Reconciling Bank Statements

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Who reconciles your organization’s bank statements and can you tie back to the bank’s cash G/L account in Financial Management? First, the person who signs checks shouldn’t be the one reconciling bank statements. If your staffing is such that it is impossible to have the desired segregation of duties, my recommendation is that you have the bank statements sent to someone else in the organization for review (unopened) before they’re delivered to the responsible person. Reconciling the statements via OpenRDA’s Bank Reconciliation module allows you to tie the book balance back to the G/L ending balance in Financial Management for the fiscal month. Doing this on a regular basis uncovers potential coding mistakes in the modules/processes that feed into the Bank Rec module so that the necessary corrections can be made before your annual audit.

Once bank statements are reconciled for the month, you should auto-archive the G/L Monthly Activity report and the Bank Reconciliation Report so that both are available for reference purposes in E-Documents. If you have level 3 of the archive module, you can also scan and attach the bank statement(s) to the bank masters.

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3 thoughts on “Reconciling Bank Statements”

  1. Dear Phyllis,

    I really like the short, concise blurbs call “Phyllis Flowers”. As a manager this helps me keep up with changes that RDA is making. Keep up the good work!

    Secondly, the visit from Mr. Dave helped make us feel like an important part of RDA’s customer base.

    Paul Sachar

    • Paul:

      Thank you for the words of encouragement. I enjoyed visiting with you and your team. It is great group. An important group. I appreciate that they want to be better at what they do. I look forward to working with all to take advantage of the many OpenRDA features we discussed. We will be in touch soon.

      Dave Davis

    • Thanks, Paul. I do enjoy writing these. And, if there’s ever a topic you want me to “blog” about, please don’t hesitate to let me know. Glad you enjoyed Dave’s visit.



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