Expense Receipts with Corporate Cards: To Reconcile Bank Statements

This activity will walk you through the process of reconciliation of a bank statement.

Story

Suppose that employees of the SweetLife Fruits & Jams company used a corporate card related to the New York Bank. At the end of January, 2023, the New York Bank sent a monthly statement. Acting as SweetLife's accountant, you will reconcile this statement and process a bill for the bank in the system.

Configuration Overview

For the purposes of this activity, the standard set of features has been enabled on the Enable/Disable Features (CS100000) form.

On the Chart of Accounts (GL202500) form, the 29000 - Corporate Credit Card account has been created. On the Cash Accounts (CA202000) form, the 29000 cash account linked to the GL account has been created.

On the Corporate Cards (CA202500) form, the 000001 - USD Corporate Card corporate card has been added, as described in Expense Receipts with Corporate Cards: Implementation Activity.

On the Vendors (AP303000) form, the NYBANK vendor account for the New York Bank has been created.

Process Overview

To reconcile a bank statement, you will first import bank transactions on the Import Bank Transactions (CA306500) form. You will match the bank transactions with the transactions in the system on the Process Bank Transactions (CA306000) form. You then will reconcile the bank statement on the Reconciliation Statements (CA302000) form. Finally, you will create a bill to pay the outstanding balance to the bank on the Bills and Adjustments (AP301000) form.

System Preparation

To prepare to perform the instructions of this activity, do the following:

1. Download the NewYorkBank_CorpCard_Transactions_January file to your computer.
2. Make sure that you have completed the Expense Receipts with Corporate Cards: To Process Expense Receipts activity.
3. Launch the MYOB Acumatica website, and sign in as Pam Brawner by using the brawner username and the 123 password.
4. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 1/31/2023. If a different date is displayed, click the Business Date menu button, and select 1/31/2023 from the calendar. For simplicity, in this activity, you will create and process all documents in the system during this business date.

Step 1: Importing Bank Transactions

To import the bank transactions, do the following:

1. Open the Import Bank Transactions (CA306500) form, and on the form toolbar, click Add New Record.
2. In the Summary area, specify the following settings:
   • Cash Account: 29000 - Corporate Credit Card
   • Start Balance Date: 1/1/2023
   • End Balance Date: 1/31/2023

   Make sure that 1/31/2023 is selected in the Statement Date box.

3. On the form toolbar, click Load Records from File ().
4. In the File Upload dialog box, which opens, select the file path to the NewYorkBank_CorpCard_Transactions_January file, and click Upload.
5. In the Common Settings dialog box, which opens, leave the default settings, and click OK.
6. In the Columns dialog box, which opens, leave the current mapping, and click OK.

   The system uploads transactions. Make sure that the value in the Calculated Balance box in the Summary area is -58.00.

7. In the Summary area, specify -58.00 in the Ending Balance box.
8. Click Save on the form toolbar.

Step 2: Matching Transactions in the System

To match the uploaded bank transactions with system documents, do the following:

1. Open the Process Bank Transactions (CA306000) form.
2. In the Summary area, select 29000 - Corporate Credit Card in the Cash Account box.
3. On the form toolbar, click Auto-Match.

   Notice that the system has found documents with transactions that match the bank statement transactions.

4. On the form toolbar, click Process.
5. On the Import Bank Transactions (CA306500) form, open the bank statement you have imported and notice that the transactions have been processed and matched—that is, the check boxes in the Matched and Processed columns are selected.

Step 3: Reconciling a Bank Statement

Reconcile the bank statement as follows:

1. Open the Reconciliation Statements (CA302000) form, and on the form toolbar, click Add New Record.
2. In the Cash Account box, select the 29000 - Corporate Credit Card account.
3. In the table, for both uploaded rows, select the Reconciled check box.
4. In the Summary area, in the Statement Balance box, specify -33.
5. On the form toolbar, click Remove Hold to assign the statement the Balanced status, and then click Release to release the statement.

Step 4: Paying the Outstanding Balance to the Bank

To create an accounts payable bill for the bank, do the following:

1. Open the Bills and Adjustments (AP301000) form, and on the table toolbar, click Add New Record.
2. In the Summary area, specify the following settings:
   • In the Vendor box, select NYBANK.
   • In the Description box, type Bank account settlement.

   Make sure that the bill date is 1/31/2023.

3. On the Details tab, add a row with the following settings:
   • Branch: HEADOFFICE
   • Ext. Cost: 33.00
   • Account: 29000 (selected by default based on vendor settings)
4. On the form toolbar, click Remove Hold to assign the bill the Balanced status, and then click Release to release the bill.

You can now pay the bill and process the related documents in the system.