INFORMATION:  

 

Bank Recon – Step # 3   Deposits

 

PROCESS:

 

From Bank Recon > Bank Recon > Step 3 

 

 

 

Step # 3 lists the Deposits that have been posted in SchoolFunds Online.

 

Compare these deposits with the deposits listed on the bank statement and select the “cleared deposits.”

 

  • To select a Deposit, click in the Select column with the mouse and a check mark will appear.

 

As the deposits are selected, you will notice a Deposit Count and a Total Amount that should match the bank statement totals. 

 

  • Note:   If there are any other credit amounts on the bank statement that you have posted as Journal Entries in SFO, the bank statement’s deposit amount will be more than the Total number of deposits amount being displayed on Step 3. 

 

  • Examples of these credit amounts could include:  Bank Interest, Returned Check redeposits, ACH Deposits, bank error correction credits.   

 

  • The posted JE amounts are calculated in the Receipts and Disbursements Report Ending Asset Balance on Step # 7, but are not calculated into the Total number of deposits amount on Step 3.  

 

  • You will still balance in the end if you have posted the appropriate journal entries for these credit items. 

 

 

Deposits dated on or before the statement date that do not have a check mark will total and appear in the blue and white grid as Deposits in Transit.  

 

After selecting all the cleared deposits, you may click on Print DIT to print the Deposits in Transit report.  

 

You may also click on Print Cleared Deposits to print the list of Cleared Deposits.  

 

These reports can also be printed at the end of the reconciliation if you choose Generate All Recon Reports from Step # 7. 

 

When ready to proceed, click on the Next Step button to continue.