Bank Reconciliation Company Controls

Caroline Buckland Updated by Caroline Buckland

Bank Reconciliation Company Controls

The Bank Reconciliation Company Controls define the Balance Classes and Batch Types to be used during Bank Reconciliation Processing and identify the default transaction date to be used for reversing adjustment postings during the unmatching process.

Users are not required to make amendments to what is pre-configured in Financials, it is however important to understand what the Bank Reconciliation process uses to load in statement data.

The Bank Reconciliation module requires the use of two Balance Classes, which are shipped with Financials:

  • Bank Statement Balance Class - Used for the posting of the Bank Statements during the import process
  • Bank Adjustments Balance Class - Used to hold postings when a bank adjustment is selected from the manual reconciliation process

Three Batch Types are also shipped with Financials:

  • Bank Statement Batch Type - Used for the processing of the Bank Statement into the GL
  • Bank Adjustments Batch Type - Used for creating a bank adjustment transaction during the manual reconciliation process
  • GL Adjustments Batch Type – Used for posting adjustment journals to the AB Balance Class, which may arise from Statement take-on, Manual reconciliation, or the unmatching process
Unmatching Reversal Indicator

If a user un-matches a transaction that previously had an adjustment journal created, Financials will automatically generate a reversal journal. This indicator identifies the transaction date for that reversal journal. This date cannot be altered at the time of journal creation. If the company does not allow postings to a prior period, it is recommended that “current” is selected which will populate the reversal journal with today’s date. Selection of “Original” will populate the reversal transaction with the date of the original adjustment journal.

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