To reconcile a Bank Account, select the "Reconcile Bank Account" option. The following screen will appear:
Tip
To work on a Bank Reconciliation over several sessions, simply select the SAVE button. You work will be saved and ready when you return.
When reconciling a Bank Account, you are presented with the following options:
- Bank Account
Specify the Bank Account you want to reconcile.
- Opening Balance
Enter the previous ending balance, as shown on your Bank statement.
- Ending Balance
Enter the current ending balance, as shown on your Bank statement.
- Start Date
Specify the beginning date of the current Bank Reconciliation period. Bank Reconciliations are identified by their date ranges, for reporting purposes.
- End Date
Specify the ending date of the current Bank Reconciliation period. Bank Reconciliations are identified by their date ranges, for reporting purposes.
Tip
Double-click on a Deposit or Payment line to mark the Document as "Cleared."
Note
Once a date range has been reconciled, it's not possible to re-reconcile the same range twice. You must select new date range.
- Deposits
Display lists posted Receipts and other Deposits which have not been previously reconciled. This display is a nested list, with a plus ("+") sign located to the far left of the display next to each Receipt or Deposit that may be expanded to lower levels. By clicking your mouse on a plus sign, you reveal lower levels of information related to the group.
Note
Cash Receipts posted in batch mode will appear grouped together in the nested list appearing under the appropriate Document Number.
- Payments
Display lists posted Checks and other Payments which have not been previously reconciled.
Tip
Double-click on a Deposit or Payment line to mark the Document as "Cleared."
- ADD ADJUSTMENT
Select to add a Bank Adjustment directly to either the Deposits or Payments list. Bank Adjustments marked as "Cleared" will automatically be posted to the General Ledger (G/L) when a Bank Account is reconciled. For more information on entering Bank Adjustments, see Section 9.4.2, “Bank Adjustment”.
- Cleared Receipts and Deposits
Displays a running total amount of Receipts and Deposits which have been marked as cleared. Double-click on a Document using your mouse to mark the Document as cleared. To unmark the Document, double-click on it again. The "Cleared" column value will alternate between "Yes" and "No" as you double-click on a Document line.
- Cleared Checks and Payments
Displays a running total amount of Checks and Payments which have been marked as cleared. Double-click on a Document using your mouse to mark the Document as cleared. To unmark the Document, double-click on it again. The "Cleared" column value will alternate between "Yes" and "No" as you double-click on a Document line.
- Ending Balance
Displays the ending balance entered in the "Ending Balance" field.
- Cleared Balance
-
Displays the cleared balance. The cleared balance is calculated based on the following formula:
(Opening Balance) + (Cleared Deposits) - (Cleared Payments)
Tip
A successful Bank Reconciliation will result in the cleared balance being equal to the ending balance.
- Difference
-
Displays the difference between the ending balance and the cleared balance.
Tip
A successful Bank Reconciliation will result in having "0.00" displayed as the amount of difference between the two balances.
To the far right of the screen, the following buttons are available:
- CANCEL
Closes the screen without reconciling a Bank Account, returning you to the application desktop. If you want to save any work you have done in the current or a prior session, you should select the SAVE button. Selecting CANCEL can cause your saved information to be cleared.
- RECONCILE
Select to reconcile the specified Bank Account and create a record of the Bank Reconciliation. Selecting this option posts the Bank Reconciliation. The posting may be viewed using the Bank Reconciliation History display. The start and end dates for the posting are used to identify it.
Note
Once a Bank Account is reconciled, any Deposits or Payments which were marked as "Cleared" will no longer be available for future Bank Reconciliations.
- SAVE
Select this option to save your work during the current Bank Reconciliation. The next time you open the Bank Reconciliation screen, the work you saved previously will be ready for you to start working on it again.
- UPDATE
Select to update the Bank Reconciliation screen with any new transaction information not already listed.