Bank Account Reconciliation

By Bill Wagner

The subject I’ve been given for this Blog is one that a GM rarely has a perspective on, or for that matter rarely thinks about. That’s true unless there is an audit in progress or there is an accusation of theft or errors in the accounts payable or receivable, affecting cash flow.

This subject usually lies in the purview of the accounting department. Accounting Departments, like all of the departments in a Club have many opinions of what is the best way to accomplish “Bank Rec”.

Northstar, through communication with our Trainers, clients and engineers have created an upgraded process to achieve the Bank Reconciliation function.

A few of the features that have been added or upgraded are as follows:

  1. A simplified reconciling of AP checks, deposits and other bank transactions.
  2. Full integration of all NS Modules to fetch cash, check, credit card, and ACH in a single view for reconciliation with the bank statement.
  3. Option to journalize daily transactions into a clearing GL account which upon reconciliation, posts to the bank GL.
  4. Introduction of Deposit Groups to combine multiple transactions into a single line item on the Bank reconciliation screen.
  5. Industry standard reporting with summary and detailed views for reconciled and unreconciled transactions.
  6. Capability to save reconciliation batch and resume later.
  7. Mistakes can be corrected by undoing a finalized batch with proper authorization.
  8. All transaction selections upon undoing a batch are retained to save time and effort.
  9. Add manual journal entries, bank transactions and bank transfers direct from the new Bank Reconciliation Screen with a minimum amount of steps and clicks.