Bank Reconciliation > Reconcile Bank Account > Reconcile Bank Information Page

The Information Page contains a variety of basic information about the summarized data from the bank statement and the reconciled bank transactions recorded in the system.

The bank account is considered reconciled when the amounts entered in each field in this tab's Information from Bank section match the amounts in this tab's Information from System section.

Note: If the Bank # selected has an existing un-finalized bank reconciliation record, the data from that un-finalized bank reconciliation is automatically displayed on this page.

In the Information from Bank section, provide the summary information from the bank statement. Enter information in the following fields:

oPrevious Statement Balance

These fields display for your reference the statement balance and statement date of the bank entered in the Bank # field. If this bank account has been previously reconciled and subsequently transferred to GL through the Period-End Closing function, the values in these fields will be the ending statement date and amount of this bank’s previous reconciliation. Otherwise, the values are from the Beginning Statement area of the Bank Account Maintenance function. Verify that the date and amount shown in these fields agree with the opening date and amount shown in the bank statement you are reconciling.

oEnding Statement Balance

Enter in this field the ending date and amount of the bank statement you are currently reconciling. If your bank statement shows a negative balance due to overdraft, put a minus sign (-) before the amount you enter in this field. The difference between the values entered in this field and in the Previous Statement Balance field should correspond to the transactions you have marked as “Reconciled” in the Details Page

of this window; otherwise, you will not be able to save this transaction.

oDeposits/Receipts on Bank Statement

Enter in the adjacent field the total amount of deposits/other receipts that are shown as cleared in the bank statement. This information includes funds deposited directly to your bank account and other bank adjustments that increase the bank balance.

oChecks/Disbursements on Bank Statement

Enter in the adjacent field the total amount of checks/other disbursements that were cleared by the bank for payment. This information includes checks issued to vendors, bank service charges, cost of check book stubs, and electronic payments, if there are any.

Notes:

•The dates that you enter for transactions you mark as "Reconciled” in the Details tab must fall between the Previous Statement Balance and the Ending Statement Balance dates.

•You cannot enter a date in the Ending Statement Date field that is equal to or earlier than the date in the Previous Statement Date field.

•The net amount of the bank transaction amounts you enter in the Information from Bank area fields must equal to the difference between the amounts entered in the Previous Statement Balance and Ending Statement Balance fields. If these amounts do not match, you will receive an out-of-balance message and you cannot save the entries. This condition is not enforced if the value in the Beginning Balance field is zero.

When you have marked transactions as "Reconciled" in the Details Page, AccountMate automatically updates the read-only values in the Information from System area, specifically the total number and amount of deposits/other receipts, checks/other disbursements and incoming/outgoing bank transfers.

Notes:

•The amounts in the Information from System area must match the amounts in the Information from Bank area in order to finalize the bank reconciliation. If you are certain the figures are valid in the Information from Bank area, you must review and correct the transactions that you marked as “Reconciled” in the Details Page; otherwise, you need to review the values on the bank statement and amend the applicable values in the Information from Bank area.

•If a bank transaction that you need to mark as "reconciled" is not displayed in the Details Page, you must record the transaction in the Bank Reconciliation or Accounts Payable, as applicable.

AccountMate automatically updates the value in the read-only Out of Balance by field. The value displayed in this field shows you the difference between the ending statement balance and the calculated ending book balance which makes up the out of balance amount in the current bank reconciliation.

AccountMate also automatically updates the value in the read-only Difference field. The value displayed in this field is helpful in determining the correctness of the total amount of reconciled deposits/other receipts, checks/other disbursements, incoming and outgoing bank transfers in the Details Page. It shows the amount that needed to be reconciled in the Details Page in order to match your book balance with your bank balance.

For example, if your Previous Statement Balance is $50,000.00, your Ending Statement Balance is $65,000.00 and the net of the total amount of verified deposits/other receipts and cancelled checks/other disbursements is $10,000.00, AccountMate will display a value of $5,000.00 in the Difference field. Thus, you need to add $5,000.00 to your book balance in order to reconcile it with your bank balance. This can be done by verifying additional deposits/other receipts amounting to $5,000.00 or verifying deposits/other receipts and cancelling checks/other disbursements having a net total of $5,000.00.

Reconcile Bank Information Page

Reconcile Bank Information Page

See Also