Bank Reconciliation
Bank Reconciliation
Bank Reconciliations compare your records with the bank’s records – ensuring that both agree. These generally happen on a monthly basis when the statement has been received. To create a bank reconciliation, grab your bank statement and head over to Bank – Bank Reconciliation.
Completing a Bank Reconciliation
- Navigate to Bank→ Bank Reconciliation.
- Click Create.
- Choose the Bank Account from the drop down list.
- Enter the Statement Date.
- Enter the Beginning Balance reported by the bank on the statement.
- Enter the ending balance reported by the bank on the statement.
- Click Refresh to see the transactions recorded in AccountingSuite™ during this time span.
- For each transaction listed, find it on the statement and click Cleared.
- Compare the figures at the bottom of the screen to ensure that the difference is $0.
- Click Post and Close to save the Reconciliation or Save to save a draft.
Bank Reconciliation in AccountingSuite™
- The beginning balance on the reconciliation refers to the ending balance from the prior period’s reconciliation. It does not necessarily reflect the balance of the general ledger or bank.
- Transactions that have been accepted in Cloud Banking will appear with the check box checked.
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