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Reconciliations

Perform the first bank reconciliation

New client

Follow these steps to complete the first bank reconciliation for a new client whose beginning balances and detailed transactions begin near the first reconciliation's date range.
  1. Verify the ending balance of the bank account in the
    Bank Account Register
     report matches the ending balance of the bank account’s GL account in the
    General Ledger
     report.
    note
    Use the same date range as the first bank account reconciliation.
  2. Select
    Actions
     then
    Reconcile Bank Accounts
    .
  3. Select the
    General Information
     tab to enter the statement information, including the following:
    • Beginning date
    • Ending date
    • Beginning Balance
    • Deposits and additions (cleared)
    • Checks and payments (cleared).
    note
    The application automatically calculates the
    Ending Balance
     from these entries.
  4. Select
    Edit
     then
    Initial Open Items
     to enter any items that need to be included in the bank reconciliation but weren’t entered as individual transactions and are already included in the client’s GL beginning balance.
    note
    This lets you add check or payment items and deposit or addition items to the reconciliation so you can clear them or leave them open (in transit) without adding them elsewhere in the application and without impacting the GL account balance.
  5. Select the
    Deposits & Additions
     tab,
    Checks & Payments
     tab, and
    Direct Deposit
     tab to select the items that cleared the bank for this reconciliation.
    note
    Leave items unmarked if they are still in transit so they remain open and transfer to the next reconciliation.
  6. When the bank reconciliation is reconciled, select
    Finalize
    .
    note
    This automatically generates the next reconciliation, increments the statement dates, sets the new beginning balance from the previous ending balance, and transfers open items.

Existing client

Follow these steps to complete the first bank reconciliation for an existing client with a long transaction history that predates the first reconciliation.
  1. Verify the ending balance of the bank account in the
    Bank Account Register
     report matches the ending balance of the bank account's GL account in the
    General Ledger
     report.
    note
    Use the same date range as the first bank account reconciliation.
  2. Select
    Actions
     then
    Reconcile Bank Accounts
    .
  3. Select the
    General Information
     tab to enter the
    Beginning date
     and
    Ending date
    , and leave the amounts at zero for now.
  4. Select the
    Deposits & Additions
     tab,
    Checks & Payments
     tab, and
    Direct Deposit
     tab to select all past items that cleared the bank up to the reconciliation ending date.
    note
    Leave items unmarked if they are still in transit so they remain open and transfer to the next reconciliation.
  5. Review the
    Unreconciled
     amount at the bottom of any tab from the previous step.
    note
    This is the net effect of all cleared items and should match the bank account ending balance up to the reconciliation ending date.
  6. Return to the
    General Information
     tab and enter the unreconciled amount from the previous step in the
    Beginning Balance
     field.
    note
    The application automatically calculates the same
    Ending Balance
    .
  7. When the bank reconciliation is reconciled, select
    Finalize
    .
    note
    This automatically generates the next reconciliation, increments the statement dates, sets the new beginning balance from the previous ending balance, and transfers open items.

This article applies to:

  • PRODUCT: Accounting CS Client Access
  • Subject: Bank reconciliation