste), and the Check #, if present.
3. Enter the Dollar Amount. If it’s a credit amount, enter in the amount negatively (after you click on Update for a negative amount, it will appear in parentheses) if it’s a debit, enter the amount as a positive.
4. Select Update.
   
   
5. Repeat for all remaining uncleared items. 

Accounting > Reconciliation

Note: Ensure that you are in the correct association whenever you navigate to a different page in Vantaca.

1. From the dropdown menu, select the same bank account that was entered from the prior process.
   
2. Select the correct End Period, which is the month prior to the activation month.
3. Enter the same statement balance from the Association > Bank Accounts screen by selecting the Statement.
4. Select Update.
   
5. Do this for all accounts with Bank Recs within the association.

Top Tip: Duplicate your tab so you have one tab open when entering the beginning balance and outstanding items and another tab open for the reconciliation portion.