Bank Reconciliation

Overview

This module can be used to reconcile your bank accounts when you pay or are paid with cheques or have other pending transactions which are not reflected live on your bank statement. 

This module can be added to the menu by selecting Type = Fixed and then selecting Bank Reconciliation in the Module column.

Access is controlled by the User Setting: Accounting > Banking (Import and Reconciliation) - Access Allowed.  (Y/N)

The functionality to Add / Remove transactions from the Bank Statement depends on the following default Transaction Type Status setting:

• Default = Reconcile (If this default Status does not exist, you won't be able to add transactions to the Bank Statement)

NB. For this module to work correctly, only one item in a Ledger Transaction may Debit/Credit a Bank Account.

How it works

Click the New button to create a new Bank Reconciliation. When a new recon is created, the Status is set to Pending.

Account - Select the Account from the lookup list of Banks.  

Date - The date is automatically set to the day after the last recon on the same account. You are able to override the date, for instance, to the next day on which transactions are present on the statement. Duplicate Dates are not allowed, however.

Bank Balance - Enter the closing Balance as per the Bank Statement. 

Outstanding - When the Bank Recon is in Pending Status, the left grid view displays a list of transactions linked to the Bank Account where the Statement date is blank and the Period date is less than or equal to the Statement date.

Bank Statement - The right grid view displays the Bank Statement which must match your actual bank statement once the reconciliation has been completed. The Opening Balance is taken from the previous Bank Reconciliation.

Add transactions to the Bank Statement - Multi-select the Pending Transactions that are reflecting on the Bank Statement and click the Add button to move them to the Bank Statement. The Statement Date on the transaction will be set to the Bank Reconciliation date and the Status will be set to the default Reconcile Status of the Entry Type.

Remove Transactions from the Bank Statement - Multi-select the Bank Statement transactions and click the Remove button to move the transactions back to Pending Transactions.  The Statement Date on the transaction will be cleared and the Status will be set to the first Accounting Status for the Entry Type.

Complete the Bank Reconciliation - Set the Bank Reconciliation Status to Complete. The reconciliation will be read-only (Accept for the Status field) and the left gridview will display the Detailed Ledger for the date and selected account. 

The Status field will be set to read-only if the Reconciliation date is behind the Accounting close-off date. ??

The Done button will save changes and set the reconciliation to Complete.

Clear existing transactions

A script can be used to set the Statement Date on existing transactions to Period date - this will effectively remove transactions from the Pending list. See Shared Drives/Downloads/BOS Enterprise 22/Scripts/BOS Ent 22 - Set Opening Bank Reconciliation.