How to Perform Bank Reconciliation

Bank Reconciliation

Article Contents: This article explains how to reconcile checks and deposits as they clear the bank using the reconciliation module. It covers using the bank ending balance and performing reconciliation daily or at month-end.

Step-By-Step:

Step 1: Click on “Bank Reconciliation” and then “New”.


Enter the:
a. Statement Name - Report Name
b. Bank ID – The bank statement being reconciled
c. Bank Name – Based on the bank ID
d. Statement Date – As of date
e. Ending Balance – The ending balance found on the bank statement 

Step 2: Click “Load”


Based on the transactions posted to the account, the system calculates the “Opening Balance” and auto-populates.

The “Unreconciled Amount” is the difference between the “Opening and Closing Balance” which also auto-populates.
*Note that as of the reconciliation date, not all checks, even though posted, will have cleared at the bank, therefore, will not be reconcilable.*

Step 3: Click the boxes to the left of the “Reference” column individually, until the “Unreconciled Amount” is at zero.

Step 4: Hit the “Reconcile” tab. If all the transactions have posted and cleared at the bank, the ending balance should match the statement balance, otherwise, “Save and Close” the report until the next reconciliation date.


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