Reconciling confirms that payments from and to balance accounts such as Petty Cash, Business Cards and Bank Accounts have been entered correctly and match up with your bank statements etc. The reconciliation shows the Computer opening balance, the payments made after the start date but before the statement start data, the payments in and out and the Closing Balance.
To Reconcile an Account
•Ensure the Opening Balance for each account is correct (You can set these in Accounts / Nominal / and enter in Opening Balance)
•Select Accounts from the top menu, then Reconcile from the left menu
•Confirm the Account you want to reconcile and the criteria for the records you want to look at (normally just Un-Reconciled records)
•If you receive printed statements for that account you should get them out. When you find a matching entry on the statement and on the screen you should make a tick next to the entry on the printed statement and select the corresponding item on the screen. If you have an item on the printed statement but not on the screen you should confirm it is valid and then enter it on the system and then tick both
•If the computer items are not in the same order as the printed statement you can edit the statement date to change. We normally recommend reconciling each item in turn so the running total can always be checked. If an item is not on the computer we would normally add it before proceeding. When you have ticked all items on the printed statement then the Reconciled balance on the screen should be the same as on the printed statement (if not see Tips below)
•When you have finished a session select Save from the left menu
If the computers reconciled balance is different to the printed statement closing balance you can go in again but set the criteria to Reconciled to see all the records and re-check. Also re-check the opening balance
•If you enter a payment into a previous year you will need to manually adjust the opening balance by that amount
•If the amount on the computer is different to the Statement and you decide the statement is correct you can enter Purchase Transaction for the difference, pay, and then in Reconcile select both items
•Keep an eye on the current balances (in the Accounts summary screen under key information). For example the Bank balance should reduce when we pay purchases and increase when creating a Banking.
•If you want to find a specific amount click on the column header for Paid In or Withdrawn which should put it in numeric order to make it easy to find. You can also click on the Selected column to group items selected so far
•Save regularly in-case you make a mistake and want to go back