The StreamV Bank Management system allows you to reconcile your book or general ledger cash account balances with the associated bank balances for each account. The system is designed to maintain accurate balances, so transactions should be processed in a timely manner (preferably on a daily basis). The reconciliation procedures are optimized to work with on-line banking systems, which allow you to check account balances on a daily or current basis.
The basic bank transaction and reconciliation process
• Process Accounts Receivable and Accounts Payable transactions Cash Account Transactions are processed daily using the accounts payable and accounts receivable systems. These check, deposit, and other transactions create bank records which store the transaction date, and also contain a cleared date – which is normally not loaded by the system.
• Process Bank Generated and other Bank Account transactions Activity that is not related to accounts receivable or payable activity should be entered into the system on a daily basis using the Bank Management program. These transactions can be internally generated (cash transfers, payroll entries), or externally generated (bank fees or interest payments, credit card processing charges, etc.) The transactions can be entered into the system and then cleared immediately if the transaction has already “cleared the bank”.
• Clear Transactions As transactions in the system are recognized by the bank, the bank transaction amount is verified against the amount recorded in the system. The cleared date in the associated bank records is then loaded using the Bank Management or another program. If the amounts recorded by the bank and in the system do not match, a currency adjustment can be posted , or the transaction can be corrected, or voided and re-entered, to show the actual amount.
• Compare the current Bank Balance to the current Cash Account Balance using the Bank Reconciliation program The Bank Reconciliation program allows you to compare your current general ledger or book balance for each cash account, to the Bank Balance for the account. The Bank Reconciliation program displays the current balance for the selected cash account, and it allows you to input the Bank supplied balance. The program then adjusts the bank balance by the net amount of un-cleared items and displays the difference between the book and adjusted bank balance.
• Produce Bank Reconciliation report The Bank reconciliation program allows you to produce a Bank Reconciliation report and to view prior bank reconciliation reports. The Bank Reconciliation report includes the book and bank balances from the Bank Reconciliation program and a list of the outstanding or un-cleared bank transactions for the account being reconciled.