Bank Account Reconciliation

Note: This topic does not apply to customers that use Bank Statement Import and Bank Statement Reconciliation to reconcile bank statement transactions. Refer to Bank Statement Import and Bank Statement Reconciliation instead. 

Overview

Use Bank Account Reconciliation to reconcile bank statement transactions to transaction records in the database. With Bank Account Reconciliation, you can select a bank account and then match its transactions to bank statement transactions. Any items on a bank statement that are not already recorded in the database for the account may be entered.

Reconciling bank accounts

Select Financials | Cash | Bank Account Reconciliation.

Use the Company field on the main toolbar to select the internal company whose bank account you are reconciling.

In Bank Account, select the account to reconcile.

In Status, select Pending or change to Posted if the bank reconciliation will be ready to be closed when you are finished.

In Date, type the date, or click Calendar and select the date from the calendar.

Last Statement displays the last statement date reconciled.

Last Reconciliation displays the last reconciliation date.

In Statement Date, specify the date of the bank statement. Only bank account transactions dated on or before this date are listed in the Items area of Bank Account Reconciliation.

Beginning Balance displays the ending balance from the previous bank reconciliation.

In Ending Balance, specify the ending balance amount from the bank statement.

Compare the list of account transactions with the transactions listed on the bank statement. If the bank statement includes transactions not listed in the Items area, open the appropriate application screen and enter these transactions. Then, click Refresh to update the transaction list in Bank Account Reconciliation.

Select the Cleared check box beside each transaction in the Items area that reconciles to a transaction on the bank statement.

You can click Select All if all transactions listed in the Items area are cleared on the bank statement. 

You can click Clear All if you want to restart your cleared transaction selections. 

The Status fields will assist you in balancing the statement as you select detail lines.

When you are finished selecting transactions in the Items area, click Save.

If you selected Pending in Status, the bank reconciliation session remains open. You can later click Find  on the main toolbar to open the session and continue reconciliation transactions. Or, if you selected Posted in Status, the bank reconciliation session is considered complete and closes.

Questions and Answers

Q: I cannot start a new bank account reconciliation session for one of my bank accounts. Why?Q: I cannot start a new bank account reconciliation session for one of my bank accounts. Why?

Q: What if I open or refresh an existing bank account reconciliation session for an account that has had transactions added since the last time the session was opened or refreshed?Q: What if I open or refresh an existing bank account reconciliation session for an account that has had transactions added since the last time the session was opened or refreshed?

Q: What if I change the statement date of an existing Pending status bank account reconciliation?Q: What if I change the statement date of an existing Pending status bank account reconciliation?