Additional Information for Bank Recon steps

 

INFORMATION:  

 

Bank Recon – Step 4 – Checks

 

PROCESS:

 

From Bank Recon > Bank Recon > Step 4 

 

 

 

 

Step # 4 lists the Checks that have posted in SchoolFunds Online.  

 

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

 

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

 

As the checks are selected, you will notice a Total Number of Checks with a count and a total amount that should match the bank statement totals. 

 

  • Note:   If there are any other debit amounts on the bank statement that you have posted as Journal Entries in SFO, the bank statement’s check amount will be more than the Total number of checks amount being displayed on Step # 4. 

 

  • Examples of these debit amounts could include:  Bank Charges, Returned Check chargeback debits, ACH payments, bank error correction debits.  

 

  • 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 checks amount on Step # 4.  

 

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

 

Checks 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 Outstanding Checks.  

 

You may also clear “Old Outstanding Checks” from this step.  

  • “Old Outstanding Checks” are checks that were outstanding when SchoolFunds Online was initially set-up.

 

 

  • Click the View Old Checks button to see a listing of these checks.
  • Select the appropriate check as cleared.

 

 

  • To return to the list of current checks, click the View Current button.
  • Once all “Old Outstanding Checks” have been cleared, the View Old Checks button will no longer be visible.  

 

Once all the cleared checks have been selected, you may click on Print Out Checks to print the list of Outstanding Checks. 

 

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

 

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.