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How to Complete a Bank Reconciliation

You can watch the video procedure or follow the instructions below.

Instructions

1. Go to the “Finances” tab and the “Reconciliations” subtab.

2. Click on “Add” at the top right.

3. Check that the dates (“Date” and “End Date”) are correct. Note: A bank reconciliation is done on the last day of the month.

4. Select the right bank account.

5. Compare the amounts in your income statement and the amounts in the software. When they match, tick the amount; when they do not match, do not tick it.

6. In the software, enter the final balance written in your income statement. This should bring the unresolved amount to zero. If not, you might have ticked too many items.

7. Click on “Finish.”

8. To view a report of the reconciliation, click on “Report” at the top right.

You have now completed a bank reconciliation.

Transcription of the Subtitles

Here is how you complete a bank reconciliation.

This process allows you to compare what you have entered in the software with your bank statement of account to make sure that you have not forgotten any transaction.

Go to the “Finances” tab and the “Reconciliations” subtab, and click on “Add” in the upper right corner.

Select the date. Note that you only do one reconciliation a month and that it is done on the last day of the month. The “Date” and the “End date” must be the same.

The transactions you have entered in the software will appear.

Select the bank account with which you will compare the transactions.

Now, compare the transactions in this list with the transactions in your statement of account. When you see a transaction that is in the software and in your bank statement, you can tick it.

If one of the transactions is not in your statement of account, do not tick it.

You might or might not have a balance carried forward. If you do, it will appear under “Balance Carried Forward.”

You will see your “Deposit” and “Withdrawal” sections here. Under “Final Balance,” enter the final balance written in your statement of account. If you ticked the right transactions, this should bring your “Unresolved” amount to zero. If that is not the case, you might have ticked too many or too few transactions.

Once your unresolved amount is at zero, you can click on “Finish.”

If you want to see a report of this reconciliation, click on “Report” in the upper right corner. There, you will be able to visualize the reconciliation.

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