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If this is your first bank reconciliation, you're ready to reconcile if you've identified and recorded uncleared withdrawals and deposits. If you haven't done these things, learn how.
Here's how complete your first bank reconciliation:
To reconcile the account
Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.
- In the Account field, select the bank account you want to reconcile.
- In the Closing Statement Balance field, enter the closing bank balance as at the day prior to your conversion month (for example, the closing balance as at 31/12/2016).
- In the Bank Statement Date field, enter the first date of your conversion month. (For example, if your conversion month is January 2017, enter
01/01/17.) Your uncleared transactions appear. When you recorded uncleared transactions, the same account was debited and credited. Therefore, an uncleared transaction appears as both a deposit and a withdrawal.
- For each uncleared withdrawal, click the select column next to the deposit.
- For each uncleared deposit, click the select column next to the withdrawal. When each uncleared transaction is selected, $0.00 appears in the Out of Balance field.
- Click Reconcile. A confirmation window appears. If you want, do one of the following:
- To print a report, click Print Report. When the report is printed, click Reconcile.
- To reconcile without printing a report, click Reconcile.
- To change any details you entered in the Reconcile Accounts window, click Cancel and make the required changes.
See Reconciling your bank accounts to learn more about:
- reconciliation accounts you receive bank feeds for
- manually reconciling
- reconciling against imported bank statements (using the Get Statement function)