First Bank Reconciliation

initital bank reconciliations the balance of a bank account is determined by summarizing all the bank activity that has occurred since the account was opened however, when converting to gravity, only a portion of the bank's historical transactions are imported, which can make it challenging to perform the initial bank reconciliation using these transactions fortunately, gravity offers a solution that allows for a seamless implementation of the first reconciliation reconciliation steps the following steps are used to prepare for the first bank reconciliation you must first do a reconciliation to close out the converted history that was previously reconciled you will have to follow these steps create the bank reconciliation header identify open transactions as of the reconciliation date mark the remaining transactions as reconciled edit the beginning balance to provide a $0 difference between bank and general ledger mark the reconciliation as complete create the bank reconciliation header first select the ending bank statement date of the last bank reconciliation in the old system if the final reconciliation was for the period ended 9/30/18, use that date for gravity’s first reconciliation select the bank account, enter the bank statement balance as of the period end date use the period end date for the ending bank statement date and the transaction cut off date the transaction cut off date is the end date to show transactions in the bank rec screen it is usually the same date as the ending bank statement date identify open transactions as of the reconciliation date in your old system identify those transactions that were still not reconciled as of the period end date those transactions must remain un reconciled or unchecked in the gravity bank reconciliation mark the remaining transactions as reconciled place checkmarks in the reconciled column of the remaining transactions to show them as reconciled depending on how many transactions were converted there may be a large volume of transactions to mark edit the beginning balance the beginning balance will have to be plugged so that the difference will equal $0 this is required for the first bank reconciliation as all the history for the bank account has not been converted use the edit button to allow the beginning balance to be updated this edit function is only available for the first bank rec for each account mark the bank reconciliation as complete once you have reviewed the item reconciled and edited the beginning balance you can mark the reconciliation as complete this will close the reconciliation and allow you to open a reconciliation for the next period create the first gravity bank reconciliation once you have completed this preliminary reconciliation, you will be able to create a new bank reconciliation in gravity for the next period the closing bank balance from the last reconciliation will become the opening balance for the next one un reconciled items will carry forward to the next period for review note the first bank reconciliation may have thousands of transactions based on the years of conversion history to complete the first bank reconciliation, we recommend the following procedure create bank reconciliation header record create the bank reconciliation header record with the correct ending balance, period end and cutoff date do not mark any of the transactions as reconciled and save the header it may take some time for the screen to load create a workflow as follows category = workflow entity = journal entry line item on the workflow definition screen set available to run to “as an on demand process” deselect start when record is created add step = update, record = journal entry line item on the step set properties set reconciled = yes reconciled date = end date of first bank rec bank rec id = name of first bank rec reconciled amount = calcaulted debit save and close the update form activate the workflow using the advanced find, select the journal line items where the account = the bank account being reconciled select the lines that have been reconciled as of the first bank reconciliation and run the workflow on them open the bank reconciliation form, edit the opening balance and save and complete the bank reconciliation