RECONCILE ACCOUNT

Main Menu > Accounting > Bank > Manage Account > Reconcile Account

To view the bank reconciliation page, click on Reconcile Account from the bank account drop down menu or press Reconcile button under statement balance amount.

After clicking on  Reconcile Account, the system will go to the tab Reconcile at the Bank Account page. The tab Reconcile will show the list of Bank Statements that are added or imported and shows the list that are waiting to reconcile.

On the left of the Bank Statement Item is the list that is from the Bank Statement that was added or imported into the system.

On the right of Account entries is the list that is from the transaction in the system that will show Journal Entry that the status is Posted.

Bank reconciliation is the process of matching bank statement items with corresponding accounting transactions.

The list of accounting transactions for the bank account can be viewed in the Account Transaction tab.

The system will check the balance of both sides and match the items automatically. Press the OK button to reconcile if information is correct.

Once reconciled, you can check the Bank Reconcile from the Account Transactions tab. The item that you have reconciled will change from Not Reconcile to Reconciled.

To manually select matching accounting transactions for a bank statement item, click on the Add button on the reconciliation page. Or can be clicked on Remove button to unmatching.

Then, select the accounting transactions that will be reconciled with the bank statement item.

Press on OK button to confirm the reconciliation of the bank statement item with the selected accounting transactions.

If the amount of the transaction differs (rounding to 1) from the amount of the bank statement line with which you want to reconcile it, you are able to make reconciliation with adjustment. After clicking on the OK button, a popup window will appear.

Enter the Adjustment Account and click on OK. New account transactions with Adjustment description will be created. Statuses of both, original and adjustment transaction will be updated to Reconcile.

After all items of a bank statement are reconciled, the bank statement status changes to Reconciled. 

After the reconciliation process is completed, all the accounting transactions of the account will also be reconciled.