Reconciling your bank accounts

To ensure the accuracy of your business records, you should keep your record of each bank account balance matched up with your bank’s records.

If you are reconciling your bank account for the first time since you started using AccountEdge software, see Do an initial bank reconciliation.

To reconcile your bank account

note : Reconciling bank accounts using the Company Data Auditor

If you are using the Company Data Auditor (see Run the Company Data Auditor), select the account you want to reconcile in the Account Reconciliation Review window and click Reconcile Accounts. Continue this procedure beginning with step 3.

Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.

In the Account field, type or select the account you want to reconcile.

In the New Statement Balance field, type the closing balance that appears on the statement your bank sent you.

In the Bank Statement Date field, type the closing date that appears on your bank statement, and then press Tab. Only unreconciled transactions dated on or before that date will appear in the scrolling list.

If you want to use Get Statement to import your bank statement data, see Importing statements.

For each entry on your bank statement, mark the corresponding transaction by clicking in the select column
(

). The selected line is highlighted and the amounts in the Calculated Statement Balance and Out of Balance fields are updated.

If there are entries on the statement relating to bank charges or bank interest that do not appear among the transactions on the Reconcile Accounts window, you need to manually enter these transactions.

Click Bank Entry. The Bank and Deposit Adjustments window appears.

Fill in the appropriate transaction details and click Record. The Reconcile Accounts window reappears.

Click Reconcile. A window appears, indicating whether your account is reconciled or out of balance.

If your account is reconciled, you can print the Reconciliation report by clicking Print (recommended). Once the report is printed, the Reconcile Accounts window appears. Click Reconcile again to complete the reconciliation process. If you don’t want to print the report, simply click Reconcile. The transactions you marked are considered cleared and won’t appear in the Reconcile Accounts window the next time you display it.

If your account is out of balance, the window will indicate the amount by which your account is out of balance, and will provide you with a few ideas as to why this may have occurred. To correct the unreconciled amount, follow the procedure below.

To correct an unreconciled amount

Check the following:

Did you type the correct amount in the New Statement Balance field? Note that you have to enter the closing balance from your bank statement, not the opening balance.

Did you type the correct date (corresponding to the closing balance from your bank statement) in the Bank Statement Date field? Note that an incorrect date may prevent some transactions from appearing in the list.

Did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.

Did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.

Did you record all bank charges and bank interest entries that appear on the bank statement? If not, you need to record them and select them for reconciliation.

Repeat the reconciliation procedure To reconcile your bank account.

If your account is still out of balance, then you may have deleted a transaction that has been reconciled previously.

note : Identifying deleted transactions using the Audit Trail report

If you set the Use Audit Trail Tracking preference, you can use the Audit Trail report to search for deleted transactions. Note that for a transaction to appear in this report, you need to have set this preference before deleting the transaction.

If you have deleted a previously reconciled transaction:

Re-enter the transaction into your company file.

Select it for reconciliation.

Repeat the reconciliation procedure.