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Reconcile your Bank Account

It is important to ensure one-one correlation between the respective balances and associated transactions on your Bank Accounts and your system Bank Accounts.

To ensure this correlation, reconcile all transactions using a Bank Reconciliation Document.

This Bank Reconciliation Document lets you mark each transaction as reconciled when you have identified the corresponding transaction on your bank statement.


Working with Bank Accounts

How to create a new Bank Reconciliation

  1. Select the Bank, or Credit Card Account that you wish to reconcile.
  2. From the ‘Actions‘ drop-down menu click ‘Reconcile‘.
  3. A new Reconciliation document is displayed (as shown below).

Reconciling your bank statement

Reconciling your bank statement

The steps in the diagram show how reconciliation is performed:

  1. Enter the end date of the bank statement which you are using for the reconciliation.
  2. Enter this bank statements’ ending balance in the ‘Statement Ending Balance’ field.
  3. Enter the statement number as shown on the bank statement. This is useful for cross-referencing.
  4. Click ‘Continue‘ to create the Reconciliation Document. This will show all the unreconciled transactions up to and including the Statement End date.
  5. Compare the listed transactions with those on your bank statement. When you locate a listed transaction on your bank statement check the associated box. You will notice that when checked the Amount Reconciled field will be updated accordingly. Similarly the Amount Not Reconciled will be updated.
  6. Click ‘Save and Finish Later‘ if you need to amend or post missing Transactions. You can then come back to the Reconciliation and update it accordingly.
  7. The Reconciliation can only be saved once all of the entries on the bank statement and the Bank Account agree.

The bank statement has been reconciled when the Amount Not Reconciled is zero. A reconciliation cannot be Saved As Reconciled until this is the case.

If you come across a missing transaction, use the Save and Finish Later button to save the reconciled transactions, go and make the necessary additional entries/adjustments, then come back and continue with the reconciliation until complete.

How to find currently pending and completed reconciliations

Useful for finding previous reconciliations, both saved and pending.

  1. From the Explorer click on Banking.
  2. From the ‘Find‘ drop-down menu click ‘Pending Reconciled Statements‘ or ‘All Reconciled Statements‘.
  3. Or from within a particular Bank Account, view reconciliation statements by clicking on ‘Find‘ menu (as shown below).

Listing a specific accounts reconciliations

Listing a specific accounts reconciliations

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