The Transaction Date determines when a transaction is included in a Bank Reconciliation period - i.e. the amount of the transaction is included in either the 'total credit' or 'total debit' amount in the Cash Book Area of the Bank Reconciliation.

 

EFT 'Credit' transactions will appear in the Present Credits Tab for presenting in the same period as the date of the transaction and will continue to appear in subsequent Bank Reconciliations until presented.

 

Cash/cheques ‘Credit’ transactions etc. are transactions (that must appear on a Banking Sheet) and will only appear for presenting in the Present Credits Tab as part of the Banking Sheet using the Date Banked on the Banking Sheet to determine what period to appear in for presenting. These cash/cheque transactions will appear as 'unpresented credits' if they have been included on a bank sheet dated after the Reconciliation period.

1.       Click on the Accounts Menu/Function button.
 

2.       Select the appropriate Trust Account from the Drop Down List.
  

3.       Click on the Bank Reconciliation option.
 

4.       Click on New.
 

5.       Enter the End date using the Drop Down Calendar.
  

6.       Enter the Closing Balance as per the Bank Statement.
 

The top area of the Bank Reconciliation form displays for the user the required information to see if the bank reconciliation is reconciled or not. As the credits and debits are presented or variations are entered, the relevant amounts for unpresented deposits, unpresented cheques and variations will update accordingly. The system will show the bank reconciliation as being ‘Reconciled’ or will show the amount that the reconciliation is out by.

Use this area to present all credits (bank sheets and EFT receipts) that appear on the Bank Statement for the Bank Reconciliation date range.
 

1.       The grid list will default to display all unpresented bank sheets and EFT receipt transactions with

2.       Enable the Presented check box for all credits that appear on the bank statement.

3.       Alter the Date Presented according to the date that the transaction appears on your bank

statement or accept the defaulting Bank Reconciliation End Date. Note: it is recommended that the Date Presented be changed to reflect the actual date the bank sheet or EFT amount appears on the bank statement. This will enable you to then reduce your reconciliation period at any time if you are having problems reconciling.

Use this area to present all debits (cheques and EFT payments) that appear on the Bank Statement for the Bank Reconciliation date range.
 

1.       The grid list will default to display all unpresented cheques and EFT payments with a date on or

2.       Enable the Presented check box for all debits that appear on the bank statement.

3.       Alter the Date Presented according to the date that the transaction appears on your bank

statement or accept the defaulting Bank Reconciliation End Date. Note: it is recommended that the Date Presented be changed to reflect the actual date the cheque or EFT payment amount appears on the bank statement. This will enable you to then reduce your reconciliation period at any time if you are having problems reconciling.

If there are unusual variances that may cause your bank reconciliation to not reconcile (e.g. bank statement errors, the last deposit banking date was inconsistent between the bank statement and the computer, etc.) record a variation.

1.       If the bank has deducted fees incorrectly from the trust account - a Positive Variation would

be required until the debit is reversed.

2.       If the bank has credited interest incorrectly to the trust account - a Negative Variation would

be required until the credit is reversed.

3·       Dishonoured cheques if the funds are not available in the ledger to be able to cancel the receipt

- Positive Variation

4·       Transactions entered or cancelled out of the date range.  Could be a positive or negative

variation depending on the type of transaction.

Note: The Variation always adjusts the bank statement balance so if the Trial Balance & Cashbook figures are correct and higher than the bank balance and a variation is required then it will probably be a Positive Variation that is required.  If the Trial Balance & Cashbook figures are correct and less than the bank balance and a variation is required then it will probably be a Negative Variation that is required.

1.       Left click in the Amount column and enter the amount.

2.       Press the <Tab> key.

3.       Enter a Description for the variation.

4.       Repeat the above process until all Variations have been entered.

1.       The Trial Balance Tab lists all properties and their closing balance amounts held as at the

Bank Reconciliation date.

1.       Select the reports to be printed and retained for your auditor.

 

Click on Save & Close, if the Bank Reconciliation reconciles, you will be prompted to CLOSE the reconciliation. If you are certain that you are satisfied with the Bank Reconciliation, select Yesto close the period. If the Bank Reconciliation does not reconcile, you will not be prompted to CLOSE the Bank Reconciliation period.