Reconciling your bank accounts

Banking > Reconciling your bank accounts

To ensure the accuracy of your business records, you should keep your record of each bank account balance matched up with your bank’s records.

If you are reconciling your bank account for the first time, see Do an initial bank reconciliation.

To reconcile your bank account

1	Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.

2	In the Account field, type or select the account you want to reconcile.

3	In the New Statement Balance field, type the closing balance that appears on the statement your bank sent you.

4	In the Bank Statement Date field, type or select the closing date that appears on your bank statement and then press Tab. Only unreconciled transactions dated on or before that date are displayed.

5	If you want to import bank statement data electronically, click Actions and choose Get Statement. For more information, see Importing statements.

6	For each entry on your bank statement, select the corresponding transaction by clicking in the select column () next to it. The amount in the Calculated Statement Balance field is updated.

7	If there are entries on the statement relating to bank charges or bank interest and the entries do not appear among the transactions on the Reconcile Accounts window, you need to manually add these transactions.

a	Click Actions and choose Bank Entry. The Bank and Deposit Adjustments window appears.

b	Fill in the appropriate transaction details and click Record. The Reconcile Accounts window reappears.

8	Click Reconcile. A window appears indicating whether your account is reconciled or out of balance.

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If your account is reconciled, you can print the Reconciliation report by clicking Print (recommended). Once the report is printed, the Reconcile Accounts window appears. Click Reconcile again to complete the reconciliation process. If you don’t want to print the report, simply click Reconcile. The transactions you marked are considered cleared and won’t appear in the Reconcile Accounts window the next time you display it.

▪	If your account is out of balance, the window will indicate the amount your account is out of balance, and provide you with a few ideas as to why this may have occurred.

To correct an unreconciled account

1	Check the following:

▪	Did you type the correct figure in the New Statement Balance field? Note that you must enter the closing balance from your bank statement, not the opening balance.

▪	Did you type the correct date (that of the closing balance from your bank statement) in the Bank Statement Date field? An incorrect date may prevent some transactions from appearing in the list.

▪	Did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.

▪	Did you select a transaction that doesn’t appear on your bank statement? If so, you need to deselect it.

▪	Did you record all bank charges and bank interest entries that appear on the bank statement? If not, you need to record them and select them for reconciliation.

2	Repeat the reconciliation procedure.

If your account is still out of balance, then you may have deleted a transaction that has been reconciled previously.

note : Identifying deleted transactions

If you set the Use Audit Trail Tracking preference, you can use the Audit Trail report to search for deleted transactions. This preference must be set before deleted transactions will appear in the report.

3	If you have deleted a previously reconciled transaction:

a	Re-enter the transaction into your company file.

b	Select the transaction for reconciliation.

c	Repeat the reconciliation procedure.