NetCash Reconcile Page
OVERVIEW
Bank reconciliations can be done daily, weekly, or monthly depending on the size of your operations and the desired timing of data visibility. To assist with the reconciliation process for individual bank accounts, Netgain has developed the reconcile page.
STEP BY STEP PROCESS
Navigate to NetCash > Bank > Reconcile
Select the Account and Reconciliation Date
Enter the Statement Ending Balance from the Bank Statement
On the left side of the screen the system will calculate the ending balance using the prior reconciled bank balance and the bank activity since the last balance
If the Difference is not 0, then this means that the bank account has not been fully reconciled and matches are not complete
On the right side there is a line for the Bank Balance, GL balance, and the difference between the two balances as of the reconciliation date selected.
If the Difference is not 0, then this may mean that there are transactions that need to be created on the GL side or there are some outstanding checks/deposits that haven't hit the bank side yet and may require further investigation.
If all differences have a 0 balance , then select the Mark Complete or Submit for Review button
If no review is required, the system will now show who prepared the reconciliation, a status of complete, the last reconciled date, and the last reconciled amount
If it is desired for another individual to review the reconciliation then this needs to be configured on the NetCash Go-Live Bank Page, once configured, this individual can complete the following steps:
Navigate to NetCash > Bank > Reconcile
Select the Account and Reconciliation Date
Select Approve or Send Back for Edits
If the reconciliation is sent back for edits it will change to a status of "Sent Back for Edits" and the preparer can submit for review again once updated
If the reconciliation is approved, it will change to a status of "Completed"
Balance Sheet Timing Differences Section
The GL Balance on the reconcile page is based on GL Transaction Date not GL Posting Period. In situations where there is a transaction dated on or before the reconciliation date but with a posting period after the reconciliation date, then reporting based on the GL Posting Period will not match the GL Balance shown in NetCash. The Balance Sheet Timing Differences Section displays both the GL Balance per Transaction date and the GL Balance per Posting period to highlight those differences, which we call the GL Timing Mismatch. Users can click the GL Timing Mismatch amount to be taken to a report that list all the transactions causing the difference.
Below is a quick walkthrough of the Balance Sheet Timing Differences.