The Bank Reconciliation Function

Transactions entered into the system can be used for reconciliation against your bank statement.

The reconciliation can be performed in four different ways:

1. By ticking off entries on your bank screen.

2. By entering the reconciled amount on your bank screen.

3. By using the Reconcile Range function

4. By using the Search function.

5. By importing a bank statement (RecXpress).

The easiest way is to tick off entries displayed on your bank screen.

When moving the mouse pointer over the column with heading 'S' (Status) double-click the left mouse button at this point and the entry on that line is reconciled immediately.

The Bank Balance will also be updated immediately.

By double clicking on the 'Reconciled Amount' column you can enter the amount of the reconciled entry.

This is only necessary when the amount on the bank statement does not correspond to the amount entered into Cashbook.

This is referred to as 'Reconciled in Error'. The variance amount will be reflected in the Variance Column.

You will have to go back to your source documents or bank to query this entry and perform the necessary adjustment entries in Cashbook to rectify this.

You should use an appropriate reference number when doing the adjustment entry so that these two entries will be together.

You should then tick off both these entries to remove the reconciled in error status.

Often you will want to reconcile many Cashbook entries at the same time or you might want to reconcile all entries with zero amounts, or all entries done on a certain date.

By using the Reconcile Range function you can select a range of entries to reconcile using a reference/cheque, date, or description range.

The original amount may be reconciled even if it does not correspond to the amount appearing on the bank statement.

This item, reconciled in error, must be corrected as soon as possible. E.g. if the original amount of a cheque was 100.00 and the bank statement amount is 90.00, the difference of 10.00 must be entered in order to be reconciled correctly.

You can also search for individual transactions using the Search function.

This function will let you search your Cashbook for each entry matching certain criteria.

Once the entry is found you can reconcile or mark what was found. Cashbook also allows you to enter Bank Charges for transactions while doing the Bank Reconciliation.

Use the Refresh button in the bank reconciliation to update the bank reconciliation with any new entries that were posted after accessing the bank reconciliation, without having to scroll off the bank code to another bank code and back or close and re-open the form.

Other keystrokes available when working in the Reconciliation grid:

RecXpress®, lets you import you bank statement directly from a CSV file downloaded from your bank.

This is the most accurate method for reconciling your Cashbook and Peresoft supplies different import formats for most of the major banks in your country.