Reconciling Bank Statements

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Scope

This procedure covers reconciling bank statements.

This procedure does not cover loading electronic bank statements.

System References

Reconciling Bank Statements Automatically [NAV3715Z]

Reconciling Bank Statements Manually [NAV3719Z]

Finding and Reconciling Available Transactions [NAV3724Z]

Changing Reconciliation Status for Statements [NAV3728Z]

Policy

Responsibility

The CM Bank Reconciliation Accountant is responsible for reconciling bank statements.

Distribution

CM Bank Reconciliation Accountant^*

Ownership

The Director of Accounting Services is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.

Activity Preface

This activity is performed after the bank statements are loaded and validated.

The AutoReconciliation process and the Bank Statement Import process are part of one program. After the Bank Statement process imports and validates the data, the AutoReconciliation process runs.

After running the program, review the AutoReconciliation Execution Report to identify any reconciliation errors. The report is produced automatically. You can also review reconciliation errors online. After correcting any reconciliation errors, run the Reconciliation Report or use the online statement inquiry to review reconciled and unreconciled statement lines. If lines remain unreconciled, you can:

update the bank statement manually and rerun the program
reconcile the statement lines manually

This procedure continues from:

Loading Electronic Bank Statements [PRO3401U].

CM Bank Reconciliation Accountant

1. Reconcile bank statements automatically.

Refer to Reconciling Bank Statement Automatically [NAV3715Z].

2. Reconcile bank statements manually.

3. Refer to Reconciling Bank Statements Manually [NAV3719Z].

If you need to change the reconciliation status of statements, goto task #4. Otherwise, goto task #5.

4. Change the Reconciliation Status of Statements.

Refer to Changing the Reconciliation Status for Statements [NAV3728Z].

5. Reviewing bank statements.

You can review bank account information and monitor reconciliation status with online inquiry.

Refer to Reviewing Bank Statements [NAV3739Z].

End of activity.

Reconciling Bank Statements: Flowchart

Effective: 07/01/01