Bank Reconciliation

 

THE BANK RECONCILIATION IS ONE OF THE MOST IMPORTANT BOOKKEEPING FUNCTIONS AND IT IS ADVISABLE THAT THIS IS PERFORMED ON A REGULAR BASIS - ESPECIALLY PRIOR TO MAKING VAT RETURNS.
 
 
IF ENTERING A DATE RANGE, BE MINDFUL THAT THE DATE THAT A TRANSACTION TOOK PLACE MAY NOT BE THE SAME DATE THAT IT IS ACTUALLY PRESENTED AT BANK. THEREFORE THE DATE THAT THE TRANSACTION APPEARS ON YOUR BANK STATEMENT WILL DIFFER TO THAT OF THE ACTUAL TRANSACTION DATE. THIS IS A COMMON CASE SCENARIO WITH PAYMENTS.
 
 

BANK > RECONCILE BANK

 
 
Date from                                                               
 
Set the start date of the period that you wish to view transaction from
 
 
Date to                                                                    
 
Set the end date of the period that you wish to view transactions to
 
 
Bank Account Name                    
 
Choose the Bank Account that you wish to reconcile from the drop down list
 
 
Prepare                                                                  
 
Click on Prepare to populate the screen
 
 
Sort by Date                                                                      
 

Initially, transactions are shown in the sequence entered - it is advisable to sort the transactions by date by simply clicking on "Sort by Date"

As each transaction within the generated bank file appears on the physical bank statement (i.e. banked) double clicking on the bank entry on screen will flag the entry as reconciled.

A "B" will appear to the right of the transaction denoted that the transaction is reconciled/banked.

If a transaction is reconciled in error simply double clicking on the entry will "unreconcile" it.

 
 
Statement Balance
 

The statement balance at the bottom left corner of the screen indicates the bank statement balance based on the reconciled transactions within Thesaurus Accounts.

 
 
THIS STATEMENT BALANCE SHOULD AGREE TO THE PHYSICAL BANK STATEMENT AT ALL TIMES.
 
 
Outstanding Cheques                  
 

At the bottom of the screen a total of the outstanding cheques is displayed. 

This total represents the total cheques written which have not yet been presented to the bank/cashed.

Double clicking on this total will display a breakdown of the cheques it represents.

 
 
Outstanding Lodgements                        
 

At the bottom of the screen a total of the outstanding lodgements is displayed. This total represents the total lodgements made to the bank which have not yet appeared on your bank statement/processed by the bank. Double clicking on this total will display a breakdown of the lodgements it represents.

 
 
 
 
 
 
  

Need help? Support is available at 01 8352074 or support@thesaurus.ie.

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