Lauren Bonilla Entech Rental Management Software Navigate ’08: Charting Your Course for the Future

1. Bank Reconciliation Lauren Bonilla Entech Rental Management Software Navigate ’08: Charting Your Course for the Future

2. Purpose of Session The number one reason to hold this session is to learn how to perform a Bank Reconciliation in Entech. You will also learn why it is important to Reconcile your bank accounts. Thirdly, you will learn the relationship between the bank reconciliation and the balance sheet. Understanding how to reconcile and why to reconcile is key to being able to properly manage your Escrow account through Entech.

3. Session Details Topics for this session: • Reconciling Bank Deposits • Processing Checks • Recording Bank Adjustments • Reconciling the Bank Statements

4. Bank Deposits Part of the items that you will be reconciling is money that is deposited into your bank account. These deposits in Entech should match what has been deposited in “real life.” Deposits should be posted on a daily basis for cash, checks and credit card payments that you receive. To make a bank deposit go to Accounting, Escrow and Bank Deposits. Let’s take a look…

5. Part of the items that you will be reconciling is money that is deposited into your bank account. The deposit totals in Entech should match what has actually been deposited into your bank account. Deposits should be posted on a daily basis for the cash, checks and credit card payments that you receive. To make a bank deposit go to Accounting, Escrow and Bank Deposits. Bank Deposits Let’s take a look…

6. Bank Deposits First you will need to select the bank account.

7. Bank Deposits Then Select your dates and payment types.

8. Bank Deposits Click on the compute button to generate a list of transactions to be deposited.

9. Bank Deposits Mark the transactions that have been taken to the bank. Make sure that you mark the correct transactions.

10. Bank Deposits As the transactions are marked, you will see the total of the items calculate at the bottom of the screen.

11. Bank Deposits Click Update to save the items marked.

12. Bank Deposits The deposit needs to be posted to the checkbook. Click on t the Print/ Post button.

13. Bank Deposits The deposit record will be displayed. Print this and keep with Deposit Slip from the bank. The totals should match.

14. Bank Deposits Items that were selected for the deposit will be removed from the list. The remaining items should be included on the next deposit.

15. Bank Deposits This process should be repeated for Credit Card Deposits. Credit Card Deposit totals should match what is batched out through your credit card machine or gateway. You will reconcile these deposits when you get your bank statement. They should be recorded in Entech for the amounts that will clear the bank account.

16. Record Keeping Payment Reports to Print Daily: Bank Deposit Report - Printed when deposit is posted and should be kept with bank deposit slip or batch report. Sales Recap Report – Printed at the end of the day. Reports, Accounting, Audit Trails and Sales Recap. This report shows all of the money received for the day. Money Not Deposited – Should be printed once a day to track ALL money (regardless of date) that needs to be deposited into the checkbook. Accounting, Escrow, Audit Reports, Balance Sheet, and Money not Deposited (detail).

17. Processing Checks In order to reconcile the bank account in Entech, you should record ALL of the checks through Entech. There are 3 types of checks that are processed through Entech. Security Deposit Checks Owner Checks Vendor Checks Once the checks are printed and posted, they will be recorded in Entech to be reconciled. Checks should not be posted if they will not be cleared.

18. Processing Checks Security Deposit Checks: Accounting, Security Deposits and Process Refunds.

19. Processing Checks Security Deposit Checks: List of Refunds due will be computed. Process the checks that need to be sent back to the guest.

20. Processing Checks Security Deposit Checks: Print the checks that need to be refunded.

21. Processing Checks Security Deposit Checks: Post the checks that have been printed. Once posted, these checks will need to be reconciled.

22. Processing Checks Security Deposit Checks: Once the checks are posted, a report will print. This is how the checks are recorded in the Entech Checkbook.

23. Processing Checks Owner Checks: Accounting, Owners and Owner Checks.

24. Processing Checks Owner Checks: List of Owner checks due will be computed. Process the checks that need to be sent to the owners.

25. Processing Checks Owner Checks: Print the checks that need to be set to the owners.

26. Processing Checks Owner Checks: Post the checks that have been printed. Once posted, these checks will need to be reconciled.

27. Processing Checks Owner Checks: Once the checks are posted, a report will print. This is how the checks are recorded in the Entech Checkbook.

28. Processing Checks Vendor Checks: Accounting, Payables and Process Payables.

29. Processing Checks Vendor Checks: List of Vendor payables due will be computed. Process the checks that need to be sent to the vendors.

30. Processing Checks Vendor Checks: Print the checks that need to be set to the vendors.

31. Processing Checks Vendor Checks: Post the checks that have been printed. Once posted, these checks will need to be reconciled.

32. Processing Checks Vendor Checks: Once the checks are posted, a report will print. This is how the checks are recorded in the Entech Checkbook.

33. Bank Adjustments There are items that need to be entered in the Entech checkbook to be reconciled. Bank Fees Interest Earned These items will affect the bank balance that you reconcile to and need to be recorded in Entech.

34. Bank Adjustments Recording Bank Fees: Maintaining your Balance Sheet. Are you going to reduce your commission income to your management company? OR Are you going to transfer money back into Escrow from operating? Let’s look at both methods…

35. Bank Adjustments Bank Fees – typically bank fees are fees calculated by the bank for credit card transactions processed. These fees will reduce the overall bank account balance. Need to be entered when reconciling the bank statement in order to balance Entech with the bank account balance. Let’s take a look at how to record the bank fees… Accounting, Escrow, and Checkbooks.

36. Bank Adjustments Recording Bank Fees: Recording the Fee Do not create payable!

37. Bank Adjustments Recording Bank Fees: Transferring money from Operating. Do not create payable!

38. Bank Adjustments Recording Bank Fees: Recording Bank Fee and Reducing Commission. Create payable!

39. Bank Adjustments Interest Earned Interest Earned – typically interest is calculated by the bank and deposited into your account. Interest will increase the overall bank account balance. Need to be entered when reconciling the bank statement in order to balance Entech with the bank account balance. Let’s take a look at how to record the Interest… Accounting, Escrow, and Checkbooks.

40. Bank Adjustments Recording Bank Fees : Maintaining your Balance Sheet. Are you going to increase your commission income to your management company? OR Are you going to transfer money back into Operating from Escrow? Let’s look at both methods…

41. Bank Adjustments Recording Interest Earned: Recording the Interest Do not create payable!

42. Bank Adjustments Recording Interest Earned: Transferring money from Escrow. Do not create payable!

43. Bank Adjustments Recording Interest Earned: Recording Interest and increasing Commission. Create payable!

44. Bank Reconciliation Reconciling the bank account in Entech is key to keeping the balance sheet in balance. The bank reconciliation should be completed each month when the bank statement is received. Let’s take a look..

45. Bank Reconciliation Reconciling the Bank Statement: Accounting, Escrow and Account Reconciliation.

46. Bank Reconciliation Reconciling the Bank Statement: Mark the items have cleared the bank account according to the bank statement.

47. Bank Reconciliation Reconciling the Bank Statement: Click on the reconcile button.

48. Bank Reconciliation Reconciling the Bank Statement: New report for Items marked can be printed and reviewed.

49. Bank Reconciliation Reconciling the Bank Statement: If something on the report is not correct, click close on this screen.

50. Bank Reconciliation Reconciling the Bank Statement: When you have marked all items that have cleared your bank account fill in the information correctly and click Begin.