User may choose to do Bank Account Reconciliation in system (Not mandatory).
Under Bank Account Ledger Entries, transactions with tick under the column Open are those outstanding transactions not yet been reconciled.
1, To do bank reconciliation, go to Bank Account Reconciliation.
2, Create New Bank Reconciliation
3, Input related information on page:
- Choose the Bank Account No. for reconciliation
- Input the Statement Date for reconciliation
- This is an auto field, system will show the balance from last reconciliation statement user did previously. Users need to input for the first time.
- Input the balance as per bank statement issued by bank. *This amount must equal to the total balance for posting the bank reconciliation
- System will show all outstanding Bank Account Ledger Entries under this box
- Transactions on this box should match the bank statement issued by bank
4, To help user input transactions to point 6 (transactions match with the bank statement issued by bank).
User may use the Suggest Lines function. Go to Process, then Suggest Lines.
Input the Ending Date same as the Statement Date.
System will then copy the existing Bank Account Ledger Entries to the box (Point 6).
User will then need to check the entries and see if there is any missing/ unpresented transactions under point 6.
Ensure all transaction match with the bank statement issued by bank.
If there is a transaction exists on the bank statement issued by bank but not in system (e.g. Bank Interest), user will need to post the transaction back into system through journal, then do the above steps all over again.
If there is a transaction exists on system but not on the bank statement issued by bank (e.g. Unpresented Cheque), user will need to delete those lines from the Bank Statement Lines on the left (under point 6)
e,g, The last two lines are unpresented cheques, select those lines and delete lines.
Once the reconciliation is ok, where the lines under Bank Statement Lines are the same as the bank statement issued by the bank, user can post the reconciliation.
5, After posted the reconciliation, all the reconciled transactions will be closed (no tick under the column Open).
Only outstanding transactions will have a tick under the column Open.
Search "Bank Account Statement List" for the posted Bank Account Reconciliation.