Reconciliation

 

This menu contains:

 

  • Balance Account

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Each month when you receive your bank statement, you must do a bank reconciliation to ensure that your accounting records match what has been recorded at the bank.

From the Dashboard, navigate to the Banking module and select the Reconciliation option.

Then from the sub-menu, click on Balance Account (Figure 1-1).

 

Banking Reconciliation – Figure 1 – 1

 

From the next screen, select the account you want to reconcile by clicking on its corresponding blue link (Figure 1-2).

Bank Reconciliation – Figure 1 – 2

 

Enter “Statement Date” and the “Ending Balance” from the bank statement (Figure 1-3) and click Submit.

Bank Reconciliation – Figure 1 -3

 

To manually clear checks, from a bank statement, click on Payments (Figure 1-4).

The menu is also where you can manage the Auto-Clear, Deposits, Adjustments, New Bank Charges, Print Reconciliation, and Finalize Statement.

Banking Reconciliation – Figure 1 – 4

 

Once the Payment screen comes up, navigate to the left menu bar and click on Modify to activate the screen (Figure 1-5).

Banking Reconciliations – Figure 1 – 5

 

Check “off” the items that have cleared, and then hit “Submit,” (Figure 1-6).

Bank Reconciliation – Figure 1 – 6

 

You can also search, and sort, for specific items by Date, Check#, Vendor, Payment Amount, Payment Methods, Cleared Amount and Native Currency.

The sort function is activated by clicking any of the Blue field links.

To activate the Search Grid simply click on the search icon and the grid will appear.  Enter your desired criteria and hit enter.

Banking Reconciliation – Figure 1 – 7

 

You can also “drill down” to the original entry by clicking on the blue check number (Figure 1-8 & Figure 1-9).

Banking Reconciliation – Figure 1 – 8

 

Banking Reconciliation – Figure 1 – 9

 

You can clear Deposits the same way as you did the payments. From the menu select “Deposits,” (Figure 1-10).

Banking Reconciliation – Figure 1 – 10

 

Then simply navigate to the left menu bar and click on Modify to activate the deposit screen (Figure 1-11).

Banking Reconciliation – Figure 1 – 11

 

Click “SUBMIT” again to record your modifications. You can use the same steps to reconcile the internal Adjustments.

Once clicked, the Clearing Adjustments screen will appear (Figure 1-12).

Banking Reconciliation – Figure 1 – 12

 

From the left menu, click Modify, “check off” your entries and hit Submit.

From the New Bank Charges you can enter bank fees and make additional adjustments (Figure 1-13).

Banking Reconciliation – Figure 1 – 13

 

From the “Account” field select the desired account from the drop down menu, and then enter the dollar amount (Figure 1-14). Again, click on Submit, from the bottom of the screen when you’re done.

Banking Reconciliation – Figure 1 – 14

 

 Click here to continue on to Setting Auto-Clear Functionality