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Bank Reconciliation’s recurring entry saves time (O)

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Does your bank charge the same fees each month? Or, do you have certain recurring payments automatically deducted from your bank account each month?

To save yourself time with data entry as well as a reminder to enter these monthly recurring entries in Bank Reconciliation, use the ‘Recurring Adjustment’ feature in Bank Reconciliation.

In Bank Reconciliation-> File Maintenance-> Recurring Adjustments, select the bank account for the adjustment, enter the Adjustment ID and dollar amount to be deducted. Next, enter the debit or debits that these amounts will be expensed to.

When you enter Bank Reconciliation Transactions, enter the Bank ID and the Transaction Type of Adjustment. To copy in a recurring adjustment enter an “*” with the Adjustment ID you set up in File Maintenance. (For example if you set up a recurring adjustment as FEE enter *FEE) You will then be prompted to copy in this recurring adjustment. You can then edit or leave as is before posting.

About Lillian Aaron

Lillian Aaron is inspired by small and mid-sized businesses. She understands the challenges they face and the tenacity required to build strong, growing organizations. Since 1983, Lillian has worked with businesses as a business process consultant helping them implement and support leading-edge products that drive efficiency and profitability for diverse clients. Her friendly, one-on-one consulting style helps business owners and managers feel at ease when adopting and learning new technology systems.

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