Reconcile
From TrueERP wiki
Overview
Reconciling your Bank Accounts regularly is essential to keeping good financial records. Reconciliations ensure the monies processed through your bank account/s, matches the data entered into your ERP database. Note - ERP discourages you from reconciling a future dated transaction as this can put your accounts out of balance. In the rare circumstance where a future dated transaction needs to be reconciled untick the Filter On Date box otherwise any transactions dated after the statement date will not be available to reconcile.
The ERP reconciliation process has been designed to ensure efficiency and ease of use. All reconcilable transactions processed within ERP that affect the Bank Account, i.e. Customer payments (deposits), Supplier payments and cheques, other deposits, payments and journal entries, are automatically loaded into the reconciliation screen upon selection of the relevant bank account and Statement Date. From here it is a simple task of clicking to tick off items appearing on your Bank Statement. Reconciliations can be completed (saved) once the difference between the cleared and ending balance is $0, or held pending completion, ensuring correct figures are maintained. ERP produces detailed reports on what has been reconciled and what has not been reconciled upon the completion of any reconciliation.
How To Do a Reconciliation
- Select the 'Reconcile' button within the Banking tab
- Select the 'Bank Account' you are reconciling, from the drop-down menu.
- All deposits and withdrawals related to the selected bank account will load.
- The 'Opening Balance' will also load. This should match the opening balance of the Bank Statement you are about to
reconcile.
- Enter the Statement number as per the Bank Statement you are reconciling. The list of reconcilable transactions
will change to those up to or equal to the statement date to ensure post-dated transactions are not reconciled incorrectly.
- Select the correct date as per the Bank Statement you are reconciling.
- Enter the Ending Balance as per the Bank Statement you are reconciling.
- You are able to sort by each column by clicking on the header, e.g. 'Date'. The hand will indicate whether the sort
is Up or Down.
- To search for a particular value, enter the amount into the 'Search Amount' field, e.g. $588.00
- Select 'Go'
- The value you are search for will be highlighted.
- Select the transactions that have appeared on this Bank Statement by selecting the 'OK' tick box beside the
relevant transactions.
- You are able to place any reconciliation on 'Hold'. This will save the reconciliation as per the current status,
allowing you to complete it later.
- Upon selecting the 'Reconcile' button again, you will be prompted with the following screen.
- Select the reconciliation you wish to continue with. There may be more than one that you have placed on hold.
- Select 'OK'
NB: You are required to enter your Ending Balance each time you re-load the reconciliation.
Continue marking off the presented transactions as per the Bank Statement, until you have reconciled every transaction on the Statement to the data entered into ERP. By marking transactions off in this way, you will clearly identify if there are any transactions that have not been entered into ERP but have been presented at the Bank. Once all transactions are entered and the Difference is $0.00 you will be able to save the reconciliation.
- Select 'Save'
- Select 'Yes' to print the Reports<LinkId=373>. Or select 'No' if you do not wish to print the reports.
- Select 'Print' to print just the Reconciliation Report
- Select 'Print Report' to print just the Non Reconciled Report
- Two Reports will be printed - Reconciliation Report and Not Reconciled Report
Shortcuts
- Select 'Mark All' to reconcile all the transactions displayed. This can be a useful shortcut if you have more
items presented (appearing on the bank statement) than unpresented. In this case Select All and deselect the unpresented items.
- Select 'UnMark All' to de-select all the marked items.
- Completed Reconciliations can be found in the Reconciliation List.
- To delete any Reconciliation, open the relevant one and select the 'Deleted' tick-box at the bottom right of screen.
- Select 'Save'
NB: You can only delete Reconciliations in sequence, i.e. last one first, then back in date order. e.g. If you need to delete a Reconciliation completed at the end of August, and it is now November and you have completed two reconciliations since, then you will have to delete the last two reconciliations completed to be able to delete the incorrect one back in August.
This rule applies to all transactions within ERP. Upon completion of a transaction the previous step is automatically locked-down. e.g. A Customer makes a payment on an Invoice, you cannot delete the Invoice if a payment has been applied. You must first delete the Payment to be able to delete the Invoice.
- The deleted Reconciliation can now be found in the Bank Reconciliations List under the 'Deleted' radio button.
