Metadata: Created November 2024, Product: PAC Classic
Master the art of bank reconciliation in PAC Classic with these step-by-step instructions, covering essential requirements, setup, monthly reconciliation, and troubleshooting tips.
Requirements for PAC Classic Bank Reconciliation
Starting Date Selection
- Choose Wisely: Begin by selecting a starting date for reconciliation, typically the farthest historical point you wish to reconcile.
- Starting Balance: Determine the initial dollar figure for your account, crucial for accurate reconciliation.
Cleared Transactions
- Transaction Clearance: Identify cleared and outstanding transactions to ensure accurate reconciliation.
- Review Bank Statements: Obtain detailed, itemized bank statements for reconciliation purposes.
Setting up the Bank Reconciliation
Selecting the Starting Point
- Consider Factors: Assess factors like available historical data and bank statement records to choose an appropriate starting date.
- Gather Documentation: Collect bank statements and review outstanding checks to prepare for reconciliation.
Defining the Starting Balance
- Creation Process: Enter the starting balance as a receipt under the transactions tab, ensuring it's linked to the correct PAC organization.
- Scenario-based Definition: Depending on your situation, define the starting balance accurately to align with PAC Classic data and actual bank balance.
Defining Your Starting Balance
- Access Bank Reconciliation Module: Navigate to the Admin Tab and select PAC Support Files/Bank Accounts.
- Data Entry: Fill in required data points like date, user account, bank statement date, and bank statement amount.
- Reconciliation Process: Review uncleared transactions, clear them, and create an opening balance transaction to align PAC Classic system balance with the actual bank balance.
Monthly Bank Reconciliation
Preparation
- Compile Documentation: Gather bank statements and backup documentation for the month.
- Review Register Reports: Use Receipts and Disbursements Register Reports from PAC Classic to cross-check data before reconciliation.
Receipts Register
- Run Report: Access the Transactions tab, select Advanced Search, and generate Receipts Register Reports to compare with bank statements.
Disbursement Register
- Similar Process: Follow a similar procedure as the Receipts Register to review disbursements against bank statements.
Completing the Bank Monthly Reconciliation
- Access Bank Account: Navigate to Admin > PAC Support Files/PAC Bank Accounts and enter the closing date and amount of the bank statement.
- Clear Transactions: Mark transactions as cleared and finalize reconciliation by submitting.
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Bank Reconciliation Report
- Post-Reconciliation: Receive a PDF report of the completed reconciliation, stored within PAC Classic for future reference.
- Options Available: View or delete reconciliation reports as needed, ensuring data integrity and accuracy.
Note: Deleting a Bank Reconciliation should only be done in cases where a data problem has been found and you are planning to re-do the reconciliation with updated data or information. Once you have deleted a reconciliation it cannot be restored through the tools provided to you by Quorum.
By following these detailed steps, you can confidently navigate the bank reconciliation process in PAC Classic, ensuring financial accuracy and compliance with ease.