So I have inherited a bit of a mess from the last person who worked here. She said that the bank balances in Epicor “didn’t matter”, so she never tried to get them corrected. They are all off by hundreds of thousands of dollars. I guess when the bank balances were imported, they were just wrong, because we have reconciled our statements every month and always have a $0 variance, the actual balances are just wrong. Is there an easy fix to this? I’d love to have it corrected for reconciliation this month.
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The steelhead are running here, that’s a cool company you work for. I don’t think that the bank reconciliation makes GL entries does it? I thought that you could reconcile it to a something notational right? It’s been a minute. I swear @tsmith maybe uses this? Someone one here was teaching me about it a while back… maybe a consultant.
When you say the bank balances…which balances do you mean? GL cash account? Or the balance displayed on bank account tracker?
Statement processing just ties entries you’ve already entered in the system (cash receipts, bank adjustments, AP payments) to lines on the statement. The only time GL transactions are made from a statement is if you use the AP outstanding payment GL control. In that case, posting a statement with AP checks marked as cleared will affect the bank GL balance.
I would check your Payment Tracker/register to see if there are stale payments that never cleared the bank. Hundreds of thousands is a lot though.
When you create a statement batch there’s an option to change the beginning balance. It’s in the actions/overflow menu since normally you shouldn’t do that. But if your beginning and ending balances are off from the statement you get from the bank, and your +/- throughout the month all are exactly what the bank has, it might be worth updating that beginning balance so the ending balances start matching.
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Yes, I believe it’s the balance on the bank account tracker. It’s definitely the amounts shown when I do a bank transfer. Basically it’s showing we have something like -$400,000. When in reality we are well into the positives. Bank reconciliation has been fine, we always enter the actual opening and closing balance from the physical bank statement so those always match. I don’t actually do the reconciliation anymore, that’s my coworkers job and I’m not at work right now to take a look, it I believe there is a sort of “running balance” at the top that is nowhere near accurate. We went live in October, and the gal that trained me and left said it’s never been accurate and doesn’t really matter.
Sorry if I’m bad at explaining this, I’m used to QuickBooks so this has been quite the jump haha
I just looked at our February statement that was processed last month.
The opening and closing balance for the statement are reasonable - a normal amount a company would keep in the operating account.
The ongoing balance for the bank account itself and what’s showing in Bank Account Tracker as the ongoing balance is $4MM.
We don’t keep that much cash on hand.
It looks like the difference between what was cleared through the bank and the listed debits and credits for February is a manual payment, but that doesn’t line up for previous months. Unfortunately the help documents don’t give much more information about how the balance is calculated and what’s included in it.
Hello,
It would depend on several things, for example how you have setup your bank account under the bank reconciliation card. If you have these checkboxes ticked the postings will affect the pending cash account and move to cash until you reconcile the transactions in the bank reconciliation entry. Another thing that can affect is do you have gl journals affecting the cash account? these transactions will affect the GL but not the subledger (bank balance)
there is also an option to modify the opening balance on the bank statement (modifying opening balance) which will not affect the General Ledger.
If you want to affect just the bank balances you can do a bank adjustment using the same cash gl account so it will offset the general ledger (no affectation) and just affect the subledger (bank balance)
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Interesting, there’s a lot to look into here. I think I’m going to just bite the bullet and put in a support ticket with our Epicor support partner. There’s so many factors in the system that I’m still learning, and I unfortunately don’t know the reasons some options were selected for us. The two people in my position before me had 2 years of training in our test system, but I was thrown into the deep end with minimal training with the system being live for 2 months.
I will say, we always manually adjust our opening and closing balance to match exactly what our statement says. Epicor just shows our bank balances hundreds of thousands of dollars in the negatives which is obviously not the case. The only time that I personally ever notice this is when I’m putting in a bank transfer because our bank balances in Epicor vs reality are so vastly different, but at the end of the month when we do our reconciliation, everything balances with our actual bank statement.
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Let us know - I am interested, too.
I feel like it may not really matter either.
But then why on earth would you want it to be wrong?
It could go all the way back to when opening balances were input into Epicor. We had that problem when we first went live and couldn’t figure out what had happened. Turns out we weren’t aware that we had to do bank account transactions via Bank Adjustment…seems so simple now.
It would drive me batty(er) if our bank balance wasn’t right…
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