A bank statement is a document where the bank confirms all payments and receipts made to and from your bank account. In some countries, this document is not received on a daily basis. Therefore, it is important for you to keep track of your bank balance by reconciling the (cash flow and financial) transactions at a later date once the statement arrives from the bank. You can reconcile account statements at Cash flow/Entries/Cash flow.
In order to access the cash flow entry screen, you need to define the relevant search criteria. Below is the screen showing an overview of cash flow entries. For more details on how to search or filter cash flow entries, see Related documents: Overview of cash flow entries.
In order to access the cash flow entry screen, you need to define the relevant search criteria in Cash flow/Entries/Cash flow.
To view transactions, select Transactions in View. Next, click Refresh to view the list of transactions. Then select the transaction line you want to reconcile and click Edit.
To view statements, select Statements in View. Next, click Zoom to view all transactions related to the account statement. Then select the transaction line you want to reconcile and click Edit.
Type or select the correct statement number for the selected transaction.
Type or select the correct statement date for the selected transaction.
After saving the added information, click the Info tab. You will notice the Reconciled and Finished boxes checked and the word Yes beneath them. Before reconciliation, the boxes would have crossed marks and the word No.
Note: Extra information on bank reconciliation is stored in bank journal entries. You can repair any inconsistencies found in the database by using the diagnostic tool at System/Check/Diagnose (click Start to start the diagnostic process and click Repair to repair any inconsistencies) and still retain the information on the bank reconciliation.
Click Our ref. to view transactions pertaining to the “our reference” account number.
Click Your ref. to view transactions pertaining to the “your reference” account number.
Click Creditor to view the creditor information or click Debtor to view the debtor information. You will see the Creditor button if the transaction is allocated to a creditor, and Debtor button if the transaction is allocated to a debtor.
Click Card to view the information in the creditor or debtor card.
Click Print to print the transaction details.
Click New to create a new payment or receipt entry.
Click Save to save the changes made to the Statement number and Statement date.
Click Close to exit.