Period-end tasks

To reconcile an account

The Reconcile Accounts window should be displayed.

Note:  If you're reconciling for the first time

  1. Enter or select the account you want to reconcile in the Account field, and press tab.


  2. If you want to use a statement downloaded from the Internet, click Get Statement. (To use a downloaded statement)


  3. Enter the ending balance that appears on your checking statement in the New Statement Balance field.


    Notes:  
    Be sure the balance you enter is the ending balance!

    Understand the Calculated Statement Balance in the Reconcile Accounts window
  1. Enter the closing date that appears on your checking statement in the Bank Statement Date field. Only unreconciled transactions dated on or before that date will appear in the scrolling list.


    Note:  Use care when entering the date in the Reconcile Accounts window
  1. To enter bank charges and interest transactions, click the Bank Entry button. (To record bank service charges and interest earned)


    Click Record. If you need to record additional bank charges or fees, click the Bank Entry button again.
    If you've already entered bank charges and interest transactions in FirstEdge, you can skip to the next step. (The transactions should already appear in the transactions list.)
  1. Mark each transaction in the scrolling list that appears on your bank statement.


    Note:  You may edit, delete or reverse entries using this window
  1. Click the Reconcile button. A window appears, indicating whether your account is reconciled or is out of balance.


    Note:  Out of balance information -- reconciling accounts
  1. If your account is reconciled, you can either reconcile the account or print the Reconciliation Report.


    To reconcile, click the Reconcile button; the transactions you marked are considered "cleared,' and won't show up in the Reconcile Accounts window the next time you open it. To print the report, click Print Report. If you print the report, be sure to click Reconcile again to complete the reconciliation process after the report has been printed.
    Note:  If you print the Reconciliation Report, the reconciliation is not complete until you click the Reconcile button again.

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