The Bank Reconciliation (Bank Rec) feature allows you to match off your presented cheques and daily banking to your Bank Account Statement. By doing this, you are balancing your cash transactions within your accounting system. Because in most cases this is your only available checking mechanism to prove your cash items, we suggest you perform this at the time of receipt of your bank statement.
For your reconciliation to be correct, the Statement Balance at the top of your screen and the Statement balance at the bottom of the screen should be equal. If they are not, you can process further transactions whilst in the Bank Reconciliation program to reconcile it correctly.
1. Open the General Ledger
2. Ensure you are using the correct Company
3. Ensure you have posted 'Daily Banking' using the 'Bank' button on the toolbar. This will post receipts to the 'General Ledger'.
4. Process all payments for the relevant period, and go to Transactions, Post General Ledger Journals for the required period.
5. Choose the Transaction menu, then Bank Reconciliation
6. Select the Company and Bank Account you wish to reconcile
7. Enter the balance on the bottom of your bank statement
8. If the account is overdrawn, check the Overdrawn checkbox as necessary
9. Click Recncl and you are presented with the Bank Reconciliation Details dialog box
10. Quick Tip – Use the button in the bank reconciliation header screen to “select/unselect all” transactions in your reconciliation.
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Note |
You can use “Select/Unselect All” as a quick means of getting started with your reconciliation. |
11. Enter an as at date, and click Refresh. The items that fit the date criteria will appear in the table
12. Select an item that appears on the Bank statement, and tick the Presented column. If you require more information on a particular item you can double click on it to view the details. Then you can complete an enquiry by clicking on the GL button.
13. The Bank reconciliation and bank enquiry window groups (total) EFT payments from the same batch into single transaction line for the bank reconciliation.
14. EFT transactions will be selected/unselected in total for the bank reconciliation.
15. When user selects (double clicks) an EFT transaction line in the bank reconciliation for suppliers’ transactions they will see a list of all supplier payments in the run.
16. They can select an individual transaction in this detail to create a Reverse Payment – exactly the same functionality as present, but done in the detail line for EFT payments.
17. Rejected payments (by the bank) will be have an offsetting reversal/negative payment to match with bank treatment.
18. All ‘EFT’ Batches will be grouped together on the Bank Reconciliation / bank Enquiry window
19. For example, if these 3 Payments were all part of the same EFT Batch run
20. They will be grouped together and “totalled” as 1 line only on the Bank reconciliation and enquiry window (see below), with the Description set to the ‘Batch description’ maintained on the check run batch and shown as follows.
21. The Payment “Type” column, will also be set to ‘EFT’ so that users can differentiate and EFT payment batch in order to PRESENT/UNPRESENT the entire batch or to drill down to the detail lines.
22. The user will set/unset the 'Presented' check box at the “EFT” line item level. ALL individual supplier payments within that batch will be set to presented/unpresented.
23. Users will no longer be able to individually present/unpresent payments from an EFT batch.
24. To enter in a payment or receipt, press the appropriate button at the top of the Bank Reconciliation window, and complete your transaction.
25. If you require further information about a cheque or receipt batch you can highlight the item and then choose the Preview push button.
26. Without any item highlighted if you want to look at your Bank Reconciliation before printing choose the Preview pushbutton and display the Bank Reconciliation report on screen.
27. Once you have ticked off all the items in the bank reconciliation, click OK
28. Press OK to the message, so that your bank balance is updated.
29. Click OK to the successful completion message, and print the Bank Reconciliation report.
30. You can now close the Bank Account Selection dialog box.