To reconcile your account go to Banking → Reconcile Account.
Account – Choose the account you will be reconciling.
Statement date – Choose the closing date on your bank statement.
Beginning balance – The first time you reconcile each account you will need to enter the opening balance from your bank statement. When you press the reconcile button the closing balance will become the opening balance for the next month and will auto-fill after the account is chosen.
Ending balance – Enter the closing balance shown on your bank statement.
Check off the cleared items from your bank statement. To make finding items easier you can sort on any column by clicking on the column header. An arrow will appear indicating the list is sorted by that column. An up arrow, shown below, indicates the column is sorted from earliest date to latest date, the down arrow would be latest to earliest.
When the “Difference” fields are 0, press the Reconcile button in the upper left corner of the screen and wait for the “Reconciliation is complete” message. If the Difference is not 0 on both sides the Reconcile button will not be active.
We strongly suggest you print the Reconciliation Report and the Register Open Transactions Report at this time and file them for future reference. THESE REPORTS CAN NOT BE RUN ONCE ANOTHER RECONCILIATION HAS BEEN DONE!
Explanation of the Reconciliation Screen
The section on the far right indicates whether or not you have cleared the correct amount compared to the bank statement. In the example above...
Ending Balance = 196595.41 (Ending Balance) – 124512.30 (Beginning Balance) = 72,083.11
Cleared Balance = 104,433.56 (Selected Deposits) – 32,350.45 (Selected Payments) = 72,083.11
If a difference is shown, compare the Selected Deposits amount to the total deposits shown on your bank statement, as well as the Selected Payments and the total withdrawals shown on your bank statement.
This information will be shown on the Reconciliation Report in Banking → Reports after the account has been reconciled.
The left side of the screen indicates whether your check register reconciles with the bank. In the example above...
Balance per Bank Statement = Amount entered as ending balance on first screen
+ Outstanding Deposits = All deposits not yet cleared
- Outstanding Payments = All payments/checks not yet cleared
= Adjusted Balance
Balance per Books = Current (today, not the date of the statement) balance in the check register.
This information should match the Open Item Report “from” a date earlier than your oldest un-cleared item through the current date.
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