We need a *posted* bank reconciliation report that can be used during financial audit. The report has to be able to be printed after the bank rec is posted, accountants need to have a report after the rec is posted. Auditors need to show how to get from the bank statement to the General Ledger account balance for the bank.
The process for bank rec in the WW is great and lacks just a little bit but it is enough that makes many companies choose the North Am bank rec.
The good features about North Am bank rec are that you can do two things that are required for everyone's month-end in prep for financial audits:
* Balance to the GL as of month end. (WW balances to the current balance of GL acct)
* Show outstanding checks/deposits so that we can prove how the bank statement balances to our GL balance. There will always be transactions posted in BC that are not posted yet at the bank.
Call me or any other accountant with any questions. You can also look at the North Am posted report.
Comments
@Karen - thank you!
Category: Financial Management
@Michelle - Thanks for catching me using slang - WW = WorldWide, eg WW1 versus having the NA North America report or database or whatever.
Category: Financial Management
This may be silly, but what does WW mean?
Category: Financial Management
@Gina I agree with the clarification. I'd written balance at month end but a better description is to enter the ending date of the bank statement.
Category: Financial Management
The report of the Posted Bank Reconciliation created with the Bank Reconciliation Worksheet on the North American Version (10408?), has the information that is needed for audit purposes. It shows the matching of the G/L balance to the Bank Statement Balance, all transactions posted in the bank rec, and all transactions that are outstanding up to the bank rec (statement) date. This report should also be available for the posted bank reconciliations that are done with the Automatch user interface. Currently, only the Statement report is available, which is not very useful for audit purposes in North America. The Test Report on the Automatch version is similar to the Posted Bank Reconciliation report, but I have found the following issues on some versions: 1) the g/l balance does not match the bank statement balance, 2) it lists as outstanding all posted transactions, not just the ones up to the statement date, 3) cannot be printed after posting.
Category: Financial Management
And can I add that a cutoff date for the reconciliation would be helpful? If we enter a cutoff date, no trx after that date will appear in the reconciliation, thus allowing us to balance to the GL also.
Category: Financial Management
Business Central Team (administrator)