Check Book

Use this option to reconcile TAM cash account entries to the cash account entries on your bank statements. This option enables you to flag withdrawals and deposits as having cleared the bank. TAM provides a reconciliation worksheet that displays all outstanding checks, miscellaneous withdrawals, and deposits, and then reconciles the total of these items with the current cash account balance to come up with the bank statement's balance. Complete the reconciliation process as follows.

  1. If the cash journal you are reconciling is an interest bearing account, check the bank statement to see if an interest payment has been made. If so, enter the interest payment as a cash receipt entry in the cash journal account.
  2. If any service charges were charged on the account by the bank, enter them as miscellaneous withdrawals.
  3. From Home Base, click Accounting  Reconciliations > Check Book.
  4. Double click in the Journal Number field to select the cash journal this statement is for.
  5. Access the Reconciliation Worksheet to ensure that all checks and deposits on the statement are entered in the system.
    1. Click the Worksheet radio button. You are prompted, "List all outstanding checks and deposits?" Click Yes.
    2. Select the desired button on the Worksheet window:
      • Print: Print the worksheet immediately.
      • Print Preview: Preview the worksheet.
      • View: View the items contained on the worksheet on the Reconciliation Worksheet screen. Use the Checks, Misc. Withdrawals, and Deposits radio buttons to view the different types of entries. When you are finished reviewing information, click OK to return to the Cash Journal Reconciliation screen.
      • Cancel: Return to the Cash Journal Reconciliation screen.
    3. Check all items on the bank statement to make sure they are included on the worksheet, and continue to the next step.
  6. Mark all items included on the bank statement as paid or credited.
    1. Click the Flag Paid Checks radio button.
    2. Select the appropriate radio button on the Enter Items window:
      • In Sequence: Display all outstanding checks in order by item number.
      • By Number: Enter a single item number and click OK. This enables you to flag items on the statement one by one.
      • Range of Number: Enter a range of item numbers and click OK. The items in that range display in the Items to Flag window.
    3. Highlight the item(s) included on the bank statement and click Flag. A Y displays in the Paid column. If you erroneously flag an item, highlight it and click Unflag.
    4. At any time, you can change the items displaying in the list by selecting one of the options in the Filter Frame.
      • You can select Filter Date and select the appropriate date, select Filter Month and select the appropriate Month, or select No Filter to display all items.
      • Every time you switch from one filter option to another, you are prompted, "Are you finished flagging items?" Click Yes to change the items displayed so you can flag additional items, or No to make revisions to the items currently displayed.
      • Verify that the Balance on Bank Statement amount matches the balance on the statement you received from the bank. If the amounts match, then the reconciliation is complete. If the amounts do not match, you may wish to try the options listed in step 7 (below) in order to identify the source of the discrepancy.
    5. When you finish flagging items, click OK.
    6. Repeat steps b-e for the Flag Paid Misc. Withdrawals and Flag Credited Receipts options.
  7. Review the Reconciliation Worksheet and compare the updated balance against the bank statement balance. If the amounts do not match, you may wish to try the following in order to identify the source of the discrepancy:
    1. Click the Worksheet radio button.
    2. You are prompted: "List all outstanding checks and deposits?" Click Yes.
    3. On the Worksheet window, select View. The Reconciliation Worksheet screen displays.
      • If you used a filter date or month, rerun the reconciliation worksheet using No Filter. This will pull in future items that may account for the difference.
      • Examine the individual items on the worksheet. Check for missing items (for example, in the case that erroneous entries were removed from TAM and not re-entered) as well as old items that need to be reflagged. Ensure that all service charges and interest have been entered.
      • Run Month-End In Balance Checks. To do so, click Accounting > Month-End > Month-End In Balance Checks > Cash Journals. Do not change the default accounting month, and do not opt to repair any incorrect balances. See if any of the cash journals indicate a difference between the Proper Balance and the Balance on File. If so, run In-Balance Checks again, this time opting to repair incorrect balances, and rerun the reconciliation worksheet.
      • Run a Status of Accounts report and a Balance Sheet report for the current month for the cash account that is not balancing. Compare the figures to see if they match.
      • Run a Status of Accounts report separately for each of the past three months for the cash account that is not balancing. This will help you determine when the discrepancy originated. When you examine the report output, check for:
        • Journal entry numbers- Journal entries should not be filed against cash accounts. If any are present, call Applied Systems Support.
        • Opening and ending balances- Ensure that the opening balance of each month matches the ending balance for the previous month. If there are any differences, contact Applied Systems Support.
        • General Ledger entry numbers- Ensure that none are missing or out of order.
      • If you cannot determine the source of the discrepancy, contact Applied Systems Support.