Do an initial bank reconciliation

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Do an initial bank reconciliation

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Glossary

Advanced setup > Do an initial bank reconciliation

Do an initial bank reconciliation

To ensure the accuracy of your business records, you should ensure that the record of your bank account balances matches the amounts on your bank statements. This task is called reconciling accounts.

If your business traded prior to your conversion month and you have uncleared banking transactions as of the first day of your conversion month, you need to do an initial bank reconciliation.

Uncleared banking transactions are withdrawals and deposits that have not been cleared by your bank as of the start of your conversion month.

note : Do you need to complete this task?

The initial bank reconciliation procedure needs to be done for each bank account that had uncleared transactions as of the first day of your conversion month.

To do an initial bank reconciliation:


Task
1	Identify uncleared withdrawals and deposits
2	Record uncleared withdrawals and deposits
3	Reconcile

■	Advanced tasks

■	Reconciling your bank accounts

■	Importing statements

■	Month-end procedures

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