Basic Data & Prerequisites, Bank Reconciliation—Exercises
IMPORTANT |
It is extremely important
that you set up and work within your own company and with your own customers and
suppliers to maintain your
data integrity. If you work with any other objects, your exercises will not
function as intended and the data of other students might be affected. Predictable exercise results require that your data
must be isolated in your own company. |
Main Exercises
Purpose: The payment type groups are used to group payment types that
needs to have similar attributes. They can be then used in the bank reconciliation process.
Windows:
Payment Type Groupings
- Open the Payment Type Groupings
window.
- Populate the window and view the payment type groupings already created by
default.
- Modify the payment types to be included in a payment type group if needed
by editing the table.
Purpose: This data is used by
the bank to identify the transaction type and will help the matching process
when you reconcile your cash accounts with the bank statement.
Windows:
Bank Transaction Codes
- Open the Bank Transaction Codes window and populate.
- Click New
and enter the following data and save.
Bank Transaction Code |
Description |
Default Code |
CHK |
Check |
Do not check box |
Purpose: This is used to connect the bank transaction
code you created to the payment method of the payment institute. Value date
calculation data is used to specify whether the value date functionality is to
be used for a particular payment institute or not.
Windows:
Payment Institutes
- Open the
Payment Institutes
window and query for your
payment institute
- Select the Use Value date for Matching check box.
- Select the record, right-click and click Value Date Calculation to
enter information on value dates for the payment institute.
- In the
Value Date Calculation window enter the following
information:
Bank Transaction Code |
Reference Date |
Allowed Type of Date |
Date Adjustment Factor Received |
Date Adjustment Factor Disbursed |
CHK |
Payment Date |
Only Open |
0 |
0 |
- Save the information and close the
Value Date Calculation
window.
- Select the payment institute line, right-click, right-click and
click
Payment Methods per Institute.
- A new window, Payment Methods per Payment Institute will open, populated in
the header with the banks you just defined.
- Enter the following information to connect the bank transaction code to
the payment method of the payment institute.
Payment Method |
Description |
Bank Transaction Code |
Output File Directory |
Input File Directory |
CHK |
Check |
CHK |
<space> |
<space> |
- Save the information and close the Payment Methods per Payment Institute
window.
- Select the payment institute line again, right-click and
click Payment Type Groupings per Payment Institute.
- Connect a payment type group for the institute by creating a new record in
the table and selecting the payment type group using List of Values.
- Select the payment type group you connected, right click and click Attributes
for Auto Matching. Select Ledger Item ID check box to use the
ledger item ID as the common attribute to look for in the cash transaction
and bank transaction when performing the automatic matching.
- Save the information.
Purpose: This data is used to specify whether the
value date functionality is to be used for a particular payment institute or
not.
Windows:
Payment Institutes
- Open the
Payment Institutes
window and query for your
payment institute.
- Select the Use Value Date for Matching check box.
- Save the information.