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There are two major process steps you need to follow when reconciling bank statements: 1. Load Bank Statements: You need to enter the detailed information from each bank statement, including bank account information, deposits received by the bank, and payments cleared. You can enter bank statements manually or load electronic statements that you receive directly from your bank. See: Entering Bank Statements Manually and Loading Bank Statement Open Interface. 2. Reconcile Bank Statements: Once you have entered detailed bank statement information into Cash Management, you must reconcile that information with your system transactions. Cash Management provides two methods of reconciliation:
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Automatic- Bank statement details are automatically matched and reconciled with system transactions. This method is ideally suited for bank accounts that have a high volume of transactions. See: Reconciling Bank Statements Automatically. Manual- This method requires you to manually match bank statement details with system transactions. The method is ideally suited to reconciling bank accounts that have a small volume of monthly transactions. You can also use the manual reconciliation method to reconcile any bank statement details that could not be reconciled automatically. See: Reconciling Bank Statements Manually.
Miscellaneous Transactions
During the reconciliation process, you can create miscellaneous transactions for bank-originated entries, such as bank charges and interest. You can also manually enter Payables payments or Receivables receipts. The automatic reconciliation process can be set up to create miscellaneous transactions automatically.
Clearing
When you reconcile a transaction, the transaction is first matched to bank statement details and then cleared (if uncleared). Alternatively, you can manually clear Payables payments, Receivables receipts, miscellaneous transactions, open interface transactions, and Cash Management cashflows (except for those created from bank statement lines) in Cash Management prior to reconciliation to maintain more up-to-date cash account balances. You can also use Automatic Clearing to clear receipts in Oracle Receivables.
When you clear a transaction, Cash Management assigns a cleared date, cleared amount, and status to the transaction. Accounting for the cleared transaction varies by the source. If the transaction is a payment, Payables records the accounting information but you create the accounting entries in Payables. If the transaction is a receipt or a miscellaneous transaction, Receivables automatically generates the accounting entries. If the transaction is an open interface transaction, you must customize the CE_999_PKG package to implement reconciliation accounting. You cannot clear Payroll payments, General Ledger journal entries, or Treasury settlements.
Bank Statement Detail Report Bank Statement Summary Report Bank Statements by Number Report
Submit the Payables Accounting Process. Create accounting entries for a single transaction or batch.
After the process completes, Payables produces the Accounting Entries Audit Report and Accounting Entries Exception Report. The exception report lists transactions that could not be accounted because of invalid or missing information. Prerequisites
Define Payables options for accounting information. Open the period in Payables. If you use Multiple currencies, then all foreign currency transactions require exchange rates. You can enter exchange rates manually, or submit AutoRate to automatically enter exchange rates for invoices and payments without exchange rates.
If you use future dated payments, update the status of matured future dated payments to Negotiable. To account for invoices, they must be validated. To account for payments, the invoices must already be accounted, or you must choose the All parameter to account for invoices, and then payments. Submit and review the Unaccounted Transactions Report to identify and resolve issues with your transactions that will prevent accounting.
Note: Cash Management assumes that you enter statements in chronological order, and uses this order to calculate cumulative bank account balances.
Prerequisites
Define your banks. If you plan to use the Bank Statement Import program, you need to define bank transaction codes for the bank account. Set up Receivables activities and payment methods for miscellaneous transactions. If you want to use document sequences, you or your System Administrator must set up sequential document numbering for Cash Management. Note: For document sequencing, the effective date is the statement date.
If you have enabled the Allow Adding Lines to Imported Statements feature in the System Parameters window, you can add lines to automatically-loaded statements.
Enter the opening and closing balances as needed. Enter control totals for Receipts and Payments, as well as the number of statement lines for each. Additional Information: You can compare the Control Total amounts to those displayed by Cash Management in the Line Totals tabbed region of the Statements window, to ensure the completeness and correctness of your entered bank statement. 9. Choose Lines to begin entering your statement lines. Optionally, you can save the header information now and enter the statement lines later. 10. Save your work.
When manually reconciling, you can automatically default the amount difference between the statement line amount and the transaction amount to the Charges and Errors field based on how the Tolerance Differences parameters are set. For Payables payments or payment batches, and Cash Management Cashflows:
When the Tolerance Differences parameter is set to Errors, the statement line charges amount defaults to the Charges field. The remaining amount difference between the statement line amount and the transaction amount defaults to the Errors field. When the Tolerance Differences parameter is set to Charges or is not defined the amount difference between the statement line amount and the transaction amount defaults to the Charges field.
The amount differences between the statement line amount and the transaction amount defaults to the Charges field.
for the bank information and the Currency. If you use automatic document sequence numbers, you cannot change the Document Number either. The GL date defaults to the bank statement date. You can update it, or override it on the individual payment or receipt transaction. 6. Choose Lines to see the Bank Statement Lines window. 7. Select the statement line that you want to reconcile. 8. Choose Available to search for detail or batch transactions that are available for reconciliation. 9. Enter your search criteria in the Find Transactions window. 10. Select the available detail and batch transactions that apply to the current bank statement line. 11. (Optional) Choose the Recalculate button. 12. Reconcile the available detail or batch transactions. 13. Reconcile other statement lines. 14. (Optional) Create miscellaneous transactions for bank statement transactions with no matching Payables, Receivables, or General Ledger activity. Note: Miscellaneous payments are actually handled as negative receipts by Cash Management. So, to create miscellaneous payments, you must have Oracle Receivables installed and set up. 15. (Optional) Create payments or receipts for bank statement transactions with no matching Payables or Receivables activity. 16. Reverse any NSF or rejected bank transactions. 17. Optionally, when you have reconciled all the bank statement lines, mark your bank statement as complete. 18. Save your work. 19. You can review the results of reconciliation in the following reports:
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