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Reconciliations

Reconcile bank accounts

  1. Select
    Actions
    , then
    Reconcile Bank Accounts
    .
    note
    • The Reconciliations list includes all current, finalized, and pending reconciliations (indicated by status icons).
    • You can use the filter and search to find a specific reconciliation.
    • Bank accounts have to have a GL account assigned before you can do a reconciliation.
  2. Go to the
    General Information
     tab and select the account to reconcile in the Reconciliations list.
  3. Enter the following information from your bank's statement:
    • Statement beginning/end date
    • Beginning balance
    • Deposits and additions
    • Checks and payments
    • Ending balance
  4. (Optional) Use the
    Bank Statement Import
     tab to import transactions from the bank.
  5. (Optional) Select
    Edit
     and then
    Initial Open items
    . You can use the Initial Open Items screen to enter transactions that won’t affect the bank account balance but are needed for reconciliation purposes only. In other words, the transactions you enter in this window were already accounted for at some point in the account balance, but they are not listed with the other transactions available for clearing in the reconciliation. This feature is typically used to correct or enter outstanding transactions from previous reconciliations that were completed in your previous accounting application.
  6. Use the
    Deposits & Additions tab
    , the
    Checks & Payments tab
    , and the
    Direct Deposit tab
     to clear the transactions from the application that appear in those tabs. Mark the checkbox in the transaction row to clear a single transaction or select
    Edit
     then
    Clear All
     to mark all transactions as cleared. The Total row shows the statement amount, selected amount, checks and other payments amount, cleared total, adjustment total, and unreconciled amount based on the information you entered in the grids.
    tip
    • In the
      Checks & Payments
       tab, you can use the
      Clear Range of Checks
       screen to clear multiple checks at once by specifying ranges of checks to clear. Use the Checks Ranges grid to enter the starting reference number and ending reference number for the range of checks to clear. You can clear multiple ranges by specifying each range in a separate row.
    • Select the hyperlinked amount for a transaction to go to the source transaction. The application opens that transaction on the Enter Transactions screen where you can review details about the original transaction.
    • Select
      Edit
       in the toolbar to enter initial open items, adjustments, and to clear a range of checks.
  7. If you need to have your client make adjustments to their bank account, use the
    Client Adjustment Transmittal tab
     to describe those adjustments. This doesn't affect any balances, but will appear on the
    Bank Account Reconciliation Transmittal
     report you can provide to your client. 
    note
    • The Balance row shows the Corrected ending balance, the Adjust your bank account balance by, and the Difference amounts based on the information you enter in the grid.
    • You'll need to mark the
      Client Adjustment Transmittal
       checkbox in the Sections to Include section of the
      Print Reports
       screen for these adjustments to show on the Bank Account Reconciliation Transmittal report.
  8. Go to the
    Account Summary
     tab and review the balances and differences in the reconciliation. Select
    Adjustment
     to make an adjusting entry for the unreconciled amount, if necessary. This tab provides an overview of the balances based on the transactions on the bank statement compared to the balances based on the transactions entered or imported for the bank account, displaying any unreconciled amount.
  9. Use the
    Reconciliation Analysis
     tab for suggestions on how to balance the reconciliation. The suggestions are grouped in the following categories: checks and payments, deposits and additions, general ledger balance, and notes.
    tip
    You can right-click in this tab and select
    Print Notes
     to reference back to them more easily.
  10. When the unreconciled amount for the bank account is zero, select
    Finalize
     to finalize the bank reconciliation for this account.
  • Before you can close the reconciliation or move to another screen, you'll need to select
    Finish Later
    ,
    Finalize
    , or
    Cancel
    .
  • If you need to edit a reconciliation that's already been finalized, select it in the Reconciliations list, select
    Edit
    , and then
    Unfinalize Reconciliation
    . This will change the reconciliation status to Pending for the selected reconciliation and any reconciliations completed after the newly unfinalized statement. After you make the necessary corrections, be sure to finalize the statement and all subsequent pending reconciliations.

This article applies to:

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

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