Before loading the cash book onto Navigator, it is necessary to reconcile the cash-book up until the live date such that the following information is know :-
- The Bank Statement Balance at the point of transfer to Navigator
- The list of unreconciled transactions which then reconcile this Bank Statement balance to the nominal ledger accounting balance at the point of transfer.
In order to "start" the Navigator Cash Book, it is necessary to process a manual nominal ledger journal in Navigator with the following entries:-
- Debit the Navigator Bank Account nominal code (normally 0.0.60.6) with the actual Bank Statement Balance at the time of transfer
- Debit the Navigator bank account for each unreconciled entry (so that each entry is a seperate journal line)
- Credit the Suspense Account as advised by your Navigator Accounts Implementation Consultant.
When carrying out the initial Bank Reconciliation on Navigator, you will be prompted for the opening bank balance and date. The date is the date of transfer onto Navigator, but the opening balance should always be a zero. The first line reconciled will be the nominal ledger entry made representing the closing bank balance.
- If multiple bank accounts are being reconciled on Navigator, then the process above should be repeated for each bank account.