Explanation: A general ledger account must exist for each bank account you want to reconcile. At least one bank account was created during your conversion or company setup. If you have multiple bank accounts, a general ledger account needs to be created for each account. Please see: “Add a New General Ledger Account” in this document.
The Reconcile function allows the reconciliation of payments and deposits made under various general ledger accounts. Reconciliation can be completed for cash accounts, as well as liability accounts such as credit cards.
The Reconcile function allows the reconciliation of payments and deposits made under various general ledger accounts. Reconciliation can be completed for cash accounts, as well as liability accounts such as credit cards.
After selecting the Reconciliation option under the Function dropdown, select the general ledger account to reconcile and click search.
- If the cleared difference at the top is not zero, simply double check the beginning and ending balances and all cleared transactions.
- Most bank statements give a total for cleared deposits and cleared checks. These can be used to determine any differences.
- You also have the option to save progress if you need to exit and come back later to continue.
Once the Cleared Difference is 0.00 you can process the Reconciliation. If checked, the bank reconciliation report and the outstanding transactions report will print.
In Reconcile change the Function to history to review what reconciliations were completed. All previous bank reconciliations can be accessed through the Bank Reconcile History list. Select the general ledger you want to see the history for under Bank Reconcile. Select the time period and click search. Note the ID number.