Accounting journals and bank activity

Accounting journals and bank activity

Journal items are the individual accounting lines that make up your entries. Bank-statement import brings transactions into bank activity, where you can review each line and reconcile it with a journal item, a rule, or a manual counterpart. Reconciliation is the matching of a bank line to the accounting entry that explains it. Lock dates restrict editing for periods you have closed.

Before you start

Prerequisites

Collect the file before opening the import wizard. If the file uses columns that need mapping, have the date and amount columns identified before you begin.

Find accounting work

Accounting work is grouped under Accounting. Journal Items is under Accounting > Accounting > Journals. Import Bank Statement is also under Accounting > Accounting > Journals. Bank and Cash activity is under Accounting > Accounting > Bank and Cash, and Bank Reconciliation is under Accounting > Accounting > Bank and Cash > Bank Reconciliation. Lock Dates is under Accounting > Accounting > Actions > Lock Dates.

Steps

1. Open Accounting.

2. Choose the destination that matches your task.

   If you need to…	Choose
   Work with journal lines	Journal Items
   Upload a statement file	Import Bank Statement
   Review bank or cash activity	Bank and Cash
   Match imported bank lines	Bank Reconciliation
   Set closing restrictions	Lock Dates

Result: The selected accounting destination is open for the accounting job.

Understand the accounting screens

The Journal Items list shows the accounting lines you can inspect.

The Journal Items search offers Journal Item, Invoice Date, Date, Due Date, Discount Date, Amount, Account, Journal, Journal Entry, and Originator Tax. Its filters include Unposted, Posted, To Check, Unreconciled, Sales, Purchases, Bank, Cash, Miscellaneous, Payable, Receivable, P&L Accounts, Date, and Invoice Date. Use Group By for Journal Entry, Account, Partner, Journal, Date, Invoice Date, Taxes, or Tax Grid.

The import wizard is arranged in five steps. They are 1. Upload File, 2. Format Detection, 3. Column Mapping, 4. Preview & Validation, and 5. Import Log. Its file choices include CSV (Comma-Separated Values), CAMT.053 (European XML - ISO 20022), OFX/QFX (USA/Canada), MT940 (SWIFT), QIF (Quicken), and Auto-Detect. CSV-specific settings include CSV Delimiter, Date Format, Number Format, Has Header Row, and Skip Lines. The preview area includes Total Transactions, Duplicates Found, Validation Errors, Imported Transactions, Skipped Transactions, and Import Log.

Bank Reconciliation has a list with Date, Journal, Partner, and Amount. Its form groups the bank line and status, then provides Proposals and Add. The Add area contains Match a Document, Apply a Rule, and Manual Counterpart. Advanced matching can add Match Information, Invoice Matching, and Bank Account areas.

The reconciliation states are Nothing to Reconcile, In Progress, Ready to Validate, and Reconciled. Ready to Validate means the proposals are balanced for validation; Reconciled is the completed state.

Lock Dates contains Management Closing with Journal Entries Lock Date and Tax Lock Date, and Account Period Closing with Lock Date for All Users.

Import and review a bank statement

A bank-statement import creates bank activity from a file so that you can review its transactions and continue with reconciliation.

Prerequisites

• Have a Bank Statement File and a Bank Journal ready.
• Identify the date and amount columns if the file needs manual mapping.

Steps

1. Open Import Bank Statement.
2. Select a Bank Journal.
3. Upload the Bank Statement File.
4. Select Auto-Detect Format when the file format and mapping need to be detected.
5. Review Detected Format, Detected Encoding, Detected Delimiter, Detected Date Format, and Detected Number Format.
6. Select Preview.
7. Review Total Transactions, Duplicates Found, Preview Data, and Validation Errors.
8. Select Import after the preview data is available.
9. Review Created Statement, Imported Transactions, Skipped Transactions, and Import Log.

Result: The imported statement and its resulting bank activity are ready for review.

Review journal and bank or cash activity

Journal and bank or cash activity is where you inspect accounting lines after entries or statement transactions exist. Use the list headers and search tools to narrow the lines before opening a record.

Prerequisites

• Have a journal line or bank or cash activity to locate.
• Know whether you are looking for a posted, unposted, bank, cash, payable, or receivable line.

Steps

1. Open Journal Items or Bank and Cash.

2. Enter a search term in the search field.

3. Apply the filter that describes the line.

   If you need to find…	Choose
   Draft journal lines	Unposted
   Posted journal lines	Posted
   Lines needing matching	Unreconciled
   Bank journal lines	Bank
   Cash journal lines	Cash
   Customer receivable lines	Receivable
   Supplier payable lines	Payable

4. Open Group By and choose the grouping that matches your review.

   If you want to group by…	Choose
   The journal entry	Journal Entry
   The account	Account
   The partner	Partner
   The journal	Journal
   The posting date	Date
   The invoice date	Invoice Date
   Taxes	Taxes
   A tax grid	Tax Grid

5. Open the line whose Journal Entry, account, partner, date, or amount matches your search.

Result: The matching journal or bank activity line is open for review.

Reconcile bank lines

Reconciliation uses a document match, a rule, or a manual counterpart to clear an imported bank line against the accounting entry that explains it.

Prerequisites

• Open an unreconciled bank line.
• Have a matching document, a reconciliation rule, or the account and amount for a manual counterpart.
• For Validate, the reconciliation state must be Ready to Validate.

Steps

1. Open Bank Reconciliation.

2. Select Reconcile on an unreconciled line.

3. Choose one reconciliation route.

   If you have…	Choose
   A posted journal item to match	Select the item in Match a Document, then select Add Match.
   A saved reconciliation rule	Select the rule in Apply a Rule, then select Apply Rule.
   The account and amount for the other side	Complete Manual Counterpart, then select Add Counterpart.
   Suggested invoices	Review Invoice Matching, then select Apply Invoice Match.
   A partner bank account to connect	Review Bank Account, then select Link Bank Account.

4. Select Load / Refresh when you need to load or refresh proposals.

5. Select Reset Proposals when you need to remove the current proposals.

6. Review the reconciliation status.

7. Select Validate when the status is Ready to Validate.

8. Select Unreconcile when you need to reverse a completed reconciliation.

9. Confirm the reversal when the confirmation asks: Undo this reconciliation and restore the suspense entry?

Result: The line is reconciled after balanced validation, or the existing reconciliation is reversed after confirmation.

Set lock dates

Lock dates define the dates before which accounting or tax journal entries are restricted. Use them when a closing period must no longer be edited.

Prerequisites

• Have account manager access to Lock Dates.
• Know the dates for journal-entry, tax, and all-user closing.

Steps

1. Open Lock Dates.
2. Review Management Closing and Account Period Closing.
3. Enter the Journal Entries Lock Date.
4. Enter the Tax Lock Date.
5. Enter the Lock Date for All Users.
6. Select Save.

Result: The lock-date form saves the dates entered for the company.

When accounting work goes wrong

Use the message on screen to choose the corrective action.

What to do next

After an import, continue from Created Statement, Imported Transactions, Skipped Transactions, and Import Log. After reconciliation, use the status to distinguish In Progress, Ready to Validate, and Reconciled. After setting dates, continue accounting work with the closing restrictions in place.

Use Accounting dashboard to return to the wider accounting workspace, Accounts, taxes, and currencies when setup is needed, or Reports and audit work when the reviewed activity must support a report or audit task.