Bank Accounts – Setup &...
Transcript of Bank Accounts – Setup &...
© Delphia Consulting, LLC 2003-2017 All Rights Reserved
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Bank Accounts – Setup & Reconciling
Sage HRMS February 2017
Table of Contents
Summary .......................................................................................................................................... 3
Details .............................................................................................................................................. 3 Overview of Bank Services ....................................................................................................................................................... 3 Setup of Bank Services - Steps ................................................................................................................................................. 4
Step 1 - Distribution Codes .................................................................................................................................................. 4 Step 2 – Bank Options .......................................................................................................................................................... 5 Step 3 – G/L Integration ....................................................................................................................................................... 8
Reconciling a Bank Account ................................................................................................................................................... 10 Reconcile Statements ........................................................................................................................................................ 10
Import and Reconciling OFX Statements ............................................................................................................................... 13
© Delphia Consulting, LLC 2003-2017 All Rights Reserved
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Bank Accounts – Setup & Reconciling
Sage HRMS February 2017
Summary
This article is a step-by-step guide on setting up “Bank Services” and overview of Reconciling Bank Accounts.
In This Task:
Overview of Bank Services
Steps in setup of Bank Services
Reconciling Bank Accounts
Importing OFX Statements
Reconciling OFX Statements
Posting Reconciliations
Details
OVERVIEW OF BANK SERVICES
Banks Services centralizes payments and receipts for all Sage Payroll accounting programs. It
maintains bank information, tracks payments and receipts, reverses payments, returns NSF items,
performs reconciliations with bank statements, and creates General Ledger batches for information
from bank statements and miscellaneous monthly transactions.
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Bank Accounts – Setup & Reconciling
Sage HRMS February 2017
SETUP OF BANK SERVICES - STEPS
STEP 1 - DISTRIBUTION CODES
Setup > Payroll > Bank Services > Distribution Codes
Create distribution codes for the general ledger accounts you use in back entries.
Please Note: During first-time setup it is recommended to add a distribution code called “Setup” and
use it to establish your bank account balances. You can delete this code once you have finished setting
up your bank accounts.
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Bank Accounts – Setup & Reconciling
Sage HRMS February 2017
STEP 2 – BANK OPTIONS
Setup > Payroll > Bank Services > Bank Options
COMPANY TAB
Enter contact information for Bank Services.
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Bank Accounts – Setup & Reconciling
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PROCESSING TAB
Specifiy bank code to display as default for Reconcile Statements window and in new
bank transactions.
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Bank Accounts – Setup & Reconciling
Sage HRMS February 2017
DOCUMENTS TAB
Length field - Specify the length of the transaction number (maximum is 22
characters).
Prefix and Next Number fields determine the document numbers that Bank Services
will assign to the next bank transfer and bank entry that you save. You can accept
defaults as well.
Please Note: Bank Services assigns deposit slip numbers for each bank. To find out next deposit
slip number or check number for a particular bank, check the bank record.
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Bank Accounts – Setup & Reconciling
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STEP 3 – G/L INTEGRATION
Setup > Payroll > Bank Services > G/L Integration
o This determines how Bank Services produces transactions for General Ledger from
posted Bank Transactions and specifies the data to include as the G/L Entry Description,
G/L Detail Reference, G/L Detail Description, and G/L Detail Comment fields for general
ledger transactions.
Please Note: Before changing the Create G/L Transaction option to Create transaction during
posting (if it was set to Create Transactions using the Create G/L Batch icon), print an up-to-date
copy of the G/L Transactions report, then create any outstanding transactions.
INTEGRATION TAB
Create G/L Batches – “During Posting” (automatic) , “On Request Using Create G/L
Batch Icon” (must “Create Batch”)
Create G/L Transactions By – “Create a New Batch” (recommended) – system will
create batch each time you post a reconciliation; “Adding to an Existing Batch” –
system adds to existing batch; “Creating and Posting a New Batch” – system creates
and posts a new batch immediately.
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Bank Accounts – Setup & Reconciling
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TRANSACTIONS TAB
This is to specify the type of information to use in the transaction description, detail
reference, detail description, and detail comment fields for G/L transactions.
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Bank Accounts – Setup & Reconciling
Sage HRMS February 2017
RECONCILING A BANK ACCOUNT
RECONCILE STATEMENTS
1. Payroll > Processes > Reconcile Statements
2. Select “Bank Code” for bank account that you are going to reconcile.
3. Type a description for current reconciliation in the “Reconciliation Description”.
4. Enter information on Summary tab from the bank statement before reconciling your bank
account:
a. Statement Date
b. Reconciliation Date (usually last date of fiscal period-used for reporting purposes only)
c. Click Calculate, then Save.
At this point, the “Out of Balance By” field normally displays a non-zero amount that
you need to reconcile. Use the Reconciliation Tab to reconcile the balances and
record adjustments.
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Bank Accounts – Setup & Reconciling
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RECONCILIATION TAB
Clear individual deposits and withdrawals, and reverse withdrawals.
Click Quick Clearing button if you want to clear entire ranges of withdrawals or deposits
that your bank has processed.
Click the Bank Entry button to record and post a bank transaction that does NOT exist in
Sage HRMS Payroll.
Click the Details button to see the receipts for a selected deposit that has multiple
receipts, and drill down to the original entries.
Click Save.
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Bank Accounts – Setup & Reconciling
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SUMMARY TAB
When the “Out of Balance” field displays zero, the adjusted bank balance and the
adjusted book balance are equal. You are reconciled! Compare with G/L account
balance then click Save and Close.
After reconciling a bank statement:
Print Withdrawal Status and Deposit Status reports:
o Report found in: Reports > Payroll > Bank Reports
Please Note: These reports are NOT available after you post the bank
reconciliation.
Post the reconciliation:
o Process found in: Payroll > Processes > Post Reconciliation
Print the “Bank Reconciliation” report:
o Report found in: Reports > Payroll > Bank Reports
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Bank Accounts – Setup & Reconciling
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IMPORT AND RECONCILING OFX STATEMENTS 1. Download Bank Statement
Bank must offer online services and supports the Open Financial Exchange (OFX) data
format.
Make sure your administrator assigned you the security rights to Import Bank Services Data
and Reconcile Bank Statements.
2. Import OFX Statement: Payroll > Import OFX Statements
Select “Bank Code” (from and to).
Browse to file and select “Import”
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Bank Accounts – Setup & Reconciling
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3. Payroll > Processes > Reconcile OFX Statements
Please Note: If you use OFX matching, you should enter each deposit in its own batch rather
than consolidating receipt batches and posting them all as one deposit. If you do select some
and not all the deposit transactions in a batch match, the entry in the Deposit Status column will
be “partially reconciled”.