Input Forms

There are 14 different input forms in RecWizard that are designed to capture your information clearly and efficiently. This is how you communicate with the database to store information that will be retrieved later in reconciliation reports.

While this may seem like a lot of different forms, you will quickly get used to them. The forms are listed in the order normally encountered from the point of setting up an account to completing a reconciliation.

• General Ledger Account Setup form
• Reconciliation forms are different for each Reconciliation Type. The forms are:
  • List
  • Sub-Ledger Match
  • Calculated Balance
  • Checking Account
  • Amortizable Prepaid
• Reconciling Item forms are the same no matter what Reconciliation Type you are using
• List or Reconciling Item forms are used with List Reconciliations
• Checking Account reconciliations have unique forms for each type of reconciling item. They are:
  • Outstanding Checks
  • Deposits in Transit
  • Bank Fees
  • NSF Checks
  • Other Items
• Amortizable Prepaid reconciliations have a special form for Amortizable Items to calculate and store the monthly amortization of the prepaid amount
• Period End Balances can be easily input using one form to enter all your account balances

You can view the input forms and get instructions for using them by clicking on the links on the left.

General Comments on Reconciling Items

As you noticed above, there are different types of "reconciling items" that are dependent on the type of reconciliation you are preparing. Perhaps now is the time to discuss exactly what a reconciling item is.

A reconciling item is not necessarily an error. It is an item, or group of items, that explains the balance in a general ledger account.

In some instances the reconciling item may in fact be an error that needs to be corrected. If you have an item like that, make it very clear in your explanation about the item that it is an error and what you are doing to correct it. Then... make sure it is corrected immediately.

If the item is material (an accounting term that means "lots of dollars"), you should probably bring it to the attention of your immediate supervisor. Do not wait for your supervisor to review your work - just go and tell her or him about the problem.

While mistakes are never fun topics, it's better to limit the ramifications of a mistake. If there is financial information that has already been reported to shareholders, banks, or taxing authorities, it may be necessary to rescind the reports and correct them.

You should prepare your reconciliations on a timely basis each month. In fact, if you prepare your reconciliations while you are completing your month end journal entries, you can identify and correct items in the same month before they become reconciling errors!!

If you do prepare your reconciliations as you go, make sure you go back and double check the ending general ledger balance after the books have been closed in case additional journal entries were posted to the accounts you reconciled that you did not include in your preliminary reconciliation.

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