Period-end tasks

To reconcile an account for the first time


  1. In the Accounts Command Center, click Record Journal Entry to open the Record Journal Entry window.


  2. Create a general journal entry to account for all of the uncleared deposits and checks/withdrawals that were recorded using your previous accounting method. This journal entry won't change the balance of the account you're reconciling. (Creating a journal entry for first-time reconciling)


  1. For transactions that were recorded using your previous accounting method only: Enter a separate line item for each deposit (debit) that hasn't cleared yet and a separate line item for each check/withdrawal (credit) that hasn't cleared yet.
  2. Enter the account number of the account you're reconciling in the Account column for each line item.
  3. If an amount is displayed in the Out of Balance field below the scrolling list, enter another line item with an amount to balance the debits and credits. This will be referred to in Step 8 as the balancing amount.
  4. Click Record.
  1. In the Banking Command Center, click Reconcile Accounts to open the Reconcile Accounts window.


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


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


  4. Enter the closing date that appears on your bank statement in the Bank Statement Date field.


    Note:  Use care when entering the date in the Reconcile Accounts window
    The checks/withdrawals and deposits you've entered using FirstEdge, as well as the individual line items in the general journal entry you created in Step 1, appear in the scrolling list in the middle of the window. (Note: Only transactions dated on or before the date you've entered will appear in the scrolling list.)
    Note:  You may edit, delete or reverse entries using this window
  1. Enter the ending balance shown on the statement that your bank sent you 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. 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 all checks/withdrawals and deposits that appear on your bank statement.


  1. Click Reconcile. A window indicates 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:


    Click Reconcile to reconcile the account.
    -- or --

    Click Print Report to print the report.
    Note:  If you print the Reconciliation Report, the reconciliation is not complete until you click the Reconcile button again.

In future months, when you receive bank statements that contain the other transactions you performed before you began using FirstEdge, you can mark off the other line items from the general journal entry.

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