Nextgen Bank Reconciliation Presented by: Carol Newton Resource 2014 Bank Reconciliation Menu Financial Management Bank Reconciliation Import Bank Statements Bank Account Transactions Export Checks Import Bank Statement Allows you to import a reconciliation file from the trustee or the bank. File Definition must be set up to match the file you receive. Allows you to browse to a location on your computer to select the file to import. Fairly seamless with few errors 1
Import Bank Statement Select Import Bank Statement Select NEW from the ribbon bar Select Import Statement Under Tasks Browse on your computer to select the file you wish to import You will receive a message when the file imports Click on the Transactions Imported tab to see the transactions. You can also print the batch under Tasks Export Checks Allows you to create files for payroll and vendor checks to send to the trustee Very few issues creating export files Can delete a batch and recreate it if needed. Can export the file multiple times Allows you to print a list of the checks being exported. Allows you to pick and choose checks you wish to include in the batch. Export Checks Select Export Checks Select NEW from ribbon bar to create a new batch Fill in criteria based on selections. Select FIND. You can also view previously exported batches View Options: Date or Batch ID 2
Export Checks Select the date, bank account, and check type Click on the Checks Tab to select or deselect checks Click Print Batch and answer YES to Save Batch Click Create Export File You will receive a message stating The Transactions have been successfully exported. Click OK. Reconcile a cash account or bank account. Multiple statements on one batch Allows for adjustments for items that may carry from one month to another Reconcile checks, deposits, and journal entries Print reports or create a PDF file and export reconciliation reports. Select Select NEW from the ribbon bar 3
Recommendation: Change your Batch ID for bank reconciliations to the month-end date When you select Add Statement, you will be prompted to save the batch. You can select multiple GL accounts when they share a bank account 4
Enter or select the statement ending date. < Enter balance from bank statement or Trustee report < Pre-populates based on account(s) selected The Description should be something to differentiate this reconciliation from others in the batch. To continue the reconciliation process, select the Transactions tab. NOTE: There is no NEXT button at this point in the reconciliation. Select Filter Transactions to bring in the transactions to reconcile. < Select transactions to reconcile by checking or un-checking the boxes 5
The goal: Difference should be zero Selecting the Difference hyperlink produces a summary report of the reconciliation. When finished, select Save and Close or Save and New on the ribbon bar. Continue adding statements and reconciling until all accounts are reconciled. HINT: Click on the hyper-link, not the box. Select statements to print. 6
Print the report or Create a PDF and save the reports to your computer Almost finished Create any necessary entries that were not completed during the reconciliation process. (This hyper-link will take you to the Transactions process.) Complete Reconciliation simply closes the reconciliation. Trouble Shooting You may have a transaction that is recorded in your General Ledger (per the Account Analysis) but does not show as a Bank Account Transaction. o Solution:IF you know the transaction has been properly accounted for, you can manually add a Bank Account Transaction for reconciliation purposes only. 7
Bank Account Transactions Bank Account Transactions Complete all information. Amount is entered in the bottom section. Then, select Save and Close on the ribbon bar. Bank Account Transactions When you go back to your Bank Reconciliation and Filter Transactions, the new transaction can now be reconciled. 8
Bank Account Transactions You can also search for Bank Account Transactions. Select Bank Account Transactions Select the View Fill in the criteria based on what you are looking for Click FIND Bank Account Transactions Bank Reconciliation Common Balancing Issues Are all transactions posted in Nextgen? Make sure there are no checks missing from the listed transactions. If you have added a new fund or sub fund it is possible transactions are hung in the Integration/Request folder between Nextgen and Flexgen. If you do not see all transactions contact LGC. Voids: Have you voided any checks in Flexgen that are not showing voided in Nextgen? You can run a voided listing from Flexgen then look up the Bank Transactions in Nextgen to verify they are showing voided. If they are not, it is possible the void is hung in the Integration/Request folder. There have been instances where the void flag is not created at all, the void transaction has hit the GL but the bank transaction does not get flagged as void. If there are no transactions hung in the Integration Request/Folder we can manually put the void date on the bank transaction. 9
Bank Reconciliation Common Balancing Issues Be sure that you have entered and posted all manual transactions necessary, such as Trustee commissions, receipts and adjustments. Verify the Direct Deposits posted by the Trustee match the Direct Deposits you have run from your Payroll Verify that you have entered the needed transactions to the correct account control and GL Account. For example, a customer used the account 142-481-11440 rather than 142-481-11140. Be sure you have selected all cash accounts or bank accounts to be included on the statement. It is easy to skip one from time to time. If you have skipped one, once you have started and saved the statement you can not add to the accounts selected. You will have to delete the statement and start over. Bank Reconciliation Common Balancing Issues Verify you have selected the correct fiscal year for the statement you are entering. Check that you have entered the correct Adjusted Cash in Bank Balance. You can run a Balance Report for only the cash account for all fund controls included on the statement. This comes in handy for funds with sub funds. You can also save this as a Filter Template. Verify your cleared checks match the Trustee or Banks cleared items Verify the Trustee s beginning balance matches their ending balance for the previous month. Verify your previous month balance still matches the balance you reconciled with. This concludes the presentation on Nextgen Bank Reconciliation. 10