Bank Statements

The Bank Statements view allows you to maintain each Bank Statement in PointForce iTopia (PFiT) that will be used in the GL Transaction view during the reconciliation process. When you create a new Statement, you enter the opening and closing balances, outstanding debits/credits, depositor errors, the total number of transactions from the statement, and comments (as required).

• In the GL Transactions view, the transactions that are on the 'physical' bank statement are assigned this statement date.

• The system calculates the deposits in transit, outstanding checks, and outstanding postings that remain in the GL (i.e. that have a transaction date that is less than or equal to the statement date, but are not on the statement).

• In addition, the system calculates the reconciled bank balance, reconciled GL balance and reconciled variance based on the transactions assigned to the statement and the transactions that remain in the GL.

• When the reconciled variance is at zero, the bank statement is reconciled to the GL for the current statement period.

For more information on the Bank Reconciliation process, please see the Bank Reconciliation Overview topic.

The following fields are available on the Bank Statements view and are based on the order in which they appear in the grid on the search page:

• Company - every record in the PointForce iTopia SQL database includes the Company Number. When reviewing the results from your search, the Company Number will display for all Bank Statement records.

• Bank Account Code - displays the Bank Account Code to which the Statement is associated. Bank Account Codes are maintained in the Bank Master view.

• Statement Date - displays the Bank Statement Date. You cannot modify this field in the grid. If you create a Bank Statement record in error, you must delete the entire record and create a new record with the correct statement date.

• Bank Opening Balance - displays the Opening Balance from the bank statement. This field is manually entered when the statement is created and you can edit this field as required.

• Bank Closing Balance - displays the Closing Balance from the bank statement. This field is manually entered when the statement is created and you can edit this field as required.

• Deposits in Transit - calculated as all AR31 Cash Receipts (transaction type of D) and EFT transactions from IN44 (transaction type of E) that have not been assigned a statement date in the GL Transactions view and have a posting date that is less than or equal to the current statement date.

• Outstanding Checks - calculated as all checks (computer posted/transaction type of C or manual/transaction type of M) from AP43/AP51 that have not been assigned a statement date in the GL Transactions view and have a posting date that is less than or equal to the current statement date.
  • Note: Checks that have been cancelled via AP81 do not display in the GL Transactions view.

• Outstanding Postings - calculated as all journal entries from GL31 and GL80 (transaction types J and S) that have not been assigned a statement date and have a posting date that is less than or equal to the current statement date.

• Bank Errors - displays the Bank Errors that are not yet recorded on the bank statement. This field is manually entered when the statement is created and you can edit this field as required. You can enter a negative value in this field if the bank error removes money from your GL.

• Reconciled Bank Balance - calculated as the (Bank Closing Balance) + (Deposits in Transit) - (Outstanding Checks) +/- (Bank Errors).

• GL Closing Balance - calculated as the balance in the GL Transactions view (opening balance +/- all GL transactions in BRTRANS file) as of the current statement date.

• Bank Statement Unrecorded Credit Amount - displays the credit 'items' from the current Bank Statement that are not yet in the GL. For example, the bank charges, monthly fees or other credits that are not recorded by the depositor. This field is manually entered when the statement is created and you can edit this field as required.
  • As part of standard accounting procedures, these unrecorded credits will be added to the GL by GL30/GL31 transactions. Once the current statement date is assigned to these transactions in the GL Transactions view, you must update this field to zero. Failure to do so will result in a duplication of these transactions in the bank reconciliation for the current statement date. For more information, see the Bank Reconciliation Overview topic.

• Bank Statement Unrecorded Debit Amount - displays the debit 'items' from the current Bank Statement that are not yet in the GL. For example, interest or additions/debits by the bank that are not recorded by the depositor. This field is manually entered when the statement is created and you can edit this field as required.
  • As part of standard accounting procedures, these unrecorded debits will be added to the GL by GL30/GL31 transactions. Once the current statement date is assigned to these transactions in the GL Transactions view, you must update this field to zero. Failure to do so will result in a duplication of these transactions in the bank reconciliation for the current statement date. For more information, see the Bank Reconciliation Overview topic.

• Depositor Errors - displays the Depositor Errors from the bank statement. This field is manually entered when the statement is created and you can edit this field as required. You can enter a negative value in this field as required.
  • As part of standard accounting procedures, the depositor errors will be added to the GL by GL30/GL31 transactions. Once the current statement date is assigned to these transactions in the GL Transactions view, you must update this field to zero. Failure to do so will result in a duplication of these transactions in the bank reconciliation for the current statement date. For more information, see the Bank Reconciliation Overview topic.

• Reconciled GL Balance - is calculated as the (GL Closing Balance) - (Bank Statement Unrecorded Credit Amount) + (Bank Statement Unrecorded Debit Amount) +/- (Depositor Errors).

• Reconciled Variance - is calculated as the difference between "Reconciled Bank Balance" and the "Reconciled GL Balance". The variance will always be a positive number.

• Reconciled - if the Bank Statement is reconciled, set this field to 'Yes'.
  • Once the Bank Statement record is flagged as reconciled, all of the transactions in the GL Transaction view that have been assigned to that statement date are automatically flagged as reconciled.

  • Once a Bank Statement is flagged as reconciled, you can no longer assign the statement date to a transaction in the GL Transaction view.

  • In order to assign a reconciled Bank Statement to a transaction in the GL Transactions view, you must reset the Reconciled field to 'no'. You can then assign the statement date to transactions as required.

• Comment - displays the comment entered for the Bank Statement. This field is manually entered when the statement is created and you can edit this field as required. You can enter a maximum of 8,000 characters in this field.

• Total Stmt Trans. - displays the number of transactions entered for the current statement. You can edit this field as required.

• Total Rec. Trans. - displays a count of all transactions in the GL Transactions view that have been assigned to the current statement date.

For information on the functionality of each button on the Bank Statement Search Criteria Results/Grid page, click here.