 |
Checking Account Reconciliation Form
This form is accessed by clicking on the
Reconcile Accounts or
Prepare Reconciliations items on
the main menu. Enter the date of the reconciliation, select the
account you want to reconcile, then click on
Open Reconciliation. If you have
set up your account as a Checking
Account Reconciliation
Type, the following window will open:
The main elements of the
Checking
Account reconciliation type window are:
- Bank Balance - enter the amount from your bank statement for
the appropriate month end. In the above example, the
reconciliation date is December 31, 2010. You can see this at the
top of the form where it says "As of December 31, 2010".
- Reconciling Item Groups - there
are four specialized categories of reconciling items for the
Checking Account reconciliation type. These items are each
described separately later in this tutorial. The four categories
are:
- There is also a section for Other Reconciling
Items. These are handled the same as any other Reconciling Item.
- G/L Balance - enter the balance from the General Ledger for
the appropriate month end. In the above example, the
reconciliation date is December 31, 2010. You can see this at the
top of the form where it says "As of December 31, 2010".
- Prepared / Approved / Reviewed by -
click the appropriate check box when you have completed your
responsibility for this reconciliation. The date will
automatically be stored with your name in the database.
- Comment - If there is information specific to this particular
reconciliation, enter it here. This information will appear only
when you print the report for this month. If you have additional
information regarding a specific reconciling item, it would be
better to include that comment in the reconciling item itself.
That way, if the item is displayed in several accounting periods,
the additional information will also be shown each time the
reconciling item is shown.
- Unidentified Difference - this field is calculated. It shows
the difference between the G/L Balance and the total of the
Reconciling Items. If there is an amount here, you probably have
not really completed the reconciliation. Check to make sure all of
your reconciling items have been entered correctly. If you truly
have no idea what this difference is, you might leave it alone and see
if it goes away the following month. THIS IS NOT THE RECOMMENDED
METHOD FOR RECONCILING ACCOUNTS, it is only an option to use to
complete the reconciliation right now realizing you still have more work to
do. You should also put some kind of explanation in the Comment
area about why you are leaving the account not fully reconciled.
- Preview Report - click here to
preview the reconciliation report.
- Print Report - click this button
to print the
reconciliation report. We recommended that you print a copy of
each reconciliation and file it with your month end accounting
information to document that the reconciliation has been
completed. Make sure you include copies of any appropriate
documents related to the reconciliation.
- Account Information tab - at any time you can click on this
tab to review the information that you included in setting up the
account in the Description and Company Policy information boxes.
- Tutorial - this will open the
RecWizardTutorial.pdf file so you can get answers to your
questions or learn more about using RecWizard.
When you have completed the
reconciliation click Save & Exit.
Return
to TOP
|
