Bank reconciliation is the process in which you compare the account balance records with the bank account records. In Epicor, this process consists of the reconciliation of bank statements with all the transactions that have hit your bank account of which you have your statement. All unreconciled transactions are retrieved so that you may reconcile/balance your bank statement to your Epicor bank account balance.
When do use Bank Reconciliation:
As an Epicor user, you will want to use bank reconciliation to:
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- Select specific transactions (payments, cash receipts, payment instruments, payroll processing) to clear from the bank account
- Create bank adjustments and enter manual AP payments
- Add deposit, invoice, and miscellaneous cash receipts that have not been entered into the application
- Post new transactions to the current bank account and to the GL accounts specified in the GL controls attached to the bank account
What you will need to do before running a bank reconciliation:
Download the PDF below for the full process walk through.