Overview on Bank Reconciliation After an Accounting Cutover

Overview:

In this article, we will review information on reconciling a Bank Account after the Accounting Cutover process. Please find the available resources below.

Before beginning the reconciliation process, ensure the following:

• You have access to both the old accounting system and Brokerage Engine Accounting.
• Bank statements (PDF or CSV) for the cutover month is available.
• The Trial Balance Cutover Journal Entry is completed and reviewed.
  
• All uncleared transactions from the old system are accounted for.

For information on the Accounting Cutover Processes, please click on this link. 

Confirm Opening Bank Balance:

The opening balance in Brokerage Engine Accounting should exactly match the reconciled balance in the old system as of the Cutover Date and the Ending Balance on the Bank Statement. 
For information on how to process Bank Reconciliations in BE Accounting, please click on this link. 

• In BE Accounting, this is often set during the bank feed setup on the first Bank Reconciliation.
• If the Bank Account Balance was entered with the Trial Balance Cutover Journal Entry then the number might need to be adjusted. 
• If the Balance is incorrect or the "Difference" amount showing on the Bank Reconciliation page needs to be adjusted, an Adjusting Journal Entry needs to be recorded, ensuring it does not duplicate actual bank activity.

Lock Periods and Reconcile Future Months

Once the first reconciliation post-cutover is accurate:

• Lock the period in Brokerage Engine Accounting. For information on how to lock your books, please click on this link. 
  
• Continue regular monthly reconciliations.