Bank Reconciliation

View - Accounting - Bank reconciliation

By using Bank reconciliation you can check whether the bank statements cohere with entries posted in your accounts.

This function will help you to find and mark entries in the Financials. The system will also calculate and compare the Reconciled figure with the Closing balance from the bank statement as you reconcile the entries.

Before you can use bank reconciliation module you must specify which accounts in the Chart of Accounts you wish to reconcile.

Note! No journal entries with Journal type Opening balance (OB) will be shown in the list, but will form the basis for the Closing Balance from the previous printout, together with reconciled entries from previous periods.

When you start the bank reconciliation a list of previous reconciliations will display. From the drop-down list to the top right you can select accounts from the Chart of Accounts. You can also Filter previous reconciliations should you need to.

The bank reconciliation can be approved when the non reconciled amount is 0. You can only have one non-reconciled (open) reconciliation per account. The system will control this. If you try to create a new reconciliation on an account that already has an open reconciliation, you will be notified.

Be aware that you cannot edit or delete a reconciliation that is Approved. If you discover that you have made a mistake after you have approved a reconciliation, you can create a new reconciliation that corrects the initial one.

How you make an account available for bank reconciliation

Go to View - Accounting - Chart of Accounts.
Click on the List button.
Select the account that you wish to reconcile (e.g. account 1210 Bank deposit account) and click OK.
Go to the Advanced tab and select Bank Reconciliation.

The account can now be selected in bank reconciliation.