Bank Reconciliation

How to setup a bank account

  1. From the main menu strip at the top, go to Setup > Bank Accounts.
  2. Click the "New Account" button.
  3. Enter the "Account Name".
  4. The "Account Code" field is only used when exporting payments to other systems.
  5. If you plan on using "Bank Feeds" enter the BSB and Account Number (refer to Bank Feeds in the Help Centre for further details).
  6. Every transaction in HirePOS requires a Customer (for income) or Suppliers (for expenses), so to receive 'Bank Interest' income or to set up an Opening Balance for example, you will need to set up a Customer record as the bank account name.
  7. Click the 'Credit Account' box for credit accounts where applicable.
  8. Click 'Save New' to save the changes.  

How to reconcile a bank account

  1. From the main menu strip at the top, go to Banking > Bank Reconciliation.
  2. Select the bank account to reconcile.
  3. The 'Opening Balance' will start at $0.00.
    1. To set a once off opening balance if you are carrying over from another system, you need to go to Banking > New Deposit (Other Income) via the main menu strip at the top.
    2. Use the bank account customer that you have set up as a customer record in the previous step.
    3. Most importantly, the "Income Account" must be set as "Opening Balance".
    4. Enter the Opening Balance in the Amount field.
    5. Tax should be entered as FRE.
    6. Set Payment Method as 'Online'.
    7. Select the Bank Account.
    8. Save the transaction.
  4. Continue reconciling the account back in the Bank Reconciliation page by clicking the Reconcile tick buttons in the Reconcile column.  The running balance will update as the transactions are marked off.
  5. Ensure the "New Statement Date" is set correctly, this is normally the date of the last transaction you are reconciling.
  6. Enter the "Closing Balance" amount.  Ensure this matches as per your bank statement.  
  7. Click "Reconcile Completed".  You cannot complete the reconcile unless the Closing Balance and the final running balance match.

When completing any following reconciles, the Closing Balance will carry over as the new Opening Balance.  Note that if you are using Bank Feeds the only action you need to take in the Bank Reconciliation page is to reconcile the Closing Balance and ensure it matches your bank statement as at the closing date.  Individual transactions are automatically marked off as the bank feed transactions are matched.

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