Learn more
Once a bank account is reconciled, or balanced, you can post the bank reconciliation.
When you post, Bank Services does the following:
- Sends to the subledgers information about payments that are cleared or reversed, and deposits that are cleared.
Note: Accounts Receivable keeps the deposit information for 45 days after the fiscal period end date, in case any customer checks are subsequently returned NSF.
- Sends the reconciliation descriptions to the subledgers and to General Ledger.
- If you use select During Posting from the Create G/L Transactions list, Bank Services creates a General Ledger transaction batch for amounts that are written off and exchange gains and losses. The transactions in the batch are dated with the fiscal period end date.
Note: If you select the On Request Using Create G/L Batch Screen option from the Create G/L Transactions list, you create General Ledger transactions batches yourself.
-
For a transaction that has the status Cleared With Bank Error:
- Sends the Reconciliation Cleared Amount to the originating subledger, and sets the reconciliation status of the payment or the deposit to Cleared With Bank Error.
- Creates an entry for the error amount, and sets its status to Outstanding. The new entry uses the same check, transfer, or deposit number as the original transaction.