Nextgen Bank Reconciliation

Presented by: Carol NewtonResource 2014

Bank Reconciliation Menu

• Financial Management• Bank Reconciliation

– Import Bank Statements– Reconcile Bank Accounts– Bank Account Transactions– Export Checks

Import Bank Statement

• Allows you to import a reconciliation file from the trustee or the bank.

• File Definition must be set up to match the file you receive. • Allows you to browse to a location on your computer to

select the file to import. • Fairly seamless with few errors

Import Bank Statement• Select Import Bank Statement• Select NEW from the ribbon bar• Select Import Statement Under Tasks

• Browse on your computer to select the file you wish to import

•You will receive a message when the file imports

•Click on the Transactions Imported tab to see the transactions.

•You can also print the batch under Tasks

Export Checks

• Allows you to create files for payroll and vendor checks to send to the trustee

• Very few issues creating export files• Can delete a batch and recreate it if needed.• Can export the file multiple times• Allows you to print a list of the checks being exported.• Allows you to pick and choose checks you wish to include in the batch.

Export Checks• Select Export Checks• Select NEW from ribbon bar to create a new batch

Fill in criteria based on selections. Select FIND.• You can also view previously exported batches

View Options: Date or Batch ID

Export Checks• Select the date, bank

account, and check type• Click on the Checks Tab to

select or deselect checks• Click Print Batch and

answer YES to Save Batch• Click Create Export File• You will receive a message

stating The Transactions have been successfully exported. Click OK.

Reconcile Bank Accounts

• Reconcile a cash account or bank account.

• Multiple statements on one batch

• Allows for adjustments for items that may carry from one month to another

• Reconcile checks, deposits, and journal entries

• Print reports or create a PDF file and export reconciliation reports.

Reconcile Bank AccountsSelect Reconcile Bank Accounts

Select NEW from the ribbon bar

Reconcile Bank Accounts

Recommendation: Change your Batch ID for bank reconciliations to the month-end date

Reconcile Bank Accounts

When you select Add Statement, you will be prompted to save the batch.

Reconcile Bank Accounts

You can select multiple GL accounts when they share

a bank account

Reconcile Bank Accounts

The Description should be something to differentiate this reconciliation from others in the batch.

< Enter balance from bank statement or Trustee report

< Pre-populates based on account(s) selected

Enter or select the statement ending date.

Reconcile Bank Accounts

To continue the reconciliation process, select the Transactions tab. NOTE: There is no “NEXT” button at this point in the

reconciliation.

Reconcile Bank Accounts

Select Filter Transactions to bring in the transactions to reconcile.

< Select transactions to reconcile by checking or

un-checking the boxes

Reconcile Bank Accounts

Selecting the Difference hyper-link produces a summary

report of the reconciliation.

The goal: Difference should be zero

Reconcile Bank Accounts

When finished, select “Save and Close” or “Save and New” on the

ribbon bar.

Continue adding statements and reconciling untilall accounts are reconciled.

Reconcile Bank AccountsHINT: Click on the

hyper-link, not the box.

Select statements

to print.

Reconcile Bank Accounts

Print the reportor

Create a PDF and save the reports to your computer

Reconcile Bank Accounts

Create any necessary entries that were not completed during the reconciliation process.

(This hyper-link will take you to the Transactions process.)

Complete Reconciliation simply closes the reconciliation.

Almost finished

Trouble Shooting

• You may have a transaction that is recorded in your General Ledger (per the Account Analysis) but does not show as a Bank Account Transaction.

o Solution: IF you know the transaction has been properly accounted for, you can manually add a Bank Account Transaction for reconciliation purposes only.

Bank Account Transactions

Bank Account Transactions• Complete all information. Amount is entered in the bottom

section. Then, select Save and Close on the ribbon bar.

Bank Account TransactionsWhen you go back to your Bank Reconciliation and Filter Transactions, the new transaction can now be reconciled.

Bank Account Transactions

• Select Bank Account Transactions• Select the View

•Fill in the criteria based on what you are looking for

•Click FIND

You can also search for Bank Account Transactions.

Bank Account Transactions

Bank ReconciliationCommon Balancing Issues

• Are all transactions posted in Nextgen? Make sure there are no checks missing from the listed transactions. If you have added a new fund or sub fund it is possible transactions are hung in the Integration/Request folder between Nextgen and Flexgen. If you do not see all transactions contact LGC.

• Voids: Have you voided any checks in Flexgen that are not showing voided in Nextgen? You can run a voided listing from Flexgen then look up the Bank Transactions in Nextgen to verify they are showing voided. If they are not, it is possible the void is hung in the Integration/Request folder. There have been instances where the void flag is not created at all, the void transaction has hit the GL but the bank transaction does not get flagged as void. If there are no transactions hung in the Integration Request/Folder we can manually put the void date on the bank transaction.

Bank ReconciliationCommon Balancing Issues

• Be sure that you have entered and posted all manual transactions necessary, such as Trustee commissions, receipts and adjustments.

• Verify the Direct Deposits posted by the Trustee match the Direct Deposits you have run from your Payroll

• Verify that you have entered the needed transactions to the correct account control and GL Account. For example, a customer used the account 142-481-11440 rather than 142-481-11140.

• Be sure you have selected all cash accounts or bank accounts to be included on the statement. It is easy to skip one from time to time. If you have skipped one, once you have started and saved the statement you can not add to the accounts selected. You will have to delete the statement and start over.

•Verify you have selected the correct fiscal year for the statement you are entering. •Check that you have entered the correct Adjusted Cash in Bank Balance. You can run a Balance Report for only the cash account for all fund controls included on the statement. This comes in handy for funds with sub funds. You can also save this as a Filter Template.•Verify your cleared checks match the Trustee or Banks cleared items•Verify the Trustee’s beginning balance matches their ending balance for the previous month.•Verify your previous month balance still matches the balance you reconciled with.

Bank ReconciliationCommon Balancing Issues

This concludes the presentation on Nextgen Bank Reconciliation.