Support Bulletin # 39 Bank Reconciliation. Bank Reconciliation

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1 Support Bulletin # 39 Bank Reconciliation Bank Reconciliation Bank Reconciliation reconciles your accounting records to your bank statement. To reconcile your accounting records to your bank statement: 1. Select Accounts in the folders list (left of screen) and a list of sub-categories appears: List of Accounts 2. Select Cash Book and a list of existing payments and receipts will appear in the main screen: List of current Cash Book Receipts and Payments 3. Select Bank Reconciliation in the Cash Transactions menu bar (at top of screen) and a new Cash Receipts screen appears: Copyright 2004 Business Manager Software Pty Ltd Page 1 of 6

2 Bank Reconciliation Statement Screen Details Bank Account: Select from the drop-down list the most frequently used bank account for this transaction. To set up a default (most frequently used) bank account: 1. In the main menu bar, select Tools, then Options. 2. In the Options screen select Banking. 3. Select the accounts that you most frequently use by clicking the button to the right of the field. If you have not already set up the desired account, see Adding A Ledger Account in the online Help or ABM Manual. Reconciliation Date: Enter the date you wish to reconcile the bank account to. Example 12/12/2005. Statement Number: Enter the bank statement number you are reconciling. If the number has been entered previously, you will be asked if you wish to load the previous reconciliation. If a previous reconciliation is loaded, it will display all the information entered at that time, and will allow a re-print of the reconciliation report. Last Statement Balance: Once you have selected the appropriate bank account, the current balance of that account automatically appears. Date Last Balanced: Once you have selected the appropriate bank account, the 'Date Last Balanced' field is automatically updates with the date of the last balancing. Statement Balance: Enter the balance of the statement to reconcile. Copyright 2003 Business Manager Software Pty Ltd Page 2 of 6

3 Once you have entered the above details, select 'Save and Continue'. This will bring you to the main Bank Reconciliation screen as below: Bank Reconciliation for Bank Account Menu Bar Display Options: Select this option to group payments and receipts by number, date or reference number. Printing: Select this option to view printer settings and to print reports. Refresh: Rebuilds the display from the original data. View Individual Transactions: If transactions have been Grouped together you can view the individual transaction by right clicking on the transaction group. Cancel: Cancels all newly entered data. Save & Close: Select this option to return to the main screen and: Save Reconciliation for later Process Reconciliation Save and New: Select this option to open a new Bank Reconciliation screen and: Save Reconciliation for later Process Reconciliation Copyright 2003 Business Manager Software Pty Ltd Page 3 of 6

4 Bank Reconciliation screen The Bank Reconciliation screen is split into three sections: Receipts Only Payments and Charges Only All Transactions Reconciliation The Reconciliation fields automatically update your accounts according to your listed and unlisted deposits and payments. Options Options allows you to view your transactions by date, reference, payee or amount. You can also organise your transactions by date range, or view unreconciled items only. Click the drop-down list to select your search criteria, e.g. payee, then enter the value to search the list, e.g. name of payee. Click Find Now. Controls List Transaction/Un-List Transaction: Select 'List Transaction' to verify that the highlighted transaction has appeared on your bank statement. Select 'Un-List Transaction' if you wish to reverse the above option. Void Transaction: Select this option to cancel a transaction. New Transaction: Select this option to enter a new transaction. A New Transaction for Bank Reconciliation screen appears: New Transaction for Bank Reconciliation Enter the transaction details in the fields. Save Settings Copyright 2003 Business Manager Software Pty Ltd Page 4 of 6

5 Select 'Save & New' to process the new transaction details and open a new transaction screen. or: Select 'Save and Continue' to process the new transaction details and return to the Bank Reconciliation screen. Other Bank Related Information Note that you can group receipts by deposit number in the bank rec. When entering receipts there is a deposit number field which is automatically updated with a date users will need to be conscious of updating the deposit number with an appropriate value if this function is going to be useful. Note that in the Cashbook the transaction that you see are those of the first bank account. To view transaction for other bank accounts go to the View menu option and select the account from the list. Trouble Shooting and Un-Reconciled Bank Statement Having reconciled all the items on the Bank Statement and you find that there is still a difference to reconcile, try the following steps. Change Reconciliation Date Select Save and Close and select Save Reconciliation for later. Go back to the first screen and change the reconciliation date to the month end. With versions of ABM earlier than 2.00 the date of the posting to the Ledger account may not coincide with the actual Receipt/Payment date. Therefore, changing the date to the month end date should overcome this. Ensure the Statement Balance has been Entered Correctly Check the figure on the statement and ensure it matches or is before the reconciliation date entered. If the balance is overdrawn then you need to prefix the balance with a minus sign Example balance OD should be entered as Ensure all Items on the Statement have been Presented. A good idea is to tick the item on the statement as you present the transaction in ABM. By doing this you can ensure that you have presented each item correctly, and you have picked up all charges on the statement that have not been previously entered. Look for the Amount on the Statement Look through the statement to see if the Difference to Reconcile is represented by a similar amount on the statement. If the amount is not found then divided the amount by 2, and look for this figure. By doing this you can check to see if a payment,receipt or transfer has been entered the wrong way. Example, if you transferred 10,000 from one bank to another, and processed a transfer out rather than a transfer in, then the 10,000 would appear on the Credit side on your statement, but the Debit side in ABM, and the difference to reconcile would be 20,000. Copyright 2003 Business Manager Software Pty Ltd Page 5 of 6

6 *THIS BULLETIN IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. The information contained in this document represents the current view of Business Manager Software on the issues discussed as of the date of publication. Because Business Manager Software must respond to change in market conditions, it should not be interpreted to be a commitment on the part of Business Manager Software and Business Manager Software cannot guarantee the accuracy of any information presented after the date of publication. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED 'AS IS' WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND FREEDOM FROM INFRINGEMENT. The user assumes the entire risk as to the accuracy and the use of this document. Copyright 2003 Business Manager Software Pty Ltd Page 6 of 6