Bank Reconciliation Tab
The Bank Reconciliation tab allows the organization to specify their bank reconciliation options. To access the tab in Company FM Settings, go to Maintenance > Financial Management > Company FM Settings.
- Select an ACH Clearinghouse Bank. This field is populated with all banks defined in the system.
- Select a Payment Reconciliation Method to use for bank reconciliation purposes. The options are:
- Payment Processing—By selecting this option, users can reconcile payments via the Financial Management > Payment Processing > Reconciliation page, but cannot use the Bank Reconciliation module to reconcile their bank accounts. This option assumes your organization is not currently LIVE on the Bank Reconciliation module, but would like to reconcile payments on the system. Previously, this option was only available when the Bank Reconciliation license was turned off. It is now available for Bank Reconciliation users.
- Bank Reconciliation-Monthly Reconciliation—By selecting this option, the payment reconciliation process acts as it currently does on the system. Users can create Bank Account Reconciliation batches and reconcile their payments within these batches.
- Bank Reconciliation-Daily Reconciliation—By selecting this option, users have the ability to use the Payment Processing > Reconciliation menu to reconcile payments, but also have the ability to use the Bank Reconciliation module to reconcile their bank accounts. This method should be used by organizations who would like to reconcile payments on the system on a daily basis without having to create a Bank Account Reconciliation batch at that time. The Bank Account Reconciliation Batch can then be created at the end of the applicable month. Users then have the ability to associate these reconciled payments with the batch.
After you enter all of the appropriate options, click Save to store these settings.
Click Reset at any time to return to the previous state the page was in when the page was last saved.
To print the system settings, click Print. On the Company FM Settings Listing dialog box, click OK to submit the listing to myReports.