Bank Reconciliation

If you have not setup your Bank Accounts, you should review this help doc first.

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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