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How do I Reconcile My Bank Account?
-Select the Bank Account you wish to reconcile. If you have more than one bank account active, clicking on the arrow tab next to the bank account name will allow you to select which bank account you wish to view.
- Select New Statement
- Enter Statement Dates as they appear on the bank statement
- Enter Opening and Closing balances as they appear on the bank statement (Opening balance is usually the closing balance from the previous statement). This will create the 'Required' Figure.
- The figure that appears in the 'Required' field will alter once the entries have been moved to the statement screen from the unallocated screen.
- By clicking on the unallocated tab, you are able to view entries that are still to be added to bank statements to be reconciled- these are separated into two columns, debits ( deposits ) and credits ( withdrawals)
- Select which entries you require to reconcile by ticking the select box next to each entry.
- Click on 'Add To Statement' to transfer the selected entries.
- This example shows the date and amount selection defaulting to search for All Amounts and All Dates, however the search can be limited by selecting various criteria located on the left hand side of the statement page
- Reference – This will search for individual entries eg SREC00000002
- Trader – This will search for entries for a particular trader only
- Entry amount – By unticking 'All Amounts' and entering a minimum and maximum entry value this will search for entries within these amounts
- Date selection- By unticking 'All Dates' and entering specific dates the search will be limited to entries within these two dates
- Click on the 'Statement' tab next to the 'Unallocated ' tab.
- The selected entries will now have transferred from the unallocated screen to the active statement. This will affect the 'Required' amount by the amount transferred.
- Once the entries match your bank statement, the required amount will become 0.00
- Should you need to move any entries back to the Unallocated screen, simply click on the 'Remove' tab. This will place the selected entries back on the unallocated screen.
- Once the Required amount is 0.00, click on the 'Complete' button to close the active statement.
Once completed, Statements may still be viewed from the Browse section.
- Click on the 'Browse' tab.
- The 'Active Statements' box will automatically be ticked. To view completed statements also, untick the box to view all statements.
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