Bank Reconciliations

Bank Reconciliations are a fundamental part of Financial Management.   It is important they are done on a regular basis.  The frequency is dependant on the number of transactions you have going through your bank account.

1. Create new Bank Account Reconciliation.
2. Select the Bank Account you wish to reconcile.
3. Enter the statement ending balance in the appropriate field.
4. Ensure the Statement Date is correct, the system will automatically populate the field with the work date.
5. Click "Suggest Lines".
6. The Ending date will automatically populate with the same date as the date entered in the Statement Date.
7. If you process transactions as Cheques and you would like to include these transactions, place a check mark in the "Include Checks" box.
8. Click OK and the reconciliation will populate with all bank transactions within the period specified that are not already reconciled and do not exist on another reconciliation.
9. Go through the transactions and delete the lines that do not exist on your bank statement.  This will not delete the transactions out of the bank, it will simply remove them from the reconciliation.  This means they will be available to populate on the next reconciliation you perform.
10. Once the Total Balance is equal to the Statement Ending Balance you are able to print and post the reconciliation.
11. If you have entered additional lines or changed values resulting in amounts being populated in the difference column, you will first need to transfer these to a journal, post the journal and apply the entries.