02 Jan 2016

A Systematic Approach to Bank Reconciliations in CaseLink Web

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The Bank Reconciliation tool in CaseLink Web provides a fully online method for reconciling bank accounts of the estates you manage on a monthly basis. The Bank Reconciliation screen (Banking > Bank Reconciliation) has a tabbed interface that groups accounts into one of five options, providing a systematic process for reconciling accounts:

  1. Ready to Approve: Displays balanced accounts for the current month that have a $0.00 unreconciled difference between the ledger balance and available bank balance. All processed transactions for the current statement period have been properly matched or adjusted, and the account is available to reconcile.
  2. Needs Attention: Displays accounts that have a discrepancy between the ledger balance and the available bank balance within the current statement period.
  3. Ready to Approve – Older: Displays balanced accounts for the current month that have a $0.00 unreconciled difference between the ledger balance and available bank balance. All processed transactions for any months prior to the current statement period have been properly matched or adjusted, and the account is available to reconcile.
  4. Needs Attention – Older: Displays accounts that have a discrepancy between the ledger balance and the available bank balance for any months prior to the current statement period.
  5. Opt Out: Displays any accounts that you have chosen to opt out of reconciling through CaseLink Web.

In most cases, you’ll be using the “Ready to Approve” and “Needs Attention” tabs. We’ll show you how to use these two tabs to reconcile your accounts and discuss how to do so efficiently. If you have accounts that appear in the “Ready to Approve – Older” or “Needs Attention – Older” tabs, the process is the same as for the current month.

First things first: Start with the Needs Attention tab

When you open the Bank Reconciliation screen, the default view is the “Ready to Approve” tab. Before you tackle items under the “Ready to Approve” tab, you’ll want to first address any items under the “Needs Attention” tab.

It is important to understand that both the “Needs Attention” and the “Ready to Approve” tabs cover the current statement period. If you wait until after the last day of the current month to reconcile, items listed under the “Needs Attention” and “Ready to Approve” tabs will move to the “Needs Attention – Older” and “Ready to Approve – Older” tabs on the first day of the following month.

When items show up under the “Needs Attention” tab, they will need to be matched to a transaction. Once they are matched, the account will move from the “Needs Attention” tab to the “Ready to Approve” tab so it can be approved for reconciliation. Typical items that may be shown in this tab include:

  • Return Deposits
  • ACH Transactions
  • Amounts processed at the bank that do not match amounts entered into ledger.
  • Checks or Deposits that were picked up with the incorrect reference number. For example, if the other bank’s scanner picked up Check 101 as Check 11, or Deposit #100001 was credited as Deposit #10001.

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You can identify the number of unmatched transactions for an account by looking at the “Unmatched Bank Txn” and “Unmatched Ledger Txn” columns. To match these transactions, click on the “Details” link in the “Reconcile” column. This will open the Account Reconciliation screen.

At the top of the screen, you will see the “Statement Date” and the “Unreconciled Difference.” The “Statement Date” will reflect the “Unreconciled Difference” for that month. The “Unreconciled Difference” will update as you match transactions. When the “Unreconciled Difference” amount is $0.00, you have successfully matched all transactions for that month.

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To match transactions, check one (or more) transaction(s) from the “Ledger Transactions” column and the correlating transaction from the “Bank Transactions” column, then choose “Match Transactions” from the “Select Action” drop-down menu.

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Once you have matched all transactions, return to the Bank Reconciliation screen where the account will have moved from the “Needs Attention” tab to the “Ready to Approve” tab. You are now prepared to reconcile accounts for the current month.

NOTE: If you reconcile prior to the last day of the current month, items that need attention may still come in through the last day of the month. In this case, you will need to revisit the “Needs Attention” tab to address those transactions. If you do not address them in the current month, they will move to the “Needs Attention – Older” tab on the first day of the following month.

Reconciling Accounts in the Ready to Approve tab

When you open the “Ready to Approve” tab, you will see the “Recon Thru Date” column, which shows the most recent reconciliation date of the account. This date will either be the end of the last statement period (11/30/2015) or blank (meaning a new account opened in the month).

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To reconcile for the current month, check the box next to the “Case No.” column header and select “Approve Reconciliation” from the Select Action drop-down menu.

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If you need help with the Bank Reconciliation screen or reconciling accounts, please contact your BMS Account Manager or the BMS Banking Center.Learn More

Learn More

Watch the video tutorial on BMS University about how to use the Bank Reconciliation feature in CaseLink Web.

Bank-Recon-Vid-1To navigate to the video, log into BMS University, then go to:
Course Catalog > New CLW Users Start Here > Banking > Bank Reconciliation.

If you need a log in credentials for BMS University, click here.

 

 

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