The bank reconciliation is one of the first month-end procedures I like to do from a completeness standpoint. Once I know all my entries are made and in the proper CM account, I then make sure they are posted to the right account. The problem with this is once you "clear" an entry and close the bank rec you have to open the bank reconciliation back up and unclear the transaction before you can fix. Then re-clear and re-close the CM statement control. It would be MUCH simpler to quickly review the GL account that the entries were posted to prior to clearing!
Mark Nastalski
| Company | Hirsch Electric, LLC |
| Job Title / Role | Controller |
| I need it... | Yesterday...Come on already |
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I vote yes
Hi Gary, thanks for your follow up. Yes, I suppose I am just referring to entries made in CM, which show up as adjustments or transfers in CM Clear Entries. I don't think I have an answer for the entries with numerous GL accounts, other than pointing out it hits multiple GL accounts. In our case, I believe each CM Outstanding Entry that is made has it's own GL account associated with it. For instance, say we record an auto-debited loan payment in CM Outstanding Entries. We have one entry for the principal and another entry for the interest. I then "clear" both entries when doing the bank reconciliation.
This might be another topic, but is it possible for the sub-ledgers to link up with one another? Allowing a drill-down into the check detail or GL details while in CM Clear Entries would be a nice feature. For example, maybe I come across a payment I am questioning. If I could quickly click on it and see some detail it would speed things up as opposed to opening up A/P, entering the vendor, month, etc etc. Or in the case of an entry hitting numerous GL accounts, you could see just what was debited & credited. Just wanted to share my ideas. Thanks!
To clarify, you are referring to the posted account used to offset the CM GL Account - correct? If so, this account is only tracked in CM when the entry is made directly in CM (e.g. Adjustment, Transfer) - not when the entry results from a sub-ledger interface such as AP or PR. A single entry from AP or PR will likely debit numerous GL Accounts - what is you expectation for these?
I vote yes
I vote yes
I vote yes.