Reconciliation
Reconcile opens the Reconciliation window for the currently selected record.
Reconcile is available from Cash Book for the currently selected Bank or Cash account or from a Nominal Record where the "Reconcile" account option is ticked.
The Reconciliation facility enables you to display a list of unreconciled transactions up to a transaction date that you enter, or a list of reconciled transactions from a transaction date that you enter.
This list can be sorted in various ways, and can show Receipts (Money Paid In to the Bank) and Payments (Money Paid Out), subtotalled in various ways. If you have selected to reconcile a non-Bank Nominal Account then Debits and Credits will be displayed and you can tick these off as you validate each one, in the same way as described below.
Reconciling a Bank Account
When reconciling a Bank Account this list can be used to reconcile your official Bank Statement by ticking each line off against the Statement.
Before you start ticking you should enter the number or Reference printed on the official Statement, so that this information can be attached to the items on the list. The reference information is only written to the transaction when you finally click on the OK button. A warning message is displayed if there is no Reference.
You should take care to 'tick' off your computer records in exactly the same sequence that they appear on the Bank Statement.
The order in which they are reconciled is saved back into the transaction with the Reference you have entered when you click on OK.
If you find a valid transaction on the official Bank Statement that does not appear in your computer list:
Save the reconciliation you have done so far, and use the icons on the main Cash Book window to enter the required transaction.
Return to the Reconciliation window where you will find that the transactions you have already reconciled have been removed from the list, and the transaction you have just entered is now visible.
If you follow the steps above, you can print a computer statement that will closely resemble your official Bank Statement. By selecting the Print button on the toolbar, you have the choice of the following reports:
Reconciliation Report, Statement Report, Full Reconciled Audit, Full Unreconciled Audit, Print Displayed Transactions
For each report, you can then choose which transactions to include:
All Transactions, Up to Date, Up to Period
To help you match the single line entries on the official Bank Statement, that represent multiple cheques that were lodged with the bank on a single paying-in slip, there is a subtotalling facility. By default all transactions are subtotalled by their transaction date, showing Paid In and Paid Out totals on separate lines. This can be changed if required before or after you click on Display. This means that each figure displayed in a column may represent several transactions which all have the same date.
To help you resolve anomalies or errors, all of the individual transactions that make up the line that you highlight are displayed in the lower part of the reconciliation window, so that they can be reconciled individually.
Reconciliation
Reconciliation Date and Period default to current System date & period. When the Reconciliation Date is overwritten, it updates the Reconciliation Period. The Reconciliation Date and Period are used to inform the Reconciliation reports available.
User Profile settings, specifically those relating to Future Period posting or Post to Restricted Periods, do not affect the Reconciliation Date or Reconciliation Period.
On the toolbar the three functions, List Definition, Statement, and Full Window work as exclusive selection buttons: only one can be selected at a time.
List Definition opens the Search panel in the bottom section of the screen
Statement opens the Statement Summary panel in the bottom section of the screen
Full Window hides the panel in the bottom section of the screen to allow maximum space for the Subtotal List details
Below the toolbar, but above the list panes are two functions
Reconcile/ Un-reconcile - select as appropriate from the drop-down. Default is Reconcile.
Currency - Select Show Home Values or Show Currency Values as appropriate from the drop-down.
Subtotal List
Select a row in this list to see the corresponding Transaction Detail
It is possible to use the standard wildcard search on this list. Of particular note, the Subtotal displays the field which has been selected in the Subtotal section on the Search Panel. If 'No Subtotal' is selected, this field shows the Transaction Ref.
Transaction Detail List
It is possible to use the standard wildcard search on this list. Of particular note, the Transaction Ref column is displayed as the first column if Subtotal is anything other than Transaction Ref or None; Batch Ref is displays as the first column if Subtotal is Transaction Ref or None
Search Panel
The Search panel contains two sections: a Subtotal section on the left and the Search section on the right:
The Subtotal section contains several radio button options
The Search section contains fields used to set the criteria for your search
Statement Summary Panel
This panel contains the fields for entering details from your Bank Statement and system-based balances.