Bank Reconciliation Tutorial

How to Reconcile a Bank Account

1. Click on New (button) to start a new reconciliation.

2. Select the Account = Bank Account you want to reconcile.

3. Select the Date = The last date on the Bank Statement.

   • Note: Duplicate dates for the same bank account are not allowed.

4. Enter the Balance as per Bank Statement = The last bank balance that appears on the Bank Statement.

5. The screen shows two sections:

   • Outstanding Transactions (Left): Lists transactions not matched to your bank statement.

   • Bank Statement (Right): Shows the Bank Statement view. The Opening Balance is your last completed reconciliation balance.

6. Compare the outstanding entries to the Bank Statement one by one. If they appear on the Bank Statement, click on the record and click Add (button). Repeat this step until all transactions are reconciled.

   • Note: The balances in the header will adjust as you select entries. You can also press Save (button) to recalculate the balances.

7. Remove any entries that were wrongly added by clicking on them and selecting Remove (button).

8. Enter any entries that appear on the bank statement but are not on the Ledger (not on the list of outstanding transactions).

9. Once the variance is zero, click Done (button) to set the Status to Complete.

10. Investigate all the uncleared transactions (see below).

How to Edit or View a Reconciliation

1. Navigate to the Bank Reconciliation to see a list of Pending or Completed reconciliations.

2. Double-click any entry on the list to continue processing or viewing the Bank Reconciliation. 

How to Edit Entries where the wrong Bank Account was used

1. If an entry was entered using the wrong Bank Account, you should be able to edit the entry and change the bank account:

2. Navigate to the Main Menu > Accounting > Ledger.

   • Note: If you are busy with the bank recon, right click the entry and click Open Transaction.

3. Next to Filter select General Ledger Account.

4. Next to Account select the Bank Account you are busy reconciling.

5. Set the Date. 

6. Click View (button).

7. Navigate to the transaction and double click to open it.

8. Change the Status of the transaction to Pending.

9. If you are unable to edit the transaction click on (i) next to Menu (button) for the reason why the transaction is read-only.

   • For example, if you cannot edit the transaction because it was allocated, click Clear (button) at the top of the Allocation section.

10. If the transaction becomes editable, you can change the Bank Account to the correct Bank Account.

11. Re-allocate the transaction (if applicable).

12. Click Done (button) to save the changes. 

How to Journal an Incorrect Entry

1. If you are unable to edit the transaction (as outlined above), you can create a Journal Entry to transfer the amounts from one account to the other.

   1. • Note: There is no VAT on this transaction because it is a transfer.

2. If the Transaction is an Expense or Supplier Payment:

   1. Navigate to Main Menu > Accounting > Ledger.

   2. Click New (button) > General Journal.

   3. Set the Date and Period.

   4. Debit the wrong Bank Account and Credit the right Bank Account.

   5. Provide details of the incorrect entry in the description field.

   6. Click Done (button).

3. If the Transaction is Income or a Customer Receipt:

   1. Navigate to Main Menu > Accounting > Ledger.

   2. Click New (button) > General Journal.

   3. Select the Date and Period.

   4. Credit the wrong Bank Account and Debit the right Bank Account.

   5. Provide details of the incorrect entry in the description field.

   6. Click Done (button).

How to Resolve Stale Cheques

1. Depending on the bank and the country, cheques can become stale if the date on the cheque is older than a certain period (usually 3 or 6 months).

2. If a cheque is still showing outstanding after a certain date, it should be reversed.

   • Note: The reversal will depend on the type of transaction and will include VAT if the original transaction included VAT.

How to Resolve Entries with Mismatched Amounts

If the amount is entered incorrectly, you might be able to edit the transaction and change the amount:

1. Navigate to Main Menu > Accounting > Ledger.

   • Note: If you are busy with the bank recon, right click the entry and click Open Transaction.

2. Next to Filter select General Ledger Account.

3. Next to Account select the Bank Account you are busy reconciling.

4. Set the Date. 

5. Click View (button).

6. Navigate to the transaction and double click it.

7. Change the Status of the transaction to Pending.

8. If you are unable to edit the transaction click on (i) next to Menu (button) for the reason.

   • For example, if you cannot edit the transaction because it was allocated, click Clear (button) at the top of the Allocation section.

9. If the transaction becomes editable, you can change the Amount.

10. Re-allocate the transaction (if applicable).

11. Click Done (button) to save the changes. 

12. If you are unable to Edit Transaction, you can adjust the entry in the following ways:

    • If the amount on the bank statement is more than the amount that was entered, enter another identical transaction for the difference.

    • If the amount on the bank statement is less than the amount that was entered, reverse a portion of the original transaction:

      • Create a Ledger Transaction for a Supplier Overpayment.

      • Create a Ledger Transaction for a Customer Overpayment.

      • Create a General Expense but enter a negative amount.

    • Note: Remember to also include VAT if VAT was claimed on the original transaction.

How to Resolve Missing Customer Receipts

1. If a Customer Receipt shows on the Bank Statement, but not on the Customer Account, enter the Customer Receipt as you would normally enter it.

   • Note: Use Ledger > Customer Overpayment if there are no outstanding transactions.

2. If a Customer Receipt shows on the Customer Account but not on the Bank Statement, check:

   • If the receipt appears on the Bank Statement a few days later. If so, no further action is needed.

   • If the receipt does not appear on the Bank Statement at all, reverse the receipt (Ledger > Customer Transactions > Customer Refund) and follow up with the customer and the person who entered the receipt.

How to Resolve Missing Supplier Payments

1. If the Supplier Payment shows on the Bank Statement, but not on the Supplier Account, enter the Supplier Payment as you would normally enter it.

   • Note: Use Ledger > Supplier Overpayment if there are no outstanding transactions.

2. If the Supplier Payment shows on the Supplier Account, but not on the Bank Statement:

   • If a cheque was issued, no further action is needed as the supplier probably has not banked the cheque.

   • If it was an electronic payment, it is possible that the transaction was not completed. Log in to your bank and check the payment history to see when the last payment was made to that supplier.

     • If the payment was not made, reverse it in QuickEasy BOS Enterprise (Ledger > Supplier Transactions > Supplier Refund).

     • If the payment was made, recheck the Bank Reconciliation.

How to Resolve Unentered Transactions

1. You resolve unentered transactions by entering them. 

2. If you have closed off the previous month you will need to enter the transaction in the current month.

   • Note: A month can be considered closed if:

     • The transaction affects VAT and you have already submitted the VAT return for that month.

     • You have already drawn up and distributed management reports for that month.

     • You have an accounting system that formally closes a month.

     • If the previous month is still open, you can enter the transaction using its correct date.

How to E-mail a Bank Statement

1. Click Menu (button) > Email Excel - Bank Statement.

2. An email template will open with the Bank Statement attached as an .xlsx file. 

How to E-mail the Reconciled Bank Account

1. Click Menu (button) > Email Excel - Detailed Ledger.

2. An email template will open with the Bank Account attached as an .xlsx file. 

Related Topics

• Reference: Bank Reconciliation