01 Nov 2013

Time Saving Tip for Bank Reconciliations

0 Comment

Banking Tip:

Time Saving Tip for Bank Reconciliations

If not done on a regular basis (such as once a month), bank reconciliations can add numerous hours of additional work. Even with the built-in Bank Reconciliation tool, there are situations where the tool cannot match transactions listed on your bank ledger and manual updates ranging from incoming wires to deposit adjustments need to be made in order to reconcile balances fully. Since performing bank reconciliations on a monthly basis is a Chapter 7 Handbook requirement, we have a tip to help make these adjustments more manageable.

Follow the steps below to see how you can save time while staying in compliance.

To start, select the option titled ‘Bank Communication’ from the home menus shown below.

cl tb

CaseLink Office Toolbar

tw tb

TrustWorks Toolbar


The ‘Bank Activity’ screen will appear, as shown below. Click on ‘Received Items’ to invoke the two main selections (buttons) at the bottom of the screen: ‘Post to Ledger’ and ‘Mark as Reviewed’.

  • If you are going to ‘Post to Ledger’, you must wait for the wire to post to the ‘Received Items’ view. This can sometimes take anywhere from 1 to 2 days to automatically match to the banks records.
  • If you do not want to wait for the wire to post, then you would choose ‘Mark as Reviewed’. This manual process can be performed before the wire is posted. The benefit of this process is that you do not have to wait for the bank’s transaction to post; you can perform this task whenever you are ready. Either way, these two procedures keep your records and accounts in balance.


When selecting ‘Post to Ledger’ you can add a list of transactions to the ledger without having to manually type in all the information. Once you have selected a transaction, you have three main options from which to choose, they are as follows:

  • Deposit Adjustment – Deposit, Miscellaneous Credit and/or Incoming Wire
  • Disbursement Reversal – Incoming Wire, ACH Transaction (most common type of transaction)
  • Interest Credit – Interest Received

Once you have determined the transaction you want to match the ledger to, select ‘Post to Ledger’. The information placed in this box (shown below) will be added to the ledger once the entry has been saved. Keep in mind, if you already have this entry in the ledger, it will duplicate this transaction. Return to the ‘Bank Activity’ screen and mark the transaction as ‘Mark as Reviewed’, to prevent this duplication.


By selecting ‘Mark as Reviewed’, you can audit the transactions that come into your account. This portion of the process only removes the transaction from the bank communication, not from the available balance, as the transaction has already occurred. An example is when a check clears with a different check number, causing you not to receive the date of clearance. Some institutions, mainly third-party banks, read the checks rapidly, reporting them as a different check number when they appear in your bank communications. You can resolve this issue by reviewing the transaction again, under ‘Bank Activity’, and checking it ‘Mark as Reviewed’. Then, locate the transaction in the ledger and add the process date accordingly.

If you have any questions regarding Bank Communications or any Bank Activity procedures, please contact the BMS Banking Center at 800-634-7734, option 8.

Are there other questions you have about Banking? We want to know. We’ll provide the answers in next month’s newsletter.