Open Forum

ACH Bank Reconciliation

  • 1.  ACH Bank Reconciliation

    Posted 10-03-2018 11:02 AM

    Hi Everyone,

    We are currently processing EFT/ACH payments to vendors through the AP however our bank only shows a single payment per upload on our statement.  As such, when reconciling the bank account at the end of the month, we have to manually reconcile many SL payments to one entry on the statement which can be time consuming for the user.

    Just checking out there to see if anyone else has come across this issue and if so what are your favourite work arounds to this.  I I am currently considering processing the payments to a clearing account then entering a transfer to the bank account to make reconciliation simpler.

    Thanks,




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    Darin Leanza
    Group Business Systems Analyst
    Tucker Energy Services Holdings Limited
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  • 2.  RE: ACH Bank Reconciliation

    SILVER CONTRIBUTOR
    Posted 10-03-2018 11:08 AM
    Hi Darin,

    Have you reached out to your bank to see if you could get the info in detail?  Or maybe a download from online banking?  I would have to think you could get that info from them....

    You could also do daily clearing since all the checks sent would equal the net amount from the bank.....I had a few clients that did daily clearings.....

    Thanks,
    Michael

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    Michael O'Neill
    Controller
    Eastex Telephone Cooperative
    Henderson TX
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  • 3.  RE: ACH Bank Reconciliation

    Posted 10-03-2018 11:26 AM
    Hi Michael,

    Unfortunately (to my surprise) our bank has indicated that they are unable to provide this detail in the statement/download.   We are able to get a report of the detailed information upload by upload however it is still separate from the statement and still requires reconciliation to the statement (not even a reconciling reference number is provided). 

    We have considered daily reconciliation as well which would break down the problem into smaller subsets of records making it easier to reconcile.  That said, I was hoping to avoid this as it would most likely increase the user's overall effort.

    regards,

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    Darin Leanza
    Tucker Energy Services Holdings Limited
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