Classic Bank Reconciliation - Calculating the GL Book Balance

The bank reconciliation record says the GL Book Balance is XYZ which is incorrect. How do I correct the GL Book Balance.

• Cash Management
• Classic Bank Reconciliation
• Bank Reconciliation
• GL Book Balance
• Book Balance

The GL Book Balance is a calculation:

1.  All Journals posted
2. To the General Ledger Accounts that are tied to the Bank code/Bank Account
3. Within the Effective date range - From: first day of the Year  Ends: last day on the Bank reconciliation record

Account Inquiry can be used to verify the sum of the Journals posted for the Bank Reconciliation timeframe. 

• Current year or Prior year GL Book Balance validation: verify
  1. Verify the beginning date and end date of the Bank Reconciliation Record date range. (Example: the Bank reconciliation date range is 02/01/2020-02/28/2020)

 MUNIS > Financials > Cash Management > Bank Reconciliation > Bank Reconciliation

b. Click Search

c. Type in the Bank Code, Bank Account and Effective dates

d. Click Accept

e. Note the Reconciliation Date Range on the Reconciliation Record (Example: 02/01/2020-02/28/2020)

MUNIS > Financials > General Ledger Menu > Set up Chart of Accounts > General Ledger Settings

                     a. Note the Fiscal year date range and verify what year the Reconciliation Date Range from above would fall under. Current year or Prior Year?

(Example: if the sites fiscal year date range runs from July to June typically the beginning date and end dates of the year are 07/01/XXXX-06/30/XXXX. For a Reconciliation Date Range of 02/01/2020-02/28/2020 these dates would fall in a Fiscal Year Date range of 07/01/2019 - 06/31/2020)

       3.  Determine the GL Accounts associated with the Bank Reconciliation Records Bank code Bank Account. 

                    MUNIS > Cash Management > Bank Reconciliation >  Bank  Codes

a. Click Search

b. Type in Bank Code

c. Click Accept

d. Click Accounts 

e. Scroll through and find the appropriate Bank Code Bank Account record, note if there are multiple General Ledger accounts or just one

      4. Account Inquiry (repeat for each GL Account that is associated with the Bank code Bank account) using the information from Steps 1-3 above)

1. 1. 1. Click Search
      2. Type in the Org, Obj, Project or Full Account associated with the Bank code Bank Account 
      3. Click Accept
      4. Click Detail in the Excel Ribbon
      5. In the pop up window Type in the the Fiscal year start date determined in Step 2 above. Example: 07/01/2019 
      6. In the pop up window Type in the Bank Reconciliation records end date determined in Step 1 above. Example: 02/28/2020 
      7. Make sure the year populates in correctly and no specific journals types are chosen. Beginning Period may need to be updated to Period 0. Click Accept
      8. The total that pulls in at the bottom of the screen should match the GL Book Balance on the Bank Reconciliation record

• Next year GL Book Balance validation 

Because the Start of Year Journals haven’t been posted for Next year (this only occurs once the current year is closed). There will be no Next year period 0 journal. Instead, when verifying a next year Book Balance the calculation would be:

1. Sum of all Journals posted for Current year period 0-13. Account inquiry can still be used to obtain this total.
2. Next year Journals from Period 0-the end Effective date on the Bank Reconciliation record that is being verified.
3. Sum of #1 and #2 should be the GL Book Balance for the Bank Reconciliation Record.