EBMS Support Center > Webinars > Reconciliation Webinar

Account Reconciliation Webinar

Online EBMS Training Event, Recorded June 25th, 2020.

This webinar includes reasons to reconcile, recommended accounts to reconcile, tips on finding discrepancies, and how to reverse incorrect adjustments in EBMS.

Positions that may find this session helpful: Accounting Admins, Financials Department Team Members, Bookkeepers, CFO's, Executive Finance Team Members, New Company Startups

Skill Level: Advanced

Q&A Recorded:

How can I print off a deposit that I already deposited? Is it possible to unprocess a deposit?

At the present time it is not possible to re-print a previous Deposit. However, as you second question mentions, you can void it and reprint it. From the reconciliation screen Highlight the Deposit and click the Void button. Remember to select the Void Date to match the date of the Deposit. Once yu are finished Voiding the Deposit will be returned to your Deposit Screen and a can be re-selected for Deposit and Printing.

We reconcile our bank accounts, credit card accounts, loans, cash accounts, and payables. Are there any other accounts you recommend to reconcile?

You are doing a thorough job of reconciling but some additional account types we reccomend to reconcile would be: Sales Tax Payable and Payroll Liabilty.

How do you view past reconciliation reports?

Open the Reconciliation screen and click the Print button. There is a box to select the Date & Teime. Click the Magnifying Glass next to that box to see previous reconciliations.

My Petty Cash reconcilliation doesn't hold the Beginning balance from the previous month, and neither does my Sales Tax. Why is this?

This could be caused by the fact that transactions were added or removed from these accounts in previous months. It is a good idea to use the Fiscal Year controls to lock down previous months once you reconcile.

The G/L account had a difference on your reconcilliation. Shouldn't this also be 0 ?

Yes, the Goal of the Account Reconciliation is a difference of $0. A difference of $0 means you have reconciled against your bank statement successfully.

If you have never reconciled a cash account and 4-5 years have past and been closed. Will this cause a problem with trying to reconcile the account?

At first you might notice that multiple years of transactions could cause the Reconciliation Window to load slowly. Also, some adjustments may need to be made to make the account match the current Cash Account. We reccomend to contact Client Support to help with clearing the transactions and making the needed adjustments.

If I create an adjustment entry in the checking reconciliation, can I edit that entry later.

The actual adjustment cannot be edited. However, a second reversing adjustment can be made. Create a new adjustment in the Reconcilation Screen using the exact same type & accounts as before and enter the amount of adjust in an amount negative the original amount.

Feel free to reach out to us with questions.

The Eagle Support Team
support@eaglebusinesssoftware.com
717-442-3247 x2