Bank Reconciliation Data Entry

Bank Reconciliation

Overview:

Bank Reconciliation Data Entry is an important component of the final data conversion and auditing process.  Bank Reconciliation Data Entry in Vantaca entails entering of statement balances as well as any uncleared or outstanding items for the associated bank accounts.  The balances must be entered in two unique locations.  The first is in the Association > Bank Accounts screen and the second entry is in the Accounting > Reconciliation screen

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 of paramount importance.  Rather, accurate and attentive data entry is the most important component.  Additionally, depending on the Legacy software platform 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 Bank Accounts screen (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 to the correct bank account number.  Often, 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.

When entering Bank Rec information, there are two different steps on the Bank Accounts screen:

First, click the Edit button for the desired Bank Account then enter the bank statement balance and starting date. Starting 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.

Second: 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 in the Date, the Description exactly as it is on bank rec (copy & paste), and the Check #, if present.

3. Now, enter in 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 in the amount positively

4. Select Update

5. Repeat for all remaining uncleared items. 

The second component of entering Bank Recs is done in the  Accounting > Reconciliation screen.

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

Follow the following steps to complete this component:

1. From the drop-down 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 in 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.

****Helpful hint: duplicate your tab so you have one page open for entering in the beginning balance and outstanding items and another tab open for the reconciliation portion.