We are looking at implementing Bank Statement Processing and accounting is wanting to understand what happens (if anything) to the GL accounts when the checks are cleared? Also, Are there any GL Account setups we need to do?
I tried asking Epicor support as I am working with them to get old checks cleared with a data fix and their response was to open a request with Professional Services. I have reviewed the Accounts Payables User Guide and gone through Bank Statement Processing “Hands On” course and I didn’t see any account setups – other than the Bank Account…unless I missed it. This process seems pretty straight forward – do I really need Professional Services to implement this?
I believe there is an option on the Bank Account setup to use/not use a pending/uncleared checks account when posting payments. If you do not have this option turned on, then when you post an AP Payment all the GL transactions happen and clearing the check in Bank Statement Processing won’t generate any additional GL movement. If you do have this option turned on then when you post an AP Payment, the funds sit in the uncleared checks account. When you post the Bank Statment and clear the checks, those $$ then come out of your main bank cash GL account.
The AP Hierarchy Technical Reference Guide has references to the specific GL Control context to use this.
If you understand the system enough to test (in a Pilot/Test environment) different settings and GL Control setups, you shouldn’t need Professional Services to set up a GL control on the bank account.