Bank Reconciliation

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Displays the bank details for every deposit, withdrawal and bank fees for a selected bank account.

A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

 

Once you have set up your accounts for reconciliation, SI+ can help you automate the reconciliation of statements. When you receive a bank or credit-card merchant statement, you can use the Bank Reconciliation window to compare transactions on the bank statement with your SI+ transactions and account for any differences.

 

Go to Ledger > Bank Reconciliation.

See also Ledger > Bank Manger to automatically reconcile your bank.

 

Select Account to Reconcile:  Only accounts that is marked as Reconcilable in the General Ledger Accounts Setup will display here.

Hover the mouse over the different fields on the form. If the cursor changes to a hand (Hand_Cursor) , click to get more information.

ReconciledAudit No.Summary BarCheckboxEdit DateRetrieveDate RangeUnreconciled ReportAccount BalanceGrid ReportDate Range QuickClearOpening DiffernceSearch RowBank_Reconciliation

 

Reconciliation Fields

Description

Select Account to Reconcile

Only accounts that is marked as Reconcilable in the General Ledger Accounts Setup will display here.

Select between

Reconciled - to show already reconciled transactions

Unreconciled  - all transactions that you still have to reconcile

All - show reconciled as well as unreconciled

From date To date

The From date To date fields are mainly used or trouble shooting. Example if the 'Balance on Bank Statement' differ from the actual statement then you can use the date range to determine on which date the error occurred.

Step 1 - Calculate the difference between the  'Balance on Bank Statement'  and the Actual Bank¬†Statement

Step 2 - Move the from date backwards till there is an Opening Difference (Opening Balance Bank and Opening Balance GL differ)

Bank_Reconciliation_Opening_Difference

¬†        If for example the difference appears for the first time on the 4th then you know that the problem must be on the 3rd

Step 3 - Show now all the transactions from the 3rd and look for the difference, it can be a combination of more than 1 amount, that you calculated in Step 1

 

Retrieve button

Will remove all the checked transactions. If a date range was specified it will retrieve the data

Unreconciled Report

To print all unreconciled transactions, click on the Unreconciled Report button. This report tells you which transactions were not reconciled This report is useful if you have trouble reconciling next month. Each time you reconcile, the previous month's reconcile report is overwritten with the new one. So, if you want to save a record of this reconcile report, either print a copy, or save it by printing to a file.

Please print it regularly and especially at year end for auditing purposes.

Note - At year-end

Please remember to print your Unreconciled Report after you had made all your bank entries for the year and before you went on with reconciling the next year.

If for example your year end is on the 28th of February then the Balance on Statement as displayed on the Unreconciled Report must be the same as on your bank statement.

For in case you forgot to print the Unreconciled Report - see below Reconcile your bank per hand ...

 


Account Balance

General Ledger account balance.

Total Unreconciled

Sum of all the unreconciled transactions

Balance on Bank Statement

Difference between the Account Balance and Total Unreconciled.

This balance must be the exact same as on your bank statement.

 

When a transaction matches a transaction on your bank statement, check the relevant checkbox to mark it as cleared. The Balance on Bank Statement will immediately change to reflect the new balance. This balance must be the exact same as on your bank statement. Thus compare the amount immediately against the bank statement. If the Difference isn't zero, track down and correct the source of the difference.

If the difference is small, or you don't care to find what's causing the difference, go to Ledger > Cash Journal select New Withdrawal or New Deposit, depending if you want to increase (debit) or decrease (credit) your bank.

 

If a transaction on your statement is not shown on the Reconcile screen, enter it now before you proceed with the reconciliation.

To show already reconciled transactions select graphic. Deselect an amount if you want to un-reconcile it.

 

Reconcile your bank per hand from the general ledger detail.

Should you need to explain the difference between the bank balance in your general ledger and the balance on your bank statement. for in case you forgot to print the Unreconciled Report).

 

[If you printed your Unreconciled Report, on the bank reconciliation form, after you have done all of your bank entries for the year, and before you continue reconciling the next year, then this step wouldn't be necessary].

 

1) Get the bank balance from your general ledger by doing an enquiry or from your trial balance on that specific date, for example -R48405 (credit).

2) Get the bank balance from your bank statement, for example -R6022.91 (credit)

 

The difference between your bank balance and the bank statement is R42382.09 (48405-6022.91). You now want to get a list of a all the amounts that were outstanding on the 28th of February.

 

Go to Leger > GL Details and filter your form. See image below.

Rekon_from_Gl2

 

Setting up the filters as in the image above will give you a list of transactions where the GL date was before the 28th, but the actual transaction went through your bank after the 28th. Reason, maybe you back dated an entry, e.g. you received the telephone bill on the 15th of March and paid it on the 15th but you still want to book it in the previous book year.

 

In the Edit Date field (actual date when the entry was made) filter for >28/02/15 and in the reference field for 03 ( the 03 is the month) and all entries already reconciled

Please note that the reference in the Reference Field for e.g. s02-03-2015 is supposed to reflect the date that is on the bank statement. If the reference is not correct, right click on the row and select Correct this entry and change the reference so that the reference is the same as the date on the bank statement.

 

All these transactions were supposed to be unreconciled on the 28th. In the image above the amount is R42382.09 which corresponds to the amount that you must explain (48405-6022.91).