Cash on Hand not reflecting opening balance

Epicor ERP 10
1

Hi folks - we went live on Monday this week and I’m having some trouble getting some KPI information to my boss. Specifically, when we try to run the Cash Flow from ShopVision - we are only seeing AR/AP amounts from items posted since we went live. The open load numbers aren’t there. The same thing when we try to look at Cash on Hand - it’s only showing us cash transactions that have happened in the last 3 days…not the open trial balance amount in the bank accounts. Needless to say, some aren’t pleased. Has anyone run into this before and what can we do ?

We had used QB for 30 years and he’s used to that visibility…and the lack of it is not setting well…

2

How did you entered the opening balances for cash? With a bank adjustment or gl journal?

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With a GL entry

4

opening balances for bank accounts need to be entered with Bank Adjustments hitting the same gl account… so you can update the subledger as well.

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5

So since we didn’t do it that way…do we have any options to get this data to show up? Ever?

6

You can do the bank adjustment using the correct date (the opening balance date) and that should update the balance.

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We also process payroll outside of Epicor – when we are making the adjustments to the accounts involved - checking and all of the payroll liability accounts - should we make that adjustment using Bank Adjustment as well in order for the amount in check to reflect correctly in reports? We were thinking that a journal entry to make those adjustments to the various accounts was the way to go but I’m second guessing that now…

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All adjustments to bank accounts should be made through Bank Adjustment entry so Epicor updates the correct subledgers. If you have a separate checking account just for payroll that you transfer money to each payroll cycle, you can also use Bank Funds Transfer to transfer money from your operating account to payroll account, then use bank adjustment to take money out of the payroll checking account and allocate it to the proper payroll liabilities.

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9

Thanks! That’s incredibly helpful information!

10

Also, not sure if you’ve had a look at Bank Statement Processing yet, but this will let you semi-automatically create the correct transactions when reconciling your bank statement. For example, if the statement has a $50 bank maintenance fee that you hadn’t yet recorded in Epicor, you can use the bank statement processing window to automatically create a bank adjustment. The same goes for bank transfers. It’s useful to catch any transactions you missed, and will highlight transfers or adjustments you’ve made using GL Journals rather than the actual adjustment transactions.

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