Bank Accounts – Setup & Reconcilinglearning-center.delphiaconsulting.com/wp-content/uploads/... · 2017-11-30 · SETUP OF BANK SERVICES - STEPS STEP 1 - DISTRIBUTION CODES Setup

Bank Accounts – Setup & Reconciling Sage HRMS February 2017

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Bank Accounts – Setup & Reconciling

Sage HRMS February 2017

Table of Contents

Summary .......................................................................................................................................... 3

Details .............................................................................................................................................. 3 Overview of Bank Services ....................................................................................................................................................... 3 Setup of Bank Services - Steps ................................................................................................................................................. 4

Step 1 - Distribution Codes .................................................................................................................................................. 4 Step 2 – Bank Options .......................................................................................................................................................... 5 Step 3 – G/L Integration ....................................................................................................................................................... 8

Reconciling a Bank Account ................................................................................................................................................... 10 Reconcile Statements ........................................................................................................................................................ 10

Import and Reconciling OFX Statements ............................................................................................................................... 13


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Summary

This article is a step-by-step guide on setting up “Bank Services” and overview of Reconciling Bank Accounts.

In This Task:

Overview of Bank Services

Steps in setup of Bank Services

Reconciling Bank Accounts

Importing OFX Statements

Reconciling OFX Statements

Posting Reconciliations

Details

OVERVIEW OF BANK SERVICES

Banks Services centralizes payments and receipts for all Sage Payroll accounting programs. It

maintains bank information, tracks payments and receipts, reverses payments, returns NSF items,

performs reconciliations with bank statements, and creates General Ledger batches for information

from bank statements and miscellaneous monthly transactions.


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SETUP OF BANK SERVICES - STEPS

STEP 1 - DISTRIBUTION CODES

Setup > Payroll > Bank Services > Distribution Codes

Create distribution codes for the general ledger accounts you use in back entries.

Please Note: During first-time setup it is recommended to add a distribution code called “Setup” and

use it to establish your bank account balances. You can delete this code once you have finished setting

up your bank accounts.


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STEP 2 – BANK OPTIONS

Setup > Payroll > Bank Services > Bank Options

COMPANY TAB

Enter contact information for Bank Services.


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PROCESSING TAB

Specifiy bank code to display as default for Reconcile Statements window and in new

bank transactions.


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DOCUMENTS TAB

Length field - Specify the length of the transaction number (maximum is 22

characters).

Prefix and Next Number fields determine the document numbers that Bank Services

will assign to the next bank transfer and bank entry that you save. You can accept

defaults as well.

Please Note: Bank Services assigns deposit slip numbers for each bank. To find out next deposit

slip number or check number for a particular bank, check the bank record.


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STEP 3 – G/L INTEGRATION

Setup > Payroll > Bank Services > G/L Integration

o This determines how Bank Services produces transactions for General Ledger from

posted Bank Transactions and specifies the data to include as the G/L Entry Description,

G/L Detail Reference, G/L Detail Description, and G/L Detail Comment fields for general

ledger transactions.

Please Note: Before changing the Create G/L Transaction option to Create transaction during

posting (if it was set to Create Transactions using the Create G/L Batch icon), print an up-to-date

copy of the G/L Transactions report, then create any outstanding transactions.

INTEGRATION TAB

Create G/L Batches – “During Posting” (automatic) , “On Request Using Create G/L

Batch Icon” (must “Create Batch”)

Create G/L Transactions By – “Create a New Batch” (recommended) – system will

create batch each time you post a reconciliation; “Adding to an Existing Batch” –

system adds to existing batch; “Creating and Posting a New Batch” – system creates

and posts a new batch immediately.


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TRANSACTIONS TAB

This is to specify the type of information to use in the transaction description, detail

reference, detail description, and detail comment fields for G/L transactions.


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RECONCILING A BANK ACCOUNT

RECONCILE STATEMENTS

1. Payroll > Processes > Reconcile Statements

2. Select “Bank Code” for bank account that you are going to reconcile.

3. Type a description for current reconciliation in the “Reconciliation Description”.

4. Enter information on Summary tab from the bank statement before reconciling your bank

account:

a. Statement Date

b. Reconciliation Date (usually last date of fiscal period-used for reporting purposes only)

c. Click Calculate, then Save.

At this point, the “Out of Balance By” field normally displays a non-zero amount that

you need to reconcile. Use the Reconciliation Tab to reconcile the balances and

record adjustments.


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RECONCILIATION TAB

Clear individual deposits and withdrawals, and reverse withdrawals.

Click Quick Clearing button if you want to clear entire ranges of withdrawals or deposits

that your bank has processed.

Click the Bank Entry button to record and post a bank transaction that does NOT exist in

Sage HRMS Payroll.

Click the Details button to see the receipts for a selected deposit that has multiple

receipts, and drill down to the original entries.

Click Save.


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SUMMARY TAB

When the “Out of Balance” field displays zero, the adjusted bank balance and the

adjusted book balance are equal. You are reconciled! Compare with G/L account

balance then click Save and Close.

After reconciling a bank statement:

Print Withdrawal Status and Deposit Status reports:

o Report found in: Reports > Payroll > Bank Reports

Please Note: These reports are NOT available after you post the bank

reconciliation.

Post the reconciliation:

o Process found in: Payroll > Processes > Post Reconciliation

Print the “Bank Reconciliation” report:

o Report found in: Reports > Payroll > Bank Reports


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IMPORT AND RECONCILING OFX STATEMENTS 1. Download Bank Statement

Bank must offer online services and supports the Open Financial Exchange (OFX) data

format.

Make sure your administrator assigned you the security rights to Import Bank Services Data

and Reconcile Bank Statements.

2. Import OFX Statement: Payroll > Import OFX Statements

Select “Bank Code” (from and to).

Browse to file and select “Import”


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3. Payroll > Processes > Reconcile OFX Statements

Please Note: If you use OFX matching, you should enter each deposit in its own batch rather

than consolidating receipt batches and posting them all as one deposit. If you do select some

and not all the deposit transactions in a batch match, the entry in the Deposit Status column will

be “partially reconciled”.

Documents

Bank Accounts – Setup & Reconcilinglearning-center.delphiaconsulting.com/wp-content/uploads/... · 2017-11-30 · SETUP OF BANK SERVICES - STEPS STEP 1 - DISTRIBUTION CODES Setup