Bank Reconciliation

Overview

Bank accounts may be reconciled using the Bank Reconciliation feature. Bank accounts may be reconciled as often as needed.

This module can be added to a Menu Group by selecting the Fixed ratio button and scrolling down to Bank Reconciliation.

Navigation: Main Menu > Accounting > Bank Reconciliation

Table of Contents

Settings

User Settings

Navigation Example: Main Menu > Setup > Settings > Users (tab)

  • Accounting > Banking (Import and Reconciliation) - Access Allowed: Checkbox. If checked, access is allowed.

Status Settings

Navigation Example: Main Menu > Setup > Transactions > Status (tab)

  • For all transaction types that affect a bank account, the final complete status must have the default Reconciled.
  • If this status is not set, the transaction cannot be added to the bank recon.

List View

The List View displays a summary of Bank Reconciliations.

Buttons Explained

  • View: Generates a list of bank reconciliations according to the selected Data Filters.
  • New: Creates a Bank Reconciliation.
  • Menu:
    • Reset Data Filter: Resets all the selected filters.
    • Layout & Grids:
      • Save
      • Save (All Users)
      • Restore Default (All Users)

Data Filters Explained

  • Set: Sets a specific period such as Today, This Month, This Year, Fin Year.
  • Dates: Filters the data according to the selected Start and End Dates.
  •  ← →: Adjusts the Date forwards or backwards.
  • Bank: Dropdown list from which a Bank Account can be selected.
  • Status: Dropdown list to filter transactions that have Pending, Complete or both statuses.

Fields Explained

  • Field Chooser (*): Allows users to add or remove columns.
  • ID: A system-generated number for the bank reconciliation.
  • Status: The Status of the bank reconciliation.
  • Date: The Date of the bank reconciliation.
  • Account: The Bank Account that was reconciled / is being reconciled.
  • Statement:  The Bank Statement's balance that was typed in.
  • Dr Uncleared: The value of debited transactions that were not cleared.
  • Cr Uncleared: The value of credited transactions that were not cleared.
  • Adjusted: The total of items marked as reconciled.
  • Ledger: The balance of the bank account in the Ledger.
  •  Variance: The difference between the Adjusted and Ledger columns.
  • Note: Any Notes typed in during the bank reconciliation.
  •   Menu (...): A submenu to Edit or Delete the bank reconciliation.

Edit View

ℹ️ Edit View refers to the interface that is used to reconcile a bank account.

Buttons Explained

  • ⬆ ⬇ : Use the arrows to scroll through transactions.
  • New: Creates a bank reconciliation.
  • Delete: Deletes a bank reconciliation.
  • Save: Saves or Refreshes (recalculates) the information.
  • Done: Changes the bank reconciliation's status to Complete.
  • Menu:
    • Email Excel
      • Outstanding: Emails a list of outstanding entries.
      • Bank Statement: Emails a list of cleared transactions.
  • Layout & Grids:
    • Save
    • Save (All Users)
    • Restore Default (All Users)
  • Add: Adds all the selected transactions to the Bank Statement section. 
  • Remove:  Removes all the selected transactions from the Bank Statement section.

Fields Explained: Header

  • Status: The Status of the bank reconciliation.
  • Account: The Bank Account being reconciled.
  • Date: The Reconciliation Date (should be the last date on the bank statement).
    • The date must be later than the previous reconciliation date.
    • Duplicate dates are not allowed.
  • Balance as per bank statement: A field for the user to type in the bank statement balance on the selected date.
  • Debit transactions not cleared: A running total of all uncleared debit transactions.
  • Credit transactions not cleared: A running total of all uncleared credit transactions.
  • Adjusted Bank Balance: The sum of all cleared transactions.
  • Ledger Balance:  The ledger balance of the selected bank account.
  • Variance: The difference between the Adjusted Bank Balance and Ledger Balance.

Fields Explained: Outstanding

Displays a list of transactions linked to the Bank Account that have not yet been reconciled and are on or before the selected date.

  • Field Chooser (*): Allows users to add or remove columns.
  •  ID:  The system-generated number for the entry.
  • TransID: The system-generated number for the transaction.
  • Status: The Status of the original transaction.
  • Type:  A code indicating the Transaction Type used to record the transaction.
  • No.: The transaction number in the Ledger.
    • Where transactions are split across multiple accounts, this number can be used to reconcile those transactions: Users can select all the transactions with the same number. The total at the bottom of the debit or credit column will update and this total will match a single entry on the bank statement.
  • Period: The period that was selected when the transaction was recorded.
  • Reference: The reference that was typed in when the transaction was recorded.
  • Description: The description that was typed in when the transaction was recorded.
  • Dr Account: The Account that was Debited.
  • Cr Account:  The Account that was Credited.
  • Debit: The amount that was Debited to the bank account.
  • Credit: The amount that was Credited to the bank account.
  • Balance: A running total of the outstanding entries.

Fields Explained: Bank Statement

The opening balance is the closing balance on the previous bank reconciliation.

  • Field Chooser (*): Allows users to add or remove columns.
  • ID: The system-generated number for the bank statement entry.
  • TransID: The system-generated number for the transaction.
  • Status: The status of the original transaction.
  • Trans: A code indicating the Transaction Type used to record the transaction.
  • No:  The transaction number in the Ledger.
  • Period: The period that was selected when the transaction was recorded.
  • Company: The name of the Supplier or Customer linked to the transaction.
  • Reference: The reference that was typed in when the transaction was recorded.
  • Description: The description that was typed in when the transaction was recorded.
  • Debit: The transaction amount that was debited to the bank account.
  • Credit: The transaction amount that was credited to the bank account.
  • Balance: Running total of the adjusted bank account balance.

Technical Information: Clear existing transactions

  • A script can be used to set the Statement Date on existing transactions to the 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.

Related Topics