Bank Journal Entry

The Commission Reconciliation function updates the commission received amount and date on invoice items, but it does not make any entries to the general ledger to account for this. The BANK JE button on the Commission Reconciliation screen generates a journal entry to account for the funds received with offsets generated from the records in the file.

Bank JE gives you the choice to consolidate by provider.

• If you do not consolidate, there will be a journal entry record for each payment record in the file.

  For reconciled items, the corresponding journal entry record will have the invoice item’s branch, traveler (in Comment), invoice number (in Ref 1), customer account (in Ref 2), provider (in Ref 3), and group. For invoice plastic items, if you are on accrual accounting, the chart will be the commissions receivable chart (usually 1512). For all other items, the chart will be the revenue chart associated with that item (for example, 4030 for hotel bookings).

  For unreconciled items, the corresponding journal entry record will have the branch associated with the IATA number, provider name in Comment, confirmation number in Ref 1, provider in Ref 2 and Ref 3, and the revenue chart associated with that provider (for example, 4090 for car companies).

  Note: The IATA (ARC) number must be entered with delimiters in Branch/STP (for example, 12/34567/8) for the branch lookup to work.

  If you do not consolidate, journal entry records corresponding to invoice plastic (accrual) items will auto-reconcile if the invoice item is paid in full.

• If you do consolidate, there will be a journal entry record for each combination of provider, branch, and GL chart. The amount will be the total for all payment records with the same provider, branch, and chart. Provider, branch, and chart are determined the same way as when not consolidating.

The Bank JE has source J (journal entries) and sub-source CR (for Commission Reconciliation).

To create the Bank JE for commission reconciliation:

1. Reconcile the imported file as much as possible. The general ledger will be more accurate the more transactions are reconciled.

2. On the Commission Reconciliation screen, click BANK JE.

   Note: To access the Commission Reconciliation screen, see Using the Commission Reconciliation Screen.

   The Bank JE for Commission Reconciliation screen appears.

   Bank JE for Commission Reconciliation dialog box

   

3. Complete the dialog box as follows:

   Field	Description
   Posting Date	Enter the date that you want for the journal entry in the general ledger.
   Check Number	Enter the check number of the receipt or identifier, such as PAYMODE-X-EFT.
   Consolidate by Provider	Indicates whether to consolidate by provider.

4. Click OK.

   The Journal Entries area appears on the Bank JE for Commission Reconciliation screen.

   Bank JE for Commission Reconciliation screen (Journal Entries area)

   

5. You can edit any field in the Journal Entries grid. For example, you can add transactions to account for a processing fee charged by the collection company. You can delete any transaction.

6. When you are ready to post the journal entry to the general ledger, click SAVE.