I can't agree more with the April 10th post about the Pre-Reconciliation Report. I started using the FE NXT Treasury Reconciliation module back when we received the notice that the database view would end. I noticed right away FE-NXT did not provide the checks and deposits totals that the Database View did. This was always quick way to see if I selected an item I should not have or didn't select an item I should have, before proceeding.
Now, this is my workaround if I am using FE-NXT:
After I select all the checks, I open the Database View and confirm that the amount equals the "checks amount" on my bank statement.
After I select all the deposits, I open the Database View and confirm that the amount equals the "deposits amount" on my bank statement.
Before I Finalize it, I open the Database View and run the Pre-Reconciliation Preview Report to scan for items that don't look like they belong, and fix anything needed.
If everything looks fine, I go back to NXT, Finalize the Report and Print the Reconciliation Report. (I like the FE-NXT report better).
Now if you added the Check and Deposit totals and Pre-Reconciliation Report to FE-NXT, life would be grand!👩🦰😊
Our auditor requires an audit trail showing who began the reconciliation and who reviewed and posted. We also want to be able to review the detail of a reconciliation before posting in the same report format
With the controls our non-profit has in place we need to print a Pre-reconciliation report for the bank accounts for the CFO to approve prior to finalizing the bank reconciliations for the month after receiving the bank statements. In Database view this is an option under Cash Management tasks -> reconcile this account -> after checking off cleared items -> file -> print pre-reconciliation report. This option is not available in FE NXT - our CFO finds not having this option very concerning for controls.
I can't agree more with the April 10th post about the Pre-Reconciliation Report. I started using the FE NXT Treasury Reconciliation module back when we received the notice that the database view would end. I noticed right away FE-NXT did not provide the checks and deposits totals that the Database View did. This was always quick way to see if I selected an item I should not have or didn't select an item I should have, before proceeding.
Now, this is my workaround if I am using FE-NXT:
After I select all the checks, I open the Database View and confirm that the amount equals the "checks amount" on my bank statement.
After I select all the deposits, I open the Database View and confirm that the amount equals the "deposits amount" on my bank statement.
Before I Finalize it, I open the Database View and run the Pre-Reconciliation Preview Report to scan for items that don't look like they belong, and fix anything needed.
If everything looks fine, I go back to NXT, Finalize the Report and Print the Reconciliation Report. (I like the FE-NXT report better).
Now if you added the Check and Deposit totals and Pre-Reconciliation Report to FE-NXT, life would be grand!👩🦰😊
The report would be a great tool to have. It will enable someone else to review report before publishing and sign off on it or edit it.
Our auditor requires an audit trail showing who began the reconciliation and who reviewed and posted. We also want to be able to review the detail of a reconciliation before posting in the same report format
With the controls our non-profit has in place we need to print a Pre-reconciliation report for the bank accounts for the CFO to approve prior to finalizing the bank reconciliations for the month after receiving the bank statements. In Database view this is an option under Cash Management tasks -> reconcile this account -> after checking off cleared items -> file -> print pre-reconciliation report. This option is not available in FE NXT - our CFO finds not having this option very concerning for controls.