The Bank Reconciliation process enables the verification of entries on the bank statement by reconciling that information with external transactions and also system generated transactions in Payables, Receivables, Payroll and General Ledger. During the bank reconciliation process external transactions can be created for bank originated entries such as bank charges and interest.
Bank of America interface (BOA) applies if the disbursing bank account is part of the interface. BOA files are payment file formats generated only for bank accounts that are part of the Bank of America interface. These payment files are processed by the system and automatically transmitted to Bank of America. BOA, in turn, routes these payment instructions to the disbursing banks.
The Cash to General Ledger Reconciliation Report compares the GL cash account balance against the bank account balance. It displays the unreconciled GL cash account journal entries and unreconciled bank statement lines that help identify the discrepancies between the balances. This is done based on the specified range of periods.
Supports the unit or country office audit focal point for audit observations that require interpretation or clarifications from central bureau policy focal points, BMS Divisions etc. Supports the offices being audited with preparation of documentation prior to the audit.