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Reconciliations

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.
  1. Select
    Actions
     then
    Reconcile Bank Accounts
    .
  2. Select the account to reconcile from the Reconciliations list.
  3. In the
    General Information
     tab, enter the applicable information from your bank statement.
  4. If applicable, select the
    Deposits & Additions
     tab and/or the
    Checks & Payments
     tab, 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, select
      Edit
       then
      Clear 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.
      note
      If the bank makes an error on the statement that was used for the reconciliation, you can select
      Bank error
       from 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adjustment amounts back to the general ledger because these errors don't usually result in money being deposited in or withdrawn from the bank account.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 the
      Account Summary
       tab.
  5. If applicable, select the
    Direct Deposit
     tab. 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.
    note
    By default, the application marks the
    Cleared
     checkbox 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, select
      Edit
       then
      Unclear All
      .
    • The Checks and payments amount in the
      General Information
       tab should be equal to the sum of the cleared amounts on the
      Direct Deposit
       tab and the
      Checks & Payments
       tab.
  6. Select the
    Account Summary
     tab to review the information.
  7. If necessary, complete the additional steps to finalize the bank account reconciliation.

This article applies to:

  • PRODUCT: Accounting CS
  • Subject: Bank reconciliation

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