Bank reconcile - approvals and log
For stronger internal controls, our auditors recommended the addition of two pieces to the Bank Reconciliation process in CSuite:
Approvals, to support our actual workflow. We have one team member that reconciles the account, and another that approves the work. It would be wonderful if we could enable approvals like we can with Vouchers or other areas of the system.
Log, showing the date/time and username who processed the bank rec. If approvals were turned on it could document when each step happened. Rather than only being able to see a history report that it was done, we need to know when it was done, and it would be helpful to see a record of any changes that may have necessitated "unreconciling" and reconciling again.
Many thanks for your consideration.
Rachel
shared this idea
- (02-13-2025) Bank Reconcile - Settings: Add a new setting "Enable Bank Reconcile Approval". Enabling this setting will add a new column to the Bank Reconcile list of accounts titled Approved By. This will allow a user (with display and list permissions to Bank Reconcile) the option to approve the reconciliation. The user that approves the bank reconciliation must be different from the user that reconciled the account. If the account is unreconciled, the approval will be removed. Two additional columns, reconciled by and approved by, were added to the bank reconcile page. These columns will be populated by the user that reconciled and approved the reconciliation from this point forward. Historical reconciliations will display Foundant Technologies in the Reconciled By column.
- Bank Reconcile - Log: Add the actions for reconcile, approve, and unreconcile to the logs.
- Bank Reconcile - Notes and Files: Add a left-side menu option to add a note or file to a bank reconciliation. Notes and files will remain connected to the reconciliation if the account is unreconciled. If the reconciliation is cancelled, notes and files will be orphaned. This will require the user to add them again to the new reconciliation.
- Bank Reconcile: Add a column to the Bank Reconcile List titled Status. The status will be "start" or "continue" depending on the status of the last reconciliation for that account. Add Filters at the top of a reconciliation to filter the list to debits, credits, credits (checks), credits (electronic) for easier reconciliation. Shift Click will work in this table to clear transactions from the list. Updated the the top box of the reconciliation to display Bank Balance, total unreconciled, then book balance. Unreconciled transactions will have a total. Add a confirmation step when cancelling a reconciliation.
- Closed accounts will display at the bottom of the Reconcile Bank Account List.
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Wendy Ponting
commented
This would be very helpful in streamlining our processes. Ideally, there would be at least two signoffs, one for the staff person completing the reconciliation and another that would sign off that they reviewed and approved the completed reconciliation.
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Trina Bowling
commented
Is there an update available on this? I asked about it in IdeaLab Live as well, but have still not heard anything back.
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Trina Bowling
commented
Can someone possibly update us on the status of this? We recently had our auditors in and they have asked again if this is something that we might be able to do soon? We/they like the idea of doing the recon's in CSuite, but without that approval capability, we are missing a critical step in the Internal Controls and separation of duties process. If this could work in much the same way as the voucher approval process, this would be very helpful. Thank you.
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Christina Agapito
commented
This would be very helpful for our processes.