Reconcile Bank Accounts

To reconcile the checking account, choose Tasks, Reconcile Bank Accounts from the menu. This brings up a that can be used to reconcile your checking account.

NOTE: To enter bank services fees or charges, or any interest paid, use the General Journal Entries . Be sure to answer Yes to creating a corresponding check register entry when saving the journal entry. You'll need to make this journal entry prior to reconciling the bank account in order to see the service charge deduction, and interest deposit in this Reconciliation .

Bank Account
Choose the bank account that you would like to reconcile.

Reconciliation Date
The date of the reconciliation.

Opening Balance
This should have the amount that was listed as the ending balance on the last reconciliation. If this is the first time you are reconciling the account through the Accounting Manager, you will need to add a manual entry to the check register for your opening balance, and then mark it as cleared. This is necessary, since the Accounting Manager initially calculates the opening balance by taking all the cleared deposits and subtracting off the cleared checks. If you only have one cleared deposit, this will be your opening balance. This assumes that you have a positive balance. If you have a negative balance, create a manual check entry instead. When you mark the item as cleared, be sure to assign a reconciliation date to the record.

Note: If entering your beginning balances through a general journal entry, the corresponding check register entry will be created automatically if you answer Yes to the question when saving your journal entry. If so, you simply need to mark this check register entry that was created as cleared, and assign a reconciliation date prior to your next reconciliation.

Ending Balance
This is the ending account balance shown on your bank statement. Enter the balance as shown on your statement. If this is the first time you are reconciling this account through the Accounting Manager, enter the ending balance as of the last bank statement.

OK
Saves the reconciliation. If the reconciliation is not balanced it will save the work you have done until next time you open the window. If the reconciliation is in balance then pressing OK will finalize the reconciliation.

Cancel
Closes the Reconciliation and deletes any changes that you have made to the reconciliation.

Documents
This button allows you to link a document with this record. An "open" window will appear once clicked. Browse to the document that you want to be stored for this record and then press OK. You will then be prompted to fill in a description for the file.
If a document has already been associated with this record then you will be asked if you want to view the document or associate a different one. Only one document can be associated with each record. Press Yes to view the document that is associated with this record, or press No to remove the prior document and associate a new one.
This button will only be available if you have purchased the Document Management Module.

Refresh
Updates the reconciliation with any new transactions that may have taken place since this window was opened.

Mark All
Places a check mark in the "clr" column beside every transaction.

Unmark All
Removes any check marks in the "clr" column for any transactions that currently have a check mark.

Prelim Rpt
Prints a report of the current reconciliation even if it is not complete. Basically this just gives you what you can see on the current window but in a report format.

Past Reports
Allows you to view the finalized report for a past reconciliation.

Marking Checks and Deposits

This list box will display all uncleared deposits and checks. To mark a check or deposit as cleared, check the box beside it. As deposits are marked as cleared, the amounts shown at the bottom of the in the Deposits and Other Credits and Cleared Balance fields will be updated. As checks are marked as cleared, the amounts shown at the bottom of the in the Checks and Payments fields will be updated. To mark all of the shown deposits and checks, click on the Mark All button. To unmark all items, click on the Unmark All button. To see more checks and deposits, scroll the list either down or up by using the arrow keys or by clicking on the scroll bar at the right side of the list box. The grid is also sortable to make finding a specific check or deposit easier. To sort by a specific column, click on the column heading. For example, if you wanted to sort the list by payee, click the column heading for payee and all entries will now be sorted by payee.

Finalizing the reconciliation

After you've finished checking off cleared transactions, check the difference amount in the bottom right corner of the reconcile window. If the difference amount is zero, you've reconciled the current bank statement successfully. If the difference is not zero, you may have missed marking a deposit or check that has cleared, or you could have marked either a deposit or check as cleared that hasn't cleared.

Double check the amounts shown in the Items you have marked cleared section at the bottom of the . Check to see that the total deposits and credits and the amount of deposits and credits equals the totals shown on the bank statement. If they don't equal, make sure you haven't forgotten to clear a deposit that should have been marked cleared. Check to make sure the total checks and payments and the amount of checks and payments equal the total shown on the bank statement. If they don't, you may have missed a transaction or two.

If the difference is zero, click on the OK button to finalize the reconciliation. You are then given the option to print a reconciliation report that shows a list of all cleared transactions and a list of all uncleared transactions.

Quitting the reconciliation

If you haven't finished reconciling the account and you need to get out of the reconciliation, the Accounting Manager will ask you if you want to save the work you've completed so far. If you answer "Yes," your work will be saved and the next time that you enter the reconciliation the deposits and checks that you had marked as cleared will still be marked as such. Answering Yes will show the items already marked as cleared only in this . This will not mark the item as cleared within the Check Register . Items in the Check Register will not be marked as Cleared until the Reconciliation is finalized.