High level steps of Bank reconcilation process in F&O

 

High level functional steps to perform bank reconciliation-

1. Create and post AR transactions – e.g. Free text invoices

2. Create and post AP transactions – Vendor invoices

3. Create Customer payment journal/Vendor payment journal to create bank transactions

    i)   Create customer payment journal

    ii)  Select/Mark required transaction to be posted

    iii) Validate and post the payment journal

    iv) Create vendor invoice journal and post it

    v) Create vendor payment journal by marking the posted transactions in vendor     invoice journal(Select the offset account as bank account) and post it. This will     create the records in bank transactions similar to customer payment journal.

4. Create bank statement header with selected bank account (Listed things need to be verified)

    i)   Last statement closing balance is equal to the current statement opening         balance

    ii)  Statement period should not overlap with last statement period

    iii) Create/Import bank statement lines, include bank transactions posted for     vendor and customer.

    iv) Ending balance = Opening balance + Line amount(Total)

    v)  Validate the statement

    vi) Post the statement

5. Create a new record in bank reconciliation header with bank account and the account statement that is validated.

    i)  Run matching rules from worksheet.

    ii) Mark bank transactions as reconciled.