These procedures are all designed to help you reconcile your bank accounts against the bank or other account statements. The steps you would take to reconcile a statement are:
Make sure you have posted all receipt and payment transactions — check your paying-in and cheque books
Run the automatic postings up to the date of the bank statement to make sure that any which are due appear in your cash book accounts
Check the bank statement for obvious extra transactions — for example, bank charges which you have not been told about.There is a transaction entry option on the cash book Bank Reconciliation procedures which you can use for this
Take the Reconcile Bank Account option to mark the transactions in your cash book account as you find the match
If any transactions on your account are not quite the same — perhaps they have added a charge which you dispute — then you can attach a comment to that entry. You can print entries which have comments against them later
If there still some transactions on the bank statement which do not appear in your account, then you need to add these, and return to mark them as reconciled
By now you should have accounted for any differences between the bank’s statement and your account. You should print the Unpresented and Commented Items reports to document any differences found
The bank reconciliation procedures are all run from the following menu:
Article ID: 1067
Created On: Wed, Jun 27, 2012 at 3:44 PM
Last Updated On: Mon, Jun 19, 2023 at 6:56 PM
Online URL: https://kb.datafile.co.uk/article/bank-reconciliation-cashbook-1067.html