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 


Payment Type Groupings

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

  1. Open the Payment Type Groupings window.
  2. Populate the window and view the payment type groupings already created by default.
  3. Modify the payment types to be included in a payment type group if needed by editing the table.

 

Bank Transaction Code

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

  1. Open the Bank Transaction Codes window and populate.
  2. Click New and enter the following data and save.
    Bank Transaction Code  Description  Default Code
    CHK Check Do not check box

 

Payment Institutes

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

  1. Open the Payment Institutes window and query for your payment institute
  2. Select the Use Value date for Matching check box.
  3. Select the record, right-click and click Value Date Calculation to enter information on value dates for the payment institute.
  4. 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
  5. Save the information and close the Value Date Calculation window.
  6. Select the payment institute line, right-click, right-click and click Payment Methods per Institute.
  7. A new window, Payment Methods per Payment Institute will open, populated in the header with the banks you just defined.
  8. 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>
  9. Save the information and close the Payment Methods per Payment Institute window.
  10. Select the payment institute line again, right-click and click Payment Type Groupings per Payment Institute.
  11. 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.
  12. 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.
  13. Save the information.

Value Date Calculation

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

  1. Open the Payment Institutes window and query for your payment institute.
  2. Select the Use Value Date for Matching check box.
  3. Save the information.