Bank Reconciliation > Reconcile Bank Account

Sound internal control dictates that in any accounting system, a comparison of the bank balance with the balance recorded in the books should be performed at regular intervals. Bank reconciliation is prepared to reveal any errors or irregularities in either the bank records or the company records. This process assists you in efficiently managing your cash. By taking into consideration the current bank balance, checks not yet cancelled, and deposits not cleared during the cut-off period of the bank statement, you obtain a financial overview on a periodic basis of the amounts that are still available for working capital requirements.

The objective in reconciling the bank account in AccountMate is to ensure that the total amounts shown in the Details page of the Reconcile Bank Account function match the information in the physical bank statement.

Perform the following steps to reconcile a bank account:

1.Access the Reconcile Bank Account function from the Transactions tab in the Bank Reconciliation module. AccountMate will automatically display the Search screen where you can search for the bank code.

2.Select from the Search grid the bank number which represents the bank account you want to reconcile. Alternatively, you may enter in the Search field the bank number to make a search; double-click on the bank # to select. Once you have selected a bank #, the Information Page is automatically displayed.

3.Summarize the data from the bank statement, and enter the summarized information directly in the Information from Bank section of the Information Page. Refer to the Information Page section for the detailed discussion on these fields.

4.Specify in the Details Page which individual deposits and other receipts as well as checks, other disbursements, incoming and outgoing fund transfers are shown as cleared in the physical bank statement. Refer to the Details Page section for the detailed discussion.

5.When bank transactions are marked cleared, the transaction amounts are automatically displayed in the Information from System section of the Information Page. The bank account is reconciled when the values in the Information from System and Information from Bank sections match.

You may perform bank reconciliation for any accounting period though it is not the current period in the Bank Reconciliation module. For example, if you closed the fiscal year ending December 2015 and moved the current fiscal year to 2016, you may still perform the bank reconciliation for December 2015.

6.To save the bank reconciliation, click the Save button in the Transaction toolbar. AccountMate displays a dialog box asking confirmation to finalize the bank reconciliation. Click Yes to confirm; otherwise, click No to return to the Reconcile Bank Account function window to enter additional reconciling items. Refer to the Save Bank Reconciliation Process section for the detailed steps in saving the reconciliation.

Reconcile Bank Account

Reconcile Bank Account

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