Bank Reconciliation

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Every beginning of the month   you will receive Statement of Accounts for your company's bank of the previous month's banking activities of your deposits and payments.
Or  you have internet banking, you can check online, your bank transactions activity to check if cheques are cleared any time

The month end balances will, often than not, never the same figure as compared to your bank ledger in your general ledgers accounts if you are still issuing cheques to suppliers.
This is largely due to records shown in your book but not in the bank's record (Statement of Accounts) or vice versa.

In this instance, you must do a bank reconciliation every month to account for the discrepancies.

If you are doing transfer and no more issue cheques to your supplier, the bank reconciliation work is much less or even none at all.

: How to do monthly bank reconciliation                                    Related Topic : Opening Balances - Unpresented cheques b/f


Step 1/4: Click A/c Entry --> Bank Reconciliation



Step 2/4: Click [Add]




Step 3/4 : Follow the steps [1] to [9]




[5] Upload your bank statement into your monthly bank reconciliation record

At [8] Once there is no variance , the current month's bank reconciliation is correct.....If there are items in the statement but not taken up...there will be a variance...see Step 4/4 below.




Step 4/4: If there is variance...

You may have missed out some transactions (example bank charges) appearing in your statement but not in your record.

Click [Save], a message below will appear. Click [Yes].    



         Go to payment or receipt module to enter the missing records. Return to bank reconciliation again.

         Highlight on the current entry , click [Edit] to continue the bank recon until the variance is zero.



Next , learn how to print Bank Reconciliation




Related Topics

Bank charges


Opening Balances - Unpresented cheques b/f


Un-presented Cheque (Outgoing payment)


Un-credited Cheque , (Incoming deposit)




FAQ : Can I amend the earlier month bank recon to change the offset value?


FAQ : Invalid date Cheque date exceeded 6 months and still showing unpresented?

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