Banking System Frequently Asked Questions

Introduction

There are a number of Frequently Asked Questions answered here. In order to view the answer(s) you should click on the question and you will be able to review the answer.

Should you have any questions not listed here send us an email and we will review for inclusion.

Where to get MICR materials and what printers does it work with?

There are numerous printers capable of MICR printing. We recommend the use of TROY MICR DIMM chips as they provide, being a hardware based solution, the best price/performance of any MICR technology. A list of printers is available at Troy Systems product list and there are numerous resellers that provide additional solutions.

Correct bank account set-up with wrong bank account#?

Any account information may be corrected or changed using the Bank Account Maintenance process. This includes the account type, the account no., the routing number(s), signature information.

What to do if module posted transaction to wrong bank account?

Print "Running Bank" report for current month/year. Add up appropriate transactions to verify totals. If you are missing a transaction create one using the Manual Bank Transaction process and flag JRNL field with module number indicating the source of the transaction. This should not occur unless some manual transactions have taken place and were done incorrectly.

What happens if module month-end totals don't equal bank account?

Review the bank account number used for deposits and payments when client was added to the system. If necessary, change the account number using the Client Maintenance process. Make a Journal Entry transferring funds from incorrect bank account to correct bank account.

What do I do if the G/L Cash does not balance with bank account?

This generally occurs for the Cash in Bank G/L account number or the Investments G/L account number. It usually indicates a financial transaction occured without updating to the proper Bank Account. This can happen when posting transactions by making Journal Entries to one of these G/L account numbers and not updating the Bank Accounts. Print a Bank Account "Running Bank" for current month/year. Review to verify if all transactions have been posted. Compare with A/P Check Register or A/R Cash Receipts Journal. If you are missing a transaction use the Manual Bank Transaction process to create the proper transaction and flag JRNL field with module number indicating the source of the transaction.

How do I process checks returned in the bank statement in special jackets?

This may be caused by the printer, misallignment of checks, or some unrepeatable problem like power surges. If very few checks are returned you shouldn't worry about it. If many checks are returned then monitor the printer environment to ensure it is cool, out of sunlight, and free from dust and jostling by people. If no MICR number was printed on the checks you need to review the MICR number in the Bank Account Maintenance process to ensure proper MICR symbols were updated at original set up time.

How do I print a single check for payments to a vendor by multiple clients?

This is accomplished by entering a master client# into the Bank Account Maintenance process. This master client# is the one whose name and address appear on the check. Normally it is blank, which means the master client# is the same as the client# for a bank account that has a single client association.

Where does the "Running Bank Balance" come from on the Bank Reconciliation?

The "Running Bank Balance" is defined as the sum of all client balances within the account (sum of field 18 in the bank account record), adjusted by bank account transactions that occured subsequent to the bank reconciliation being worked on. The idea behind this calculation is to use an audit technique to ensure the bank book totals match up with the running totals from the bank account.

The financial period the transaction occured in must be greater than the financial period of the "reconcile thru" transaction# entered in the previous screen. (If an empty value is entered in the "reconcile thru" field then the comparitive financial period is the current G/L financial period).

What happens when a bank account is deleted?

Deleting a bank account will remove all monthly transaction listings for the bank. You will no longer have access to the Bank Statement reports. The corresponding transactions to AP (checks), TR (deposits), and GL are not removed when the bank is deleted.

Bank accounts cannot be deleted if there is any future activity (unpaid AP invoices, recurring AP invoices, or recurring GL transactions) referencing this bank account. A minimum security level of 5 is required to delete a bank account.

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