Bank Statement Matching
The Bank Reconciliation (BK) Bank Statement (BKUPRC) page assists with the evaluation and matching of system-generated records against bank statement records.
The objective on this page is to match every bank record with a BusinessPlus record. The process specifically compares details like the Document Number, Document Type, and Amount for records from the Bank ID specified. Fields matching perfectly will be matched automatically. However, small discrepancies, even if the difference is an extra leading zero, require manually matching the pair.
Behind the scenes, data from the BK Update Bank Statement Info (BKUPBA) page (bank data) is compared with data from the BK Update Check/Deposit Info (BKUPCD) page (BusinessPlus data). Statements containing records that are not presently within BusinessPlus ought to be managed per administrative guidelines before running BK Bank Statement (BKUPRC). Typically, these records are added via BK Post New Checks From Bank File (BKUTBK) utility.
The matching process is affirming proper values are moving in and out of an account as expected. If that amount matches BusinessPlus, strong evidence supports matching. Note that the quality and quantity of records are verified within the originating subsystem during the evaluation and approval process of those transactions.
Bank Statement Selection
The BK Bank Statement page opens displaying a lookup window called Bank Statement Selection, which holds bank statements loaded into BK Update Bank Statement Info (BKUPBA) page. The visibility of the statement will depend on the status of the statement. New statements will have the status of N - New Unprocessed Statements while a partially reconciled statement will have a statement status of P - Statements Pending Approval. Approved statements may also be viewed by selecting A - Approved Statements. Double-click the desired Bank Statement to work on.
The system loads the bank statement data and auto-match system data by placing a checkmark in the Match column. Once loaded, a yellow message presents below the menu bar stating, Loaded X BUSINESSPLUS records. Loaded Y Bank Records. Time: Z minutes and ZZ seconds. (BK39), where:
X refers to records auto-matched from BKUPCD data.
Y refers to records within a statement from BK Update Bank Statement Info (BKUPBA).
Z is how much time passed while matching X and Y.
If X = Y, the statement fully auto-matched.
Once a bank statement is loaded into BKUPRC:
The top section is data from BK Update Bank Statement Info (BKUPBA) page holding bank statement data.
The middle section is from the BK Update Check/Deposit Info (BKUPCD) page holding BusinessPlus data.
The bottom section or footer area holds commands and calculations derived from data visible within the BK Bank Statement (BKUPRC) page.
Reconciliation
The reconciliation of bank documents initiates immediately after opening the statement. Auto-matched items are accounted for with a high degree of certainty; bank and BusinessPlus data agree that the matched transactions are equivalent.
Items that are not auto-matched require manual intervention to understand why the items failed to compare upon initial inspection. Research any variance within the BK Bank Statement page by using the Search feature to find the preferred match. Work in progress may be saved at any time using the Save button.
Matching Records
To agree that the pair of records matches, highlight both the bank record and BusinessPlus record, and select the Match button. This does not save the match, but temporarily unites the pair until the user clicks on either the Save or Approve button. Note that clicking the Match button and then closing the page will result in the loss of the connection; the bank record would then be unmatched. Hitting Save will save and close the statement as work-in-progress; the user has ended the reconciliation process. Return to the statement by selecting the Choose Statement button to reopen the statement.
Hitting the Save or Approve button will update the status of all the bank records holding a check mark within the Matched column. A saved or approved match is considered reconciled. Unchecked items will not impact system records (records in BKUPCD) but may update various statuses within the statement records (records in BKUPBA) with the Match Status of E (Exception). These records require research and manual matching.
After saving or approving a statement, various status fields will be updated, and additional bank details will be connected to each table within BK subsystem: BK Update Check/Deposit Info (BKUPCD) and BK Update Bank Statement Info (BKUPBA) are updated with a Cancel Date and details of how the record was reconciled.