Bank Reconciliation

Overview

Bank reconciliations compare your records with the bank’s records ensuring that both agree. These generally happen on a monthly basis when the statement has been received.

Creating Bank Reconciliations

Before you create a bank reconciliation for a particular period, go to Bank > Bank Stream and make sure there are no unapproved transactions for this period.
To create a bank reconciliation:
  1. Go to Bank and click Bank reconciliations.
  2. Click Create.
  3. Choose the Bank account from the drop-down list.
  4. Enter the Statement date.
  5. Enter the Opening balance reported by the bank on the statement.
  6. Enter the Closing balance reported by the bank on the statement.
  7. Click Refresh to see the transactions recorded in the system during this time span.
  8. For each transaction listed, find it on the statement and click Cleared.
  9. Compare the figures at the bottom of the screen to ensure that the difference is 0.
  10. Click Post and Close to save the reconciliation or Save to save a draft.
The Opening balance on the reconciliation refers to the ending balance from the prior period’s reconciliation. It does not necessarily reflect the balance of the general ledger or bank.
To attach any files to a bank reconciliation:
  1. Open the reconciliation.
  2. Click Attached files
  3. Click Add.
  4. Click Upload.
  5. Click Select from disk, select your files, and click OK.

Printing Reconciliation Reports

Sometimes it is necessary to print reconciliation reports.
To print reconciliation reports:
  1. Open the reconciliation you would like to print.
  2. Click Print Reconciliation report.
You can then print it using the print symbol or click on More actions and then Print.

Checking for Differences in Bank Reconciliations

If your difference is not R0, there is a functionality that will help you find out where you went wrong.
To check the bank reconciliation for differences:
  1. Open the reconciliation.
  2. Click Check reconciliation. This will open a report that will tell you which documents could be causing the difference.
  3. Investigate the documents that the report tells you in order to find where the difference is.