CM Clear Entries - Bank Reconciliation

CM Clear Entries - Bank Reconciliation

• Utilize LastPass to gain access to the online banking account
• Download transactions from the beginning of the month to the end of the month (download as an excel)
  • Save bank statement in Drop Box (Company>Administrative>Banking>Chose the correct bank and year/month)
• In vista, use CM Statement Control to open a new statement (Cash Management>Programs)
  • Click into "CM Acct #" and press F4 to find the appropriate CM account
    • If closed, adjust the statement date to the last day of the month you are reconciling
    • Change the Status to "Open" and Save

  • Update the "Statement Balance" with the ending balance on the bank statement and Save

    

• Open CM Clear Entries (Cash Management>Programs)
  • Click in to "CM Account" and press F4 to find the correct CM account
  • Press refresh and the grid will fill with all outstanding entries for this month
• Having CM Clear Entries and the bank statement side by side, clear transactions on the CM that are listed on the bank statement.
  • To clear the transaction, click the box next to the transaction
• After you have cleared all current activity, your variance will display $0 – which means your bank reconciliation has balanced

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• To close the CM account, navigate to CM Statement Control
  • The Working Balance and the Statement Balance should be the same amount
  • Under Status, click the Closed button and save
• After closing the CM Account, open CM Account Statement Report (Cash Management>Reports)
  • CM Account #: Enter CM Account number (F4 to view list)
  • Change the dates to match the month that was reconciled
  • Press Preview

• Save report in Dropbox (Company>Administrative>Banking>Chose the correct bank and year/month)

CM Outstanding Entries

This is to record bank service charges, interest, and one off transactions.

• Navigate to CM Outstanding Entries (Cash Management > Programs)
• In Batch Month field, enter same month as your Statement Control
• Click OK
• Click Enter to create new Seq
• Enter the CM Account number
• Select Type: You have 3 options. If you select:
  • 0-Adjust –Enter dollar amount as a positive to increase cash, or a negative to reduce cash
  • 1-Check – Enter dollar amount as positive to reduce cash
  • 2-Deposit – Enter dollar amount as positive to increase cash
• In Date field, enter the date of your transaction. This needs to be in your Batch Month.
  • Note: The system will auto default today’s date. You need to make sure you change this to reflect the same month as your batch month
• In CM Reference field, enter a unique number related to the transaction
• In Reference Seq. field, leave the auto fill 0. You can edit this if instructed by support
• In Amount field enter the dollar amount of your transaction (Reference Type field to know if you need a positive or negative dollar amount)
• Enter description
• In GL Account field, F4 and select GL Account
• Click Save icon
• Click File, Process Batch, Validate, Post

CM Transfers

Record transfer of money from one CM Account to another, so they are seen in Clear Entries for both CM Accounts

• Navigate to CM Transfers (Cash Management>Programs)
• In Batch Month enter the month of your Statement Date
• Click OK
• Hit Enter to create a new Seq.
• In the Transfer From Section:
  • CM Co #, enter the company that is sending money
  • CM Acct #, enter the CM Account that this amount came from
• In the Transfer To Section:
  • CM Co #, enter the company that is receiving the money
  • CM Acct #, enter the CM Account that this amount went to
• In CM Reference field, enter a unique number related to the transaction
• In Date field, enter date of transaction
  • Note: The system will auto default today’s date. You need to make sure you change this to reflect the same month as your batch month
• In Amount field, enter amount of transfer
• Enter Description for the transfer
• Click Save
• Click File, Process Batch, Validate, Click Post

Troubleshooting

• Opening a statement that has already been closed
  • Navigate to CM Statement Control (Cash Management>Programs)
  • Enter the CM Account you are opening
  • Press the Trash can to delete the current statement that is open
  • Note: There cannot be transactions cleared on the current statement
    • To unclear, go to CM Clear Entries and press "Undo"