Reconciling a bank account

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Overview

Bank reconciliations match bank statements to the system accounting entries.

The system allows you to save unfinished reconciliations without being finalised, to allow for partial reconciliations, which may be completed at a later time.

Accounts must be reconciled up to the relevant date for preparing annual receipts and payments.

Also, the system allows for previous bank reconciliations to be viewed or undone.

Reconciling a bank account

1.    Click Financials > Accounts.

2.    Double click Cash at Bank.

3.    Select the Reconcile option, as shown below:

File:test/insolvency/120_10+Accounts/050_Reconciling+a+Bank+Account/Rec1.png

The bank reconciliation worksheet should appear.

4.    Type in the date of reconciliation as today’s date.

5.    Normally, you would have a bank statement where you would enter the balance from the statement. For this example, enter the amount shown as “£1,050.00” at the bottom of the window.

6.    Now select or tick off transactions that appear on the bank statement.  For this example, tick off all transactions.

Your Bank reconciliation should now look like this:

File:test/insolvency/120_10+Accounts/050_Reconciling+a+Bank+Account/Rec2.png

7.    Once you are satisfied with the reconciliation, you may choose to print the reconciliation.

8.  Click [Finalise] to finalise the bank reconciliation.

This warning will appear:

File:test/insolvency/120_10+Accounts/050_Reconciling+a+Bank+Account/Rec3.png

After checking that the above does not apply, click [OK].

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