Bank reconciliation
The functionality of bank reconciliation has been implemented for the USA market purposes. It is used for achieving a reconciliation between the balance of the accounting ledger and the balance of a bank statement which is usually sent by a bank at the end of a given month.
This functionality is available in the Accounting menu under the Bank Reconciliation icon.
Figure 89 Bank reconciliation form.
To reconcile the accounting ledger with the bank statement, in a bank reconciliation form, select period (predefined monthly periods) the reconciliation will be made for, and an account which records will be reconciled (account must be assigned with an appropriate bank account). Next, fill in the Ending Bank Balance field.
Figure 90 Expanded list of accounts in the main menu.
After completing all necessary information, a list of journal entries posted on selected account will be displayed.
Figure 91 Bank reconciliation form with a list of journal entries.
In order to reconcile the actual account balance with a bank statement, in the main menu, select a bank the user received the bank statement from.
Figure 92 Expanded list of banks in the main menu.
Then, import the sent bank statement. To do so, click [Import] in the Bank Statement button group and localize the file.
Figure 93 Bank statement import window.
After importing the bank statement, the bank reconciliation window is divided into two panels:
List of journal entries – displayed in the left panel
List of journal entries from the bank statement – displayed in the right panel
Below each list, there is a table proving a summary of cleared and uncleared values.
Figure 94 Bank reconciliation window with an imported bank statement.
Between the lists, there are three parameters which the user may check or remain unchecked:
Mark Manually – if unchecked, after selecting an entry in one of the lists, the system searches and marks a corresponding entry, matching the selected one, in the other list; if checked, the user needs to mark an entry in the other list manually
Show Uncleared – if checked, the system displays uncleared entries; if unchecked, the uncleared entries are hidden
Show Cleared – if checked, the system displayed cleared entries; if unchecked, all cleared entries are hidden
Between the lists, there are also the following five buttons:
[Clear] – enables to clear a marked journal entry with a matching entry from the bank statement
[Undo] – cancels clearing between marked journal entry and the journal entry from the bank statement
[Adjust] – allows to correct an amount by adding a new entry to the list of journal entries. Upon clicking on this button, a new window is opened in which the user may specify an amount by which the value of selected journal entry must be increased or decreased
Figure 95 Amount adjustment form.
After saving the amount, a new entry, amounting to the adjusted value, will appear in the list of journal entries. If the amount was increased, the entry amount will be recorded on the same account side as the adjusted entry. If the amount was decreased, It will be posted on the opposite account side.
[Search] – allows to search for a journal entry which is not included in selected accounting period. Upon clicking on this button, the system will display a list with journal entries from among which the user may select one which will be added to the list of journal entries in the bank reconciliation
[Clear All] – allows to clears all matching entries
The system enables also to post a discrepancy between beginning balance and ending balance, bank service charges and interest earned. In order to post those values, click [Post] in field with amount to be posted.
Figure 96 Amounts posting buttons in bank reconciliation.
To be able to post those values, you need to select a default posting scheme for each of them in the configuration window in the Accounting Configuration tab.
Figure 97Configuration window with marked posting schemes definition options for bank reconciliation.