How do I prepare the Schedule 06?
The Schedule 06 is also known as the Schedule Summary of Bank Reconciliation.
This is required to be filed for cities and towns, but is recommended that special purpose districts prepare this to have on file for an audit.
Debits and Credits
The Schedule 6 report compares the actual bank statement values to the entries in BIAS. Bank Statement Credits and Debits values must be entered in the Reconcile Bank Accounts screen. If this is not done the Schedule 06 will list the bank accounts that do not balance to the selected credits and debits. The treasurer’s report will balance without the debits and credits being entered, but the Schedule 06 report will not.
Go to Reports > Annual Reports > Schedule 06
- Select the reporting Tax Year
- Check Update Treasurers Reports. This will rerun the entire years Treasurers Reports to populate data for the Schedule 06.
- Click C4/5 to run report, the C4/5 MUST be run prior to the Schedule 06.
- Click Preview to review C4/5 report
- Close the C4/5 window
- Click PDF to save a copy of the Schedule 06
- Save the PDF in your Preparer Files folder
- The Unreconciled Variance at the bottom of the report should be 0. If there are differences, check the Print Xref Detail and rerun the Schedule 06 to provide clarification of the differences.
When errors appear in the report, it is important to understand why.
For example, months with stop payments should have a negative balance in both the credit and debit balances. Do NOT correct the bank credits and debits. Let the net remain negative for both. BIAS will add up the stop payments for each month. If the stop payments equal the credit and debit negative balance, the month will not print with an error.
The report will list any bank account reconciliation that appears to have an error. The report is correct but comes out with some errors listed don’t go back and correct them.
For example shown below, a report that has passed because the stop payment processed over a two (2) month period so the report printed the errors. The balance is actually correct because it balanced out over the two (2) month period.
This is an example of the bank credit and debit amounts being overstated to correct for the stop payment. If amount is being overstated for the stop payment go back to Reconcile Bank Accounts and correct.
This is an example of a month with incorrect bank debits and credits entered.
After fixing any errors, rerun the Schedule 06 with Updated Treasurers Reports checked.
Generating a PDF document also creates an Excel file.
Once the report shows all of the Unreconciled Variance with zeros, BIAS will create a csv file with the required values for you to copy and paste to the template. Hosted clients will get a message that it is complete and where it is located, local installs will click Open CSV.
Netted (15) shows all Adjustments, Receipts, and Utility GL lines with expenditure codes and Claims, Payroll, and Service Charge lines with revenue codes.
Other (17) shows all 388/588 and Stop Payments.
Click the triangle in the upper left corner to highlight the entire document.
Place the cursor between column A and B so the cursor looks like a bar with arrows coming out each side. Then double click.
All of the columns will now be open to the full view.
Fill out the MCAG No, Name of Govt, and Year
- Right click on the numbers and insert a row.
If additional Bank & Investment Account rows are needed
- Right click the mouse on the numbers of the account rows. Select insert to add row, repeat as needed.
In the gray area in column I, Check Figure, the inserted rows will not have a formula. If you want to copy the formula, highlight the OK cell. To copy the formula, grab the small box in the bottom right of the highlighted cell and drag it down over the empty cells. Excel will then copy the formula for you.
To complete the form
Copy the account names and totals from the 2019_Schedule06.csv
Right click in the [account 1] cell and paste as special values in BARS_Schedule06_Excel.v.19.2.xlsx
Copy the totals from Beginning Deposits in Transit (8) to Other Reconciling Items, net (17) in the 2019_Schedule06.csv
Right click in the Beginning Balance cell for Beginning Deposits in Transit (8) and paste as special values in BARS_Schedule06_Excel.v.19.2.xlsx
Copy the totals from General Ledger Totals (18) into the 2019_Schedule06.csv
Right click in the Beginning Cash & Investment Balance (19) cell for General Ledger Totals (18) and paste as special values into the BARS_Schedule06_Excel.v.19.2.xlsx
The #VALUE! should switch to OK as they are filled out. BIAS does not fill out any data for NSF Checks (12), Cancellation of unredeemed checks/warrants (13), Netted Transactions (15), or Authorized balance of revolving, petty cash and change funds (16). Instead, enter a 0 (zero) in the cells it uses for the row desired to indicate OK. Put a 0 in any other cell that is empty to make the Check Figure cell to indicate OK.
Save the document in the Preparer Files folder.