Microsoft Dynamics GP 2013: Reconcile Bank Reconciliation to the General Ledger

how to reconcile your bank statement

Have you ever been frustrated trying to reconcile your bank statement? You simply can’t find out why your bank reconciliation is not reconciling to the General Ledger?

Well I have fantastic news for you; in Microsoft Dynamics GP 2013 you can reconcile the GL to each chequebook that is set up in the system.

Bank Reconciliation Dynamics GP 2013

In this window you would enter the date range for the transactions to include in this reconciliation.

(Financial >> Routines >> Financial >> Reconcile to GL)

Typically, reconciling to General Ledger is processed once a month, but transactions can be reconciled more or less often depending on the number of transactions in the module. The Bank Reconciliation transactions with a transaction date that is on or between the date range will be included in the reconcile.

Reconciliation information for Bank Reconciliation is saved and processed on a checkbook-by-checkbook basis!

The output file and location is module specific. After the first time you reconcile, the most recently used location for Bank Reconciliation reconciliations will be the default location.

A default file name is created for the Excel spreadsheet using the checkbook, reconciliation number

and date. This name can be changed, however, we recommend that you use a consistent naming convention and folder for all reconcile to General Ledger spreadsheets.

The key benefits of the matching process:

  • Transactions from Bank Reconciliation are matched with General Ledger distributions using the transaction source code, document number, transaction date, and payment or deposit amount. This process may take some time, depending on the number of transactions being processed.
  • Transactions are potentially matched if some, but not all, of the information matches. For example, if the source code for the transaction matches the code in General Ledger, but the transaction amounts don’t match, the transactions are considered potentially matched and will appear in that section of the spreadsheet.
  • If the transaction exists in Bank Reconciliation but not in General Ledger or vice versa, the transaction is unmatched and will appear in the Unmatched section of the spreadsheet.

If you needed to go back and look at last month’s reconciliation all you have to do is select the magnifying glass next the reconciliation field.

This window also displays the subledger and GL beginning and ending balance. Now that’s fantastic!


Category: Forex

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