A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. It is important to perform such activity to identify if there are bounced and overdraft fees if the cash balance is lower than the expected amount.
Note: Bank Reconciliation does not have any entry effect in the system
Using the GL Module, look for the Bank Reconciliation form.
The bank reconciliation shows you the details of all cash/bank transactions that has been used in the system.
A. Select the Bank Account you would like to reconcile
B. Select the Statement of Account Date
C. Insert the Statement Balance based on the Statement date
On the display options, you can filter the date of the transaction you would like to display on the form.
|Shows the date of transaction|
|Shows the document number PV = Payment / OR = Collection|
Shows any reference document number such as cheque number
|Shows the description of the transaction|
Shows the amount of the transaction whether it is debited or credited to your bank account
|Option whether the transaction is clear or not. Please tick check if cleared. Once cleared, you cannot modify the transaction since it is already treated in the system as knock-off.|
When you tick check the transaction, it will automatically display the cleared date. You can put the actual date as desired based on the statement.
The uncredited funds are all transactions that have a positive balance to our balance statement such as collection using journal entries, receive payment, cash sales, receipt voucher, debit notes, etc.
The unpresented funds are all transactions that have a negative balance to our balance statement such as for payables using journal entries, pay bills, cash purchases, payment voucher, credit notes, etc.