Overview

This guide steps through the process of performing a Bank Reconciliation for both Client/Trust and Office Bank accounts.

The process of performing a bank reconciliation is identical for both Office and Client/Trust accounts.

Bank Reconciliations can be processed manually by entering statement entries, by importing a bank statement, or via a bank feed. 

TABLE OF CONTENTS

• Overview
  • Performing a Bank Reconciliation
    • Manually entering statement entries
    • Importing from a bank file manually
    • Bank Feeds
    • Matching entries
  • Undo a Bank Reconciliation

Performing a Bank Reconciliation

A bank reconciliation can be performed as follows:

1. From the top menu, select Banking.

2. Select the account to be reconciled, either under Office Cash Accounts or the Client/Trust Cash Accounts.

Manually entering statement entries

There are two ways we can enter bank statement entries manually.
1.1 From the Account Actions Menu, click on Bank statement and then Click on Add Entry.

1.2 In the next screen, type in a date or click on the calendar and select a date, type in a Bank reference if there is any, and type in a Memo (description - what is this transaction relates to) and the amount. Click on Save or Save And New at the bottom of the screen. 

2.1 You can also enter transaction manually from the Reconciliation tab. 

2.2 Click on Reconciliation and then click on New on the top right corner, Click on Statement Entry to enter a transaction manually.

2.3 In the next screen, type in a date or click on the calendar and select a date, type in a Bank reference if there is any, and type in a Memo (description - what is this transaction relates to) and the Amount. Click on Save or Save And New at the bottom of the screen. 

Importing from a bank file manually

Save the bank statement first from net banking to your local drive. 

1. From The Account Actions menu, click on Bank Statement and then click on Actions. Choose Import from the drop down menu to import a bank statement.

2. Select any of the file type depending on the bank you are with from the drop down menu, or you can choose generic CSV or Excel file.

3. In the box below, upload or Drag and drop the file and click on Next at the bottom left of the screen.

4. Entries to be imported will display and indicate any errors.  If there are no errors, click on Import.

5. The bank statement entries will appear with a Status of Unmatched. 

Bank Feeds

If Open Banking is turned on, you will see bank statement entries in he Bank Statement tab of the Account Actions Menu. The transactions will be in date order.

Click on Refresh Bank Feed to get the recent bank transactions.

Matching entries

1.  Click on Reconciliation from the Account Actions menu. There are 3 tabs:

• The Suggested tab displays the transactions which have a matching cashbook entries. 
• The Unmatched tab, will show all entries for reconciliations.
  

2. The system will suggest items to be matched.  To confirm the match, click on the Blue Tick in the middle of the Bank Statement and Cashbook entries.

3.  Matched entries will appear under Matched tab. You can unlink the transaction by clicking on the Unlink icon in the middle of the screen.

4. To start Reconciliation, click on Start Reconciliation in the middle of the screen.

5. Enter the Statement Date. The Statement balance is greyed out as this is the total amount you are trying to reconcile, then click on Start Reconciliation.

6. The bottom of the screen displays the Bank balance we are reconciling, the unposted balance, the unreconciled balance and cashbook balance that does not have any matching bank statement entries and any variance.
Click Reconcile to finalise the reconciliation. Or click Cancel Reconciliation if you want to cancel and start again. 

7. Once reconciled, the reconciliation report will pop up. 

8. You can add a comment if you want to reconcile any item later or for anyone else who will reconcile the items left.  New cashook entries can be added by selecting the ellipsies button - Post New.

Undo or Re-print a Bank Reconciliation

1. In the Bank Reconcilation screen, click on the Gear button to view the reconciliation history. 

2. Select the backwards arrow to undo the reconciliation and start it again.  Or select print to reprint the reconciliation report.