Bank Reconciliation - Reconciling Items

Ankita Bhavsar
Ankita Bhavsar
Third Anniversary Kudos 1 Name Dropper Facilitator 1
in Blackbaud Financial Edge NXT® General Discussions

Hi Everyone,

We're currently testing our bank recs in F/E NXT and I'm wondering, how did others account for reconciling items in order to finalize the rec?

For example: if if there is a missing journal entry for $500 that was received in the bank and not in the G/L, and the month is closed, our entry will now be posted in the next month - how are you reconciling for the difference in the current month?

I don't want anything to hit our G/L but on the report, I do wish to see outstanding reconciling items & it's descriptions.

I hope that makes sense…

Answers

  • Crystal Bruce
    Crystal Bruce admin
    Tenth Anniversary Kudos 5 Commented in Discussion First Reply

    Hi @Ankita Bhavsar I am checking with my team on this!

  • Crystal Bruce
    Crystal Bruce admin
    Tenth Anniversary Kudos 5 Commented in Discussion First Reply

    Hi @Ankita Bhavsar I did find an answer from my team:

    ".You can create bank adjustments that only hit GL or only hit the bank register, but this is more of a temporary need vs a permanent one, as you're saying that the period is (soft) closed so it won't hit until the next month. Would suggest you discuss with your auditor if it makes more sense to just open that soft closed period back up in order to post the GL amount in the correct period or if they want you making temporary adjustments that have to be reversed. It's really an organization choice."

    I know you were looking for peer to peer feedback - so, hoping more peers come forward with their process.

     

  • Ankita Bhavsar
    Ankita Bhavsar
    Third Anniversary Kudos 1 Name Dropper Facilitator 1

    Appreciate the help Crystal!

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