Getting Started.
There are several steps which must be completed before you can begin using the Bank Account Manager program.
Step 1: Set Up Passwords and Permissions Use the Passwords option on the File Pull-Down Menu of the IBS Main Menu to set up passwords for each employee who will have access privileges to any of the IBS modules. All employees must be assigned the appropriate password permissions before they can begin using the IBS system. Each user's password controls which program features that person is authorized to use and it also places the User ID of that person in the Audit Trail for all financial transactions. For further information, please see Passwords.
Step 2: Set Up Bank Accounts in Bank Account Manager Before you can begin using the Bank Account Manager program, you will be required to set up at least one bank account in the Bank Account Master File. The system can handle up to 99 separate bank accounts. You will use the Edit Bank Account option on the File Pull-Down Menu to set up your bank account(s). You may also use this same Edit Bank Account option to make changes to an existing bank account(s).
Each bank account you setup must be assigned a unique Bank Number. We recommend that you assign Bank Number 1 to your primary operating fund account as the system will default to Bank Number 1 throughout the system. You can override that default to another Bank Number when necessary.
In addition to the Bank Number, there are several other pieces of information in this Bank Account Master File, including:
G/L Number --- This is the General Ledger Control Account Number for the bank account.
Reconciled Balance --- If this is a totally new bank account, then the amount in this field will be 0.00 (zero). However, if this is an existing bank account, then this will be the balance per the bank (ending balance per bank on last bank statement).
Last Deposit --- If this is a totally new bank account, then enter a 1 (one) in this field. However, if this is an existing bank account, then this will be the last number assigned to outstanding deposits on the current bank reconciliation you will be preparing in Step #4 below.
Last Adjustment --- If this is a totally new bank account, then enter a 1 (one) in this field. However, if this is an existing bank account, then this will be the last number assigned to outstanding adjustments on the current bank reconciliation you will be preparing in Step #4 below.
For further information, please refer to Bank Account Maintenance.
DATA CONVERSION:
If you are setting up totally new bank accounts, then there is no pre-existing data to be converted. However, all outstanding checks, deposits, and bank adjustments for any existing checking and savings accounts must be entered using the following steps:
Step 3: Choose a Conversion (Cut-Off) Date
Before you begin using any accounting software, you must first decide upon a conversion date. The conversion date, sometimes called the cut-off date, is simply the date at which you plan to convert your existing data from your old accounting system (which may be automated or manual) to the new accounting system. A conversion is merely the re-expression of data from one system into another system. The actual financial amounts will not change between the systems.
Step 4: Prepare a Current Bank Reconciliation for each Existing Bank Account
You must have a reconciled bank statement for each of the checking and/or savings accounts which will be set up in the Bank Account Manager program. This bank reconciliation must include the ending balance per the bank
on the Bank Statement (as of the conversion date) and all checks, deposits, and miscellaneous bank adjustments (e.g., electronic fund transfers, bank service charges, etc.) which are still outstanding at that time.
You will be posting all outstanding checks, deposits, and adjustments into the Bank Account Manager program using the Initial Setup option found on the File Pull-Down Menu in the Bank Account Manager module. In order for our system to properly track all transactions, each item must be assigned a unique number. Checks are always numbered so you will be using the appropriate check numbers. As a general rule, however, deposits and bank adjustments are not numbered by the bank. Therefore, on the current bank reconciliation which you are preparing for this conversion, please assign numbers to all outstanding deposits and outstanding adjustments. You may begin with the #1 for both the deposits and the adjustments. In a later step you will enter the Last Deposit Number and the Last Adjustment Number used in the Bank Account Master File for each bank account.
NOTE: The current bank reconciliation you prepare should reconcile to the amount in the general ledger control account for the bank account on that date.
Step 5: Record Outstanding Checks, Deposits, and Adjustments in Bank Account Manager
Use the Initial Setup option on the File Pull-Down Menu to record all outstanding checks, deposits, and adjustments from the current bank reconciliation you prepared in Step #4 above. Be sure to number your deposits in transit starting with #1 and your outstanding adjustments starting with #1.
Step 6: Record Balance Per Bank
Using the Bank Reconciliation prepared in Step #4 above, record the ending bank balance in the Bank Account File. Use the Edit Bank Account option on the File Pull-Down Menu in the Bank Account Manager module. Highlight the appropriate bank account and press the [Change] button. Enter the ending bank balance (balance per bank on your last bank statement) in the Reconciled Balance field. Also enter the last deposit number and last adjustment number used in the previous step in their respective fields.
Step 7: Print a Bank Reconciliation Report
After all outstanding checks, deposits, and adjustments have been entered into the system, open the Initial Setup option on the File Pull-Down Menu again. Press the [Print Report] button to print a Bank Account Listing report which should equal the current bank reconciliation you prepared in Step #4 above. If these reports do not agree, then you must identify the discrepancy and take the proper steps to correct the problem. Before you begin using the Bank Account Manager program, your current bank account reconciliation as prepared in Step #4 above and the report printed from the Initial Setup option must be equivalent. NOTE: For audit purposes, you should keep both of these reports. Mark them as the "Proof of Conversion" document and file them with your financial records.
For more information, see About The Bank Account Manager.
