Reconciliation

Transactions > Reconciliation

A bank reconciliation is a process of confirming that the transactions entered exactly match your bank statement.  This helps eliminate possible keying errors.

The reconciliation screen initially opens empty, however you can use the filter criteria at the top of the screen to loan previously created reconciliations.  You can also use the Add button to add a new one.

The Bank Reconciliation entry screen first requires you to select one of your existing bank accounts.

Next you enter the opening bank account balance date and value.  If you have entered a previous reconciliation, the closing date and value of the previous reconciliation will automatically become the opening date and value for this new reconciliation.

At the bottom of the screen you type in the closing bank account balance and date, EXACTLY as it is shown on your bank statement.  By entering the opening and closing values from your bank statement, we are ensuring the transactions in the system exactly match the requirements.

In the middle of the screen is the list of transactions entered into the cashbook.  You should now tick off or select the transactions on the screen which match those on your bank statement using the Include column.  Any transactions which appear on your bank statement but are not in the list should be created via the cashbook screen.  Any transaction which appears in the list but is not on your bank statement should be excluded by unticking the Include column. 

Once the value of the opening balance plus the sum of the transactions matches the closing balance, you can press the save button to commit the reconciliation.

Once a reconciliation is saved, it is recommended you dont edit those transactions again.