This presentation is part of the "Become a Product Pro" series of Fuel Good 2018.

1. Bank Reconciliation Deep Dive
Jeff Rintoul

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YOUR PRESENTER
Jeff Rintoul CPA CA PMP
Senior Application Consultant
Finance Applications
Joined Sparkrock in 2011

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1. End to end bank reconciliation steps
2. What’s new
3. CAD bank account reconciliation
4. USD bank account reconciliation
5. Questions
AGENDA

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End-to-End
Reconciliation Steps

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Overview
• We will be comparing Nav GL entries to bank statement transactions
• When the GL Account card is set to prevent direct posting, the bank account
ledger entries will be the same as GL entries
• To support Nav bank reconciliation, a separate GL account card should be
created for each bank statement account number

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Steps – Preparation for Reconciliation
• Download the bank statement from your bank
• Use GJ (import from excel) to post into NAV the bank charges and other auto withdrawals &
deposits
• Use Cash Receipts Journal to apply deposits to SI
• Use Payment Journal (Manual Cheque) to apply wires to PI
• Run Nav report Trial Balance Detail Summary for the GL acct for the bank to be reconciled
• Compare bank statement entries to Nav trial balance detail to ensure all auto bank transactions
have been posted into NAV

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GJ import from Excel
• When using dimension combination codes, the balancing entry to the bank
account must be on a second row rather than use Balancing Account type and
number
• If using cash receipt journal, there is no import from excel, but you can use
copy and past rows process a large number of deposits

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Import Bank Statement
• The import will fail if there is an unposted bank reconciliation
• Use the Sparkrock function to import from a CSV file the cleared transactions
from the bank statement to update the cleared status
• Both cheques and deposits can be imported
• CSV file requires date format of DD-MMM-YY and care must be taken if
cheque number has leading zero

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Create New Bank Reconciliation Worksheet
• Statement number will default next value
• Enter Statement Date, the GL Balance will display
• Enter Balance on Statements, the Difference will display
• Suggest Lines to populate ledger transactions into the worksheet
• Difference must be zero to allow posting
• Review cleared status of cheques, EFT, deposits and adjustments, as well as bank
statement transaction that are not yet in Nav GL to resolve Difference

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Worksheet Adjustments
• Additional adjustments can be entered in the worksheet as required
• The adjustment lines do not support entering a combo code, but all dimensions are
displayed, alternative is to use GJ import from excel for additional adjustments, and then
suggest lines to update the worksheet
• Print reconciliation test report as required to resolve differences

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Post Bank Reconciliation
• Once difference is zero
• Open status of transactions will be set following posting and automatically
included in the next reconciliation
• Review bank ledger entries to see cleared status
• Posted reconciliations can be viewed from the bank account card

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What’s New?

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What’s New
• Beginning with Nav 2015 Microsoft provided an option to import bank statements and other
bank transactions using a ‘standard’ function that is configurable rather than a customization
• Standard imports would replace the Sparkrock CSV import file
• These standard imports make use of a Microsoft partner AMC Banking which provides once
bank account for free
• If you use the standard import, then you must use the ‘worldwide’ version of reconciliation,
different format
• In summary-not yet ready for Canada

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CAD bank account
reconciliation

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End to End Walk-through
• Refer to part 1 details steps

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USD Bank Account
Reconciliation

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End to End walkthrough
• Refer to part 1 details steps
• Additional steps for currency:
• Update period and exchange rate
• Run and post Adjust Exchange Rates for Customer, Vendor and Bank
Accounts to revalue USD transactions to the period end exchange rate

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Any Questions?

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THANK YOU!
Jeff Rintoul
jrintoul@sparkrock.com
All presentations will be made available after the conference

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