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Introduction |
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It is important to be able to compare and check off your transactions versus the entries on the monthly bank statement. This is done using the Bank Reconciliation form. It also allows access to enter missing transactions without doing a separate journal batch. |
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Using the Bank Reconciliation Form |
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There are only six steps to doing a bank reconciliation:
The next section details entering the Other/Missing Transactions. |
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When a bank statement is received, inevitably, it will contain some transactions, like interest and service charges, that have not yet been posted to the General Ledger. This screen is used to enter these missing transactions. The entries on this form will appear at the bottom of the Bank Reconciliation report, and when that report is committed, they will be inserted into the General Ledger. An extra transaction for the bank account being reconciled will also be inserted as well in order to balance the new entries. The Period Ending date is used for all missing transactions. You can use the Journal Entry form if you prefer to use different dates. An easy way to add monthly charges is to use the recurring charges pull down list. All recurring charges that affect the bank account being reconciled will appear in the list. When one is selected, the non-bank entries will be inserted into this form. If you want to add more recurring charges or edit an existing recurring charge, you can do so by clicking the Recurring button. You do not have to use the Recurring Journal Entries form to edit the amounts. After you commit the Bank Reconciliation Register, the values on the Recurring Journal Entries form will be updated. Go to the Recurring Journal Entries form for more information. |
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[Eff. Year] [Journal] [Bank Rec] [Users] |
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