Bank Reconciliation Process - How to Reconcile

The process for reconciling the bank is located in the Accounts module.

Accessing Bank Reconciliation

1. Navigate to the Reconcile option in the module.
2. If multiple bank accounts are configured, the system will prompt you to select the bank account to reconcile.

Setting the Opening and Closing Balances

• The Opening Date and Opening Balance reflect the closing balance and date from the last completed reconciliation.
• These values are displayed as "Opening Date/Balance" and cannot be modified by the user.
• Enter the Closing Date and Closing Balance from the next bank statement to be reconciled.

⚠️ Ensure the Closing Balance is accurate, as the system increments the last reconciled date by one day.

Reconciling Transactions

1. The system displays the difference between the Opening Balance and the Closing Balance, which represents the total of transactions requiring reconciliation.

2. To reconcile:

   • Select a transaction from the bank statement.
   • Double-click the corresponding entry on the screen.
   • Enter the day (not the date) the transaction cleared the bank and press the Tab key.

3. This action will:

   • Update the “Day Cleared” field.
   • Move the transaction from the Un-Reconciled tab to the Reconciled tab.
   • Adjust the “Outstanding” figure at the top of the screen.

4. If a reconciled transaction needs to be un-reconciled, double-click the line. The transaction will return to the Un-Reconciled tab.

Special Cases

Linking Transactions

If two transactions in Navigator are grouped as one line on the bank statement:

• Use the Link button to link them.
• Select the previously reconciled transaction to link, then double-click to confirm.
• Both transactions will appear in the Reconciled tab with the same reference number.

Posting Missing Transactions

If a transaction on the bank statement hasn’t been posted in Navigator:

• You can post it directly from the reconciliation screen using the Post menu group.
• Options available include:
  • Vehicle Receipt
  • Sales Ledger Receipt
  • Purchase Ledger Payment
  • Nominal Journal
  • Cash Book Payment

Note: The Cash Book Payment option creates a one-sided entry. The system will generate the opposite posting automatically as a reconciling item when the Refresh button is selected. This can be used for both debit (payments) and credit (receipts) entries.

Completing the Reconciliation

• The Save button is only necessary when the Cash Book is fully reconciled (i.e., the outstanding amount is zero).
• Upon clicking Save, the system will prompt confirmation.
• If confirmed:
  • The Closing Date becomes the new Opening Date (incremented by one day).
  • The Closing Balance becomes the new Opening Balance.

For the next reconciliation, you will need to enter the new closing date and balance before proceeding.