Reconcile Accounts window

Reconcile Accounts window

To ensure the accuracy of your business records, you should match your bank and credit card accounts’ balances with the bank and credit card transactions in your company file. This task is called reconciling accounts.

The Reconcile Accounts window is where you reconcile your accounts and verify that balances of credit cards and loans are correct.

Field Descriptions

Enter the account you want to reconcile, or click the search arrow to display a search list of accounts you can select from.

Last Reconciled Date

If you’ve previously reconciled this account, the date this account was last reconciled appears in this field. This field is updated with the date you enter in the Bank Statement Date field when you complete the AccountEdge reconciliation process.

If you’ve never reconciled this account, no date will appear in this field.

Bank Statement Date

Enter the date that appears on your bank statement. Your entry here will be used to update the Last Reconciled Date field when you complete the AccountEdge reconciliation process.

New Statement Balance

Enter the ending balance that appears on your bank statement for this account.

Calculated Statement Balance

This field displays the calculated balance of the account you entered in the Account field.

The calculated balance is the total of all previously cleared and reconciled transactions prior to the date that is entered in the Bank Statement Date field. (If the account has never been reconciled this field shows the opening balance for the account.)

This field displays the difference between the amount in the Calculated Statement Balance field and the amount in the New Statement Balance field. This amount must be 0.00 to successfully reconcile the account.

Select (to be reconciled) column

This column is where you select transactions for reconciliation. If a transaction in the list appears on your bank statement, select it for reconciliation by clicking in this column. If a transaction is selected and it doesn’t appear on the bank statement, deselect it by clicking in this column.

Note that if you download your bank statement using the Bank Statement feature, many transactions will be automatically matched and selected.

When you complete the reconciliation process, all selected transactions will be removed from the list.

Mark All Cleared Transactions column

This column displays the unreconciled transactions dated on or before the bank statement date you specified in the New Statement Balance field.

Deposits column

This column displays the amounts assigned to receipts transactions in the list.

Withdrawals column

This column displays the amounts assigned to disbursements transactions in the list.

This field displays the totals of:

■	All the amounts in the Deposits column

■	All the amounts in the Withdrawals column

Undo Reconciliation

Click to open the Undo Last Reconciliation window. Use this window to undo your last bank reconciliation.

Note that when you undo an account reconciliation, you will need to reconcile each transaction again and reprint your reconciliation reports.

caution : Purged transactions cannot be re-reconciled

Do not undo a reconciliation for a period containing purged transactions.

Click to open the Bank and Deposit Adjustments window, where you can enter the bank charges and interest payments that appear on the bank statement you're using to reconcile your account.

Click to import a downloaded bank or credit card statements to reconcile.

Click to print the Reconciliation Report.

Click to reconcile the selected account. Note that the Out of Balance field should show 0.00 before you reconcile.

Click Cancel to close the window without reconciling.

Tips for this window

■	Importing statements

■	Reconciling your bank accounts

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