Use the Bank Reconciliation option to compare the amounts on the statements sent from your bank with the transactions in the Cash Book.
To reconcile, you must match the transactions on your bank statement with the equivalent transactions in the Cash Book.
When reconciling, you can:
Save the bank reconciliation as a Draft.
You can recall the reconciliation and complete it later without losing the work you have already done.
When the reconciliation is finished, a report is printed. This shows all the reconciled transactions and those that have not been matched. You should print and keep this as part of your financial records.
You can unreconcile individual bank transactions if you have made a mistake.
Once you have finished, you can delete the reconciled transactions from the Cash Book. The value of the deleted transactions is added to the opening balance.
You must have:
Open: Cash Book > Period End Routines > Bank Reconciliation.
Enter the Statement date. This is the ending date on your printed bank statement.
Note: The first time you use Bank Reconciliation, the current date is displayed in the Statement date box. You can change this date if necessary.
If you select a transaction with a date later than the statement date, a warning appears. You can continue with the reconciliation. However, if you do continue, there may be differences between the projected closing balance and the balance in the Cash Book.
You cannot enter a statement date after your computer's current system date.
Enter the Projected closing balance. This is the closing balance on your printed bank statement.
By default, only unreconciled transactions are shown. To view both reconciled and unreconciled transactions, select Show all transactions.
To reconcile a transaction, select the Statement Value check box. The reconciled amount appears in the Statement Value column. To reconcile several transactions at once, you have three options:
Click Select All. All the Statement Value check boxes are selected and the closing balance is updated.
Note: The Statement Value amount is automatically set to match the amount of each transaction. Alternatively, use Auto select to select all transactions up to the Statement Date.
Select the first date in the range, hold down Shift and select the last date in the range. Select the Statement Value check box on the first transaction. This selects all transactions in the range you have specified.
Select the Statement Value check boxes of the transactions that you want to reconcile.
To change the amount of a transaction, enter the new amount in the Statement Value box.
To add a new transaction to the bank account, select the transaction type from the Add transaction of type drop-down list. The relevant transaction entry window appears.
To save the bank reconciliation, select one of the following options:
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Save Draft |
Select this to save an incomplete bank reconciliation. Enter a Reference for the saved reconciliation. This allows you to recall the reconciliation (to complete it), at a later date. Once saved:
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Reconcile |
Select this to complete the reconciliation.
If the Closing Balance does not match the Projected closing balance, a warning is displayed. Continue to make further changes to the values until the figures match. |
Other tasks
Reconcile electronic bank statement
Recall a draft bank reconciliation
Delete reconciled transactions
Reference