Import Bank Rec Transactions from old system
I may be overthinking this but wanted to see what others do when there is a need to import open bank rec transactions at golive?
The scenario is the previous system has open bank rec at the time of change over to Acumatica and the accountant wants to perform the reconciliation in Acumatica after go live. Has anyone had this come up and if so how was it handled so that the accounts are not double hit due to the trial balance import having these balances already.
I usually import it from Excel as a journal entry into the Journal Transactions screen with every line hitting the Cash account so there is no impact on the General Ledger Balance.
Let's say your book balance is $100 and your bank balance is $200 with two outstanding checks: Check #1 for $30 and Check #2 for $70.
The journal entry would have 4 lines, all with the same cash account in the Account field:
- Debit $200 (Transaction Description: Bank Balance)
- Credit $30 (Transaction Description: Check #1)
- Credit $70 (Transaction Description: Check #2)
- Credit $100 (Transaction Description: Book Balance)
I use the Transaction Description column to put in the descriptions because they will show up when you go to do your bank rec.
Then you do a "dummy" bank rec on the date of the bank balance. You reconcile the Book Balance credit above against the already existing Book Balance debit which you should have out there prior to this journal entry. That balances to $0. Then you reconcile the Bank Balance line above which matches the Bank Balance number that you enter in the Statement Balance field when doing the bank rec on the Reconciliation Statements screen.
What you are left with as being outstanding is Check #1 and Check #2 which you will reconcile on a future bank rec when they actually clear the bank.
By the way, this only works because journal entries made to cash accounts do appear in the Cash Management module which I really like in Acumatica. The system that I came from (Sage 500) doesn't do this so any journal entry made to cash doesn't appear in the Cash Management module which throws the two modules out of balance.