Clear transactions during bank account reconciliation
During bank account reconciliation, if you import transactions from a bank statement that you download from your financial institution, the application automatically matches the imported transactions against those entered and clears them. If the application wasn't able to clear some of the imported transactions, or if you aren't importing transactions from a downloaded bank statement file, you can manually match and clear the transactions against the transactions listed in your printed or online bank statement.
- SelectActionsthenReconcile Bank Accounts.
- Select the account to reconcile from the Reconciliations list.
- In theGeneral Informationtab, enter the applicable information from your bank statement.
- If applicable, select theDeposits & Additionstab and/or theChecks & Paymentstab, and clear the applicable transactions.
- To mark a transaction as cleared, mark the checkbox for the transaction row, or enter an amount in the Clear For column.
- To mark all transactions as cleared in 1 step, selectEditthenClear All.
- To clear a transaction for an amount other than the full amount, enter the amount in the Clear For column. The application displays the difference in the Adjustment column. You can then enter the GL account the difference should be applied to and an explanation in the Adjustment Description column.noteIf the bank makes an error on the statement that was used for the reconciliation, you can selectBank errorfrom the GL Account dropdown. The application doesn't write bank error adjustment amounts back to the general ledger because these errors don't usually result in money being deposited in or withdrawn from the bank account. The application records these bank errors in the Balance per Bank Statement section in theAccount Summarytab.
- If applicable, select theDirect Deposittab. The grid displays each direct deposit file that has been created for the reconciliation period. To view the direct deposit transactions included in the file, select+next to the file name to expand the list.noteBy default, the application marks theClearedcheckbox for each file and clears each transaction within the file.
- To unclear a transaction, clear the checkbox in the Clr column for that transaction.
- To unclear all transactions in the grid, selectEditthenUnclear All.
- The Checks and payments amount in theGeneral Informationtab should be equal to the sum of the cleared amounts on theDirect Deposittab and theChecks & Paymentstab.
- Select theAccount Summarytab to review the information.
- If necessary, complete the additional steps to finalize the bank account reconciliation.
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