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Pro Gold i2 Online User Manual

 

Chapter 12 - Creating Bank Account Adjustments

Helpful Hints

  • The Adjustment Tab allows you to enter transactions to the cash account that are not a check or a deposit:
    1. Create Withdrawal type adjustments (decreases to cash account)
    2. Create Deposit type adjustments (increases to cash account)
    3. Post transactions to the General Ledger
    4. Print Reports related to adjustments
  • Typical banking adjustment transactions include Beginning Balance Adjustments, Error Corrections, Service Charges, Monthly Fees, Interest Earned, ATM Withdrawals
    1. May add additional types thru Setup Tab --> Change Company Info Icon
  • Upon entering Adjustments Tab
    1. First action is to verify bank account (e.g., checking, escrow, savings, etc…) in upper right of Tab
    2. The last transaction entered for the account selected will display
    3. Select ”New” and then “Yes” to create/add a new adjustment
  • You must select the type of adjustment via the transaction type field (required entry)
  • Select appropriate date (click calendar box, select date if default not applicable)
  • Enter dollar amount =>
    1. Note 1:  Never use “both” dollar fields of the Adjustment form at the same time
    2. Note 2:  Amount Withdrawn field is a credit (decrease to the cash account)
    3. Note 3:  Amount Deposited field is a debit (increase to the cash account)
    4. Note 4:  Either field when used, requires an offsetting General Ledger CoA entry
  • Enter applicable Credit General Ledger account(s)
    1. System will not allow selection of G/L account that is assigned to a bank account (e.g., 1010, etc…)
    2. If Escrow account, default Escrow Liability G/L account [e.g., 2500] will automatically be entered
  • The Memo field is used for comments to describe the transaction
  • For example, utilize a beginning balance adjustment to establish the initial balance for an existing bank account within Pro Gold XP:
    • Select Beginning Balance type
    • Enter amount in Amount Deposited field (Typically you begin the bank account with the current reconciled checkbook balance and post the offset G/L entry to a capital [equity] or revenue account)
    • Assign equity G/L account (e.g., 3010 Opening Balance Equity)
    • Note 1:  Never assign/use a cash account G/L (i.e., 1010 General Checking, etc…)
    • Note 2:  When you enter an opening balance, you are creating a common starting point for Pro Gold XP and your bank statement.  The opening balance is the first agreement between your records and your bank statement.  If your records and your bank account do not agree, your account will not reconcile, unless you modify your opening balance adjustment.
    • Verify adjustment prior to posting to the General Ledger
    • Use “Post” button to post the adjustment to the General Ledger
    • May “UnPost” the adjustment to make any modifications
    • “Find” button brings up menu that allows you to search for adjustments by date or type