Accounting Transactions

Unit ACCO03

Random accounting entries can be performed from the Advanced Project-to-Project Transfer (maestro* > Projects > Project Costing > Processing > Advanced Project-to-Project Transfer), always using a PAG. Since all balance sheet accounts are also linked to a PAG in maestro*, no transaction (or accounting entry) is impossible.

Never use the Post Journal Entries option of the Accounting module, otherwise transactions can be created without being associated with a project. Since the financial statements, in maestro*, are generated by project, this will result in phantom transactions that will not be displayed on any report.

The bank reconciliation functionality is used to balance the selected bank account according to the data entered in the system with the bank statement. Indeed, it is necessary to verify the reconciliation of the bank accounts in maestro* with the actual bank accounts, using bank statements, on a monthly basis (at a minimum). Among other things, it allows verifying that all transactions charged to the said account have been entered in the software for a given period. Moreover, it is used to validate the accuracy of amounts, to check outstanding cheques and, if necessary, to make manual adjustments.

Bank reconciliation, in maestro*, can be done manually or by importing files in four different formats:

a National Bank bank reconciliation file;
a Caisse Desjardins bank reconciliation file;
BAI format1 The BAI file format is a file format for performing electronic cash management balance reporting. It was developed by the Bank Administration Institute. The BAI format is used by banks to transmit returned item data to customers such as, for instance, cheques which have been marked non-sufficient funds (NSF). The Bank Administration Institute (BAI) is a nonprofit organization focused on improving banking standards (in the operations and auditing industries), while analyzing risks and promoting productivity-enhancing technological solutions.Partial source: https://en.wikipedia.org/wiki/BAI_(file_format), April 29, 2024;
an Excel file.

PREREQUISITES

Preliminary configurations for using the Bank Reconciliation option

With a National Bank or Caisse Desjardins file
To carry out a bank reconciliation using a file of one of the two above-mentioned banking institutions, the Internet integrated banking reconciliationkey needs to be activated. However, the files required for bank reconciliation using an Excel or BAI file can be imported via the Bank Reconciliation standard option.

With a file in BAI format
To carry out the bank reconciliation using a BAI file and process only transactions linked to the selected bank account, you need to check the BAI Reconciliation Format box and enter the BAI account number in the appropriate field in the Bank Accounts option (maestro* > Accounting > Maintenance > Accounting > Bank Accounts), for the said bank account.

With an Excel file

STEPS

maestro* > Accounting > Financial Management > Bank Reconciliation > Bank Reconciliation

Use Bank Reconciliation

If the BAI Reconciliation Format box is checked in the Bank Accounts option, the system will process the file to import using the BAI standards format, which means only includes the transactions linked to the selected bank account (specified in the BAI Account Number field of the Bank Accounts option).

Enter the required information:

Field

Description

Bank Account

Account for which you want to use bank reconciliation.

NOTE: You can reconcile acredit card account if the account was configured in Bank Accounts.

Active Period

Month to be reconciled.

Reconciliation Date

This is usually the last working day in the month if accounts are reconciled once a month. However, another day can be entered if necessary.

Field	Description
Bank Account	Account for which you want to use bank reconciliation. NOTE: You can reconcile acredit card account if the account was configured in Bank Accounts.
Active Period	Month to be reconciled.
Reconciliation Date	This is usually the last working day in the month if accounts are reconciled once a month. However, another day can be entered if necessary.

Enter the required information in the Bank Reconciliation window:

You can search for a cheque by entering the number in the Cheque No. field.

The Configuration icon lets you select the default system behaviour to facilitate processing.You can sort by date range by enabling the Sort the cheques by date when displaying them functionality of the Configuration icon and clicking the Display all Cheques icon.

The Integrate reconciliation file from the bank icon lets you reconcile transactions from a file provided by the banking institution, if the bank account institution is National Bank, Caisse Desjardins, or BMO and this institution provides a reconciliation file that matches the format defined by maestro*. This functionality is only available if the Internet integrated banking reconciliation option is installed.

For bank institutions other than those previously named, the Import icon allows importing an Excel or CSV file, respecting the following criteria:

Text file (or CSV) with fields separated by commas:

First field: Date;

Second field: Cheque number (the system will find the cheque by adding or removing the spaces and/or insignificant zeros);

Third field: Cheque amount (the decimal separator of the amount must be a point and no thousandth separator will be supported).

For example: "2023/03/28",1126,665.69.

Cheques tab:

The table includes all cheques (suppliers and customers).

Field

Description

Seq

Transaction number.

Date

Date of the transaction.

Cheque No.

Cheque number.

Code

Code of the supplier or customer.

Name

Name of the supplier or customer.

Debit

Amount of the cheque associated with an account payable.

Credit

Amount of the cheque associated with an account receivable.

Reconciled

Used to indicate that the cheque has been reconciled, if the box is checked.

To put a check back into circulation, refer to the help document on Putting a cheque back into circulation.

Reconc. Date

Reconciliation date.

NOTES: The current date is automatically entered by checking the box in the Reconciled column.
The system enters the working date rather than the current date if the Use work date as the reconciliation date by default option is checked.

Cancellation Date

Cheque cancellation date.

NOTES: This date only applies to accounts payable cheques.
A cheque can be cancelled using the Cancel a Disbursement, Cancel an Individual Disbursement, and Cancel a Payroll Disbursement options.

Comments

Comment added when entering the receipt or disbursement.

Send

Indicates that it has been transmitted electronically, if the box is checked.

NOTE: This functionality is only available if the Internet integrated banking reconciliation option is installed. It is only available for certain banking institutions.

Original Code

Checked if a pending reconciliation has been reopened and the Reconciliation box was checked.

Orig. Rec Date

Date of the reconciliation put on hold.

Date entered

Date on which the receipt or disbursement was entered.

Paid Code

Code of the supplier for whom the cheque is issued, if other than the supplier who issued the invoice.

Name of Supplier Paid

Name of the supplier for whom the cheque is issued, if other than the supplier who issued the invoice.

An entry can be put on hold by clicking the Put this Entry on Hold icon. In multidimensional mode, a temporary file is created for each company.

Save the entries by clicking Save.

Journal Entry tab:

This functionality must not be used if transactions are associated with projects.

Field

Description

Date

Current date, by default.

Comments

Default comment linked to all journal entries.

Status

Not transferred, by default.

User

User number.

Account No.

General ledger account number.

Description

Description of the account.

Comment

Comment linked to the journal entry.

Debit

Debit amount.

Credit

Credit amount.

Company

Company.

NOTE: Available in multidimensional mode only.

You can transfer the journal entry to this option by clicking the Transfer this entry to regular entries option.

Electronic Transmission tab:
This section is used to send reconciled cheques to your bank.

Field	Description
Seq	Transaction number.
Date	Date of the transaction.
Cheque No.	Cheque number.
Code	Code of the supplier or customer.
Name	Name of the supplier or customer.
Debit	Amount of the cheque associated with an account payable.
Credit	Amount of the cheque associated with an account receivable.
Reconciled	Used to indicate that the cheque has been reconciled, if the box is checked. To put a check back into circulation, refer to the help document on Putting a cheque back into circulation.
Reconc. Date	Reconciliation date. NOTES: The current date is automatically entered by checking the box in the Reconciled column. The system enters the working date rather than the current date if the Use work date as the reconciliation date by default option is checked.
Cancellation Date	Cheque cancellation date. NOTES: This date only applies to accounts payable cheques. A cheque can be cancelled using the Cancel a Disbursement, Cancel an Individual Disbursement, and Cancel a Payroll Disbursement options.
Comments	Comment added when entering the receipt or disbursement.
Send	Indicates that it has been transmitted electronically, if the box is checked. NOTE: This functionality is only available if the Internet integrated banking reconciliation option is installed. It is only available for certain banking institutions.
Original Code	Checked if a pending reconciliation has been reopened and the Reconciliation box was checked.
Orig. Rec Date	Date of the reconciliation put on hold.
Date entered	Date on which the receipt or disbursement was entered.
Paid Code	Code of the supplier for whom the cheque is issued, if other than the supplier who issued the invoice.
Name of Supplier Paid	Name of the supplier for whom the cheque is issued, if other than the supplier who issued the invoice.

Field	Description
Date	Current date, by default.
Comments	Default comment linked to all journal entries.
Status	Not transferred, by default.
User	User number.
Account No.	General ledger account number.
Description	Description of the account.
Comment	Comment linked to the journal entry.
Debit	Debit amount.
Credit	Credit amount.
Company	Company. NOTE: Available in multidimensional mode only.

Available only for bank accounts linked to Toronto Dominion or National Bank banking institutions.

This tab is only visible if the Internet integrated banking reconciliation option is installed.

Field

Description

Index

Line number of the Cheques tab.

Seq

Transaction number.

Date

Invoice date.

Cheque No.

Cheque number.

Code

Supplier's code.

Name

Supplier's name.

Amount

Amount of the cheque associated with an account payable.

Send

Includes the cheque in the transmission file, if the box is checked.

Date Entered

Date on which the invoice was entered in the system.

Click the Create reconciliation file for the bank icon to generate the file.

An entry can be put on hold by using the Put this entry on hold icon.

Bottom section:

Field

Description

GL Balance

Account balance.

NOTE: This balance must match the balance on the GL Transaction report.

+ Printed Disbursements

Total amount of printed disbursements.

- Reconciled Disbursements

Total amount of reconciled cheques.

Outstanding Cheques

Total amount of outstanding cheques.

+ Unprinted Disbursements

Total amount of disbursements created, but not printed.

- Total Deposits

Total amount of deposits.

+ Reconciled Deposits

Total amount of cheques for which the Reconciled box is checked.

Outstanding Deposits

Total amount of outstanding deposits.

+- Adjustments

Lets you create an adjusting entry manually, either positive or negative.

= Reconciled Balance

Balance in the account book.

NOTE: This balance must match the balance on the document submitted by the financial institution.

Field	Description
Index	Line number of the Cheques tab.
Seq	Transaction number.
Date	Invoice date.
Cheque No.	Cheque number.
Code	Supplier's code.
Name	Supplier's name.
Amount	Amount of the cheque associated with an account payable.
Send	Includes the cheque in the transmission file, if the box is checked.
Date Entered	Date on which the invoice was entered in the system.

Field	Description
GL Balance	Account balance. NOTE: This balance must match the balance on the GL Transaction report.
+ Printed Disbursements	Total amount of printed disbursements.
- Reconciled Disbursements	Total amount of reconciled cheques.
Outstanding Cheques	Total amount of outstanding cheques.
+ Unprinted Disbursements	Total amount of disbursements created, but not printed.
- Total Deposits	Total amount of deposits.
+ Reconciled Deposits	Total amount of cheques for which the Reconciled box is checked.
Outstanding Deposits	Total amount of outstanding deposits.
+- Adjustments	Lets you create an adjusting entry manually, either positive or negative.
= Reconciled Balance	Balance in the account book. NOTE: This balance must match the balance on the document submitted by the financial institution.

April 29, 2024 version