Banking > Manage Bank Reconciliation


Use this page to reconcile your Bank Statement. A bank reconciliation compares transactions on your bank statement to those in your general ledger accounts in order to make sure all payments and deposits are properly accounted for. 

 

To Create a New Bank Reconciliation

 

NOTE- Before starting a reconciliation, have your bank statement on hand for reference. If the Association is using an integrated Bank, you may be able to download the bank statement directly from the Bank Reconciliation screen using the link below.

 

 

Step 1. Navigate to Banking > Manage Bank Reconciliation.


Step 2. Select Add Reconciliation from the Page Action menu.

 

Step 3. Complete the General Section of the Bank Reconciliation window. 


  • Association- Select the Association from the drop down menu. 

  • Bank Account- Select the Bank Account from the drop down menu. 

  • Statement Date - This should be the last date of the statement period. 

  • Starting Balance - This field is not enter-able and populates from the ending balance of the prior 

  • month's reconciliation. If this is the first reconciliation the starting balance is zero. 

  • Ending Balance - This is the bank balance on the last day of the statement period.

  • Description - Enter a description if needed.

  • File- Use this field to upload related documentation, if applicable.


  

Step 4. After you select your Bank Account, a list of transactions will appear. If you are using an integrated bank, the system will automatically eliminate some transactions for you. The items highlighted below have already been matched up to items on the Bank Statement, leaving only the ones in white, with an open radio button, to be manually accounted for. Work through your bank statement and check off all items with a corresponding GL transaction by clicking on the radio button to the left of the item. 



Step 5. The Adjustment section (pictured below) is used to post items such as interest or bank fees that are listed on the bank statement but are not on your General Ledger. To enter a payment or charge click the Add Adjustment link and complete the fields below. 

 


The system calculates the difference between the bank balance and the General Ledger balance. Once adjustments have been made, and all items are accounted for, the Difference should be $0.00.  


 

Step 7. When your reconciliation is complete, click the Save and Post button at the top of the screen. This will save the reconciliation, post adjustments to the General Ledger (if applicable) and generate a reconciliation report. You can also save an incomplete reconciliation by clicking the Save button so you can return to it later.

 

 

To Print a Bank Reconciliation

 

Step 1. Click the radio button to the right of the Bank Reconciliation you just completed, or if you are returning later to print, use the filters to find the reconciliation or multiple reconciliations you wish to print. 

 

Step 2. Select Report from the Page Action Menu to generate a report for all selected Bank Reconciliations.