Bank Reconciliation

This is used to reconcile the system's record on Bank accounts against Bank Statements received from banks, and eventually produce Bank Reconciliation Statements.

Go to G/L > Bank Reconciliation

A list of bank accounts will be shown:

Maintain Previous Year Uncleared Bank Transactions

Highlight a bank account, click on the button of . Here you can add records of uncleared bank entries (not yet reconciled) prior to current fiscal year so that they can be reconciled later. This one-time-only step is necessary for current fiscal year of a new account book (except for a new company) as the system did not have these records.

Click on '+' to add entries with dates earlier than current fiscal year.

Click on Save.

Add New Bank Reconciliation

Highlight a bank account, click on Add,

Define the Bank Statement Date,

Click on OK.

Bank Account No.: account number of the selected bank account.

Description: description of the bank account

Currency Code: currency code of the bank account

Bank Statement Date: the date defined in preceding step

Show All Date: check this checkbox so that all entries will be shown regardless of entries date; uncheck this if you want to specify the date range.

Show Date Range: uncheck Show All Date so that you may define the date range of entries

Show unticked transactions only: to hide the checked entries

Show transactions cleared at other date: to display all entries that were reconciled in other date

Account Balance: current balance amount of this bank account

Actual Bank Statement Balance: key in this balance amount as printed on bank statement (closing balance)

System Bank Statement Balance: balance amount of reconciled bank account (detected by the system); this amount will change when you start reconcile (tick the check-boxes). If all the entries are reconciled (ticked), this amount should be the same as Account Balance. In case of the first month of reconciliation, this balance is = Opening Bank Balance + / - the Uncleared Transaction (+Credit amount and - Debit amount), and it should be the same as the closing Balance of previous month's bank statement.

Difference: difference between Actual Bank Statement Balance and System Bank Statement Balance; this amount should be zero (0.00) if the entries are correctly reconciled.

Click on Preview,

Format 1 starts with Balance as per Bank Statement and ends with Balance as per Bank Account.

Format 2 starts with Balance as per Bank Account and ends with Balance as per Bank Statement.

Select Bank Reconciled Transaction Report

Bank Slip

This is for user to combine several cheques (entries) into one entry row for the purpose of Bank Reconciliation. The combination of entries does not affect their ledger/journal entries.

Examples of usage:

Scenario 1: You have received a piece of cheque RM 300 from A to pay on A’s account RM 100 and B’s account RM200. (assuming A and B are related)

You then record the entries in Auto Count: create 2 receipts transaction for A and B respectively. The Bank account displays 2 separate entries (RM 100 from A and RM 200 from B). However, you have banked in only one cheque, thus there will be only one entry RM 300 to appear on Bank Statement.

To make the reconciliation easier, you can create a bank slip to combine the 2 entries totalled RM300.

Scenario 2: You have banked in several pieces of cheques totalled to RM1000 using one bank in slip, and the bank statement (for some bank) will show in one entry (lump sum total of RM1000) instead of several cheques. In Auto Count, bank account has recorded each individual cheque...

For easier reconciliation, a bank slip is created to combine these cheques totalled to RM 1000.

How to use Bank Slip?

Go to G/L > Bank Reconciliation

Highlight the Bank account,

Go to Other > Bank Slip

Click on New

Bank Acc No.: select the bank account number

Doc. No.: <<New>> means to follow auto-running numbering (maintained at Document Numbering Format Maintenance), and the next possible number is displayed at the top bar of the window. You may click on it to key in any number you like.

Doc Date: the date of this document

Date Range: set the date range for searching purpose

Cheque No.: leave it blank to show all cheques according to the date range

Include other bank slip transactions: to include other bank slips when search

Click on Search