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Reconciling an Account

Reconciling an Account

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Reconciling an Account

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To Reconcile

Select Accounts from the Top Menu, then Reconcile from the Left Menu

Confirm the Account you want to reconcile (The default criteria is Un-Reconciled records)

Get the appropriate statement(s) for that account (normally supplied by the Bank or Card Company).

Make sure the Reconciled Balance (at the bottom right of the screen) is the same as your printed statement at the last ticked item. If it is not see the reference manual or Help for details on how to set this up

Check the first item that is not ticked on the Printed statement and try to find it on the Reconcile screen. If it is the next item you can check the amount is the same and if OK tick it on screen and tick it with a pen on the printed statement. It is normally best to get the screen in the same date order as the printed statement. You can do this by changing the Statement Date on the screen to match the date on the statement.

As a double check compare the new Reconciled Balance (at the bottom right of the screen) with the running balance on the printed statement. This is good for picking out errors when the amount are very similar but are not the same (eg: Transposed numbers)

When you are sure this is correct repeat for the next line

If there is an item on the printed statement but not on the screen check that you have entered it on the computer and it was paid from the correct account

If there is an item on the screen but not on the printed statement check that the entry is not duplicated. Sometimes people do not pay in cheques for a while, if this is the case you can set the statement date forward to make reconciling other entries easier

When you have finished a session select Save

 

Tip 1 – If you enter a payment into a previous year you will need to manually adjust the opening balance by that amount

Tip 2 – 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

Tip 3 - Keep an eye on the Current Balances (in the Accounts summary screen under key information) as this is your true balance and more up to date than your reconciled balance. For example the Bank balance should reduce when we pay purchases and increase when making a Banking.