These steps are a guide to explain the basics of reconciling checking accounts. There may be unique procedures for your entity that may need to be done in addition to what is described below.
Go to Transactions > Reconcile Checking Accounts
Bank Statements and or County Statements will be needed for this process.
- Select Account
- Select Period
- Enter the Statement Previous Balance from the previous month's statement, ending balance of the prior month.
- Enter the total amount of Credits for the month on the statement, the amount of money going into the account.
- Confirm the Treasurer's Report Prior Month Balance matches prior month Treasurer's Report.
- Enter the total amount of Debits for the month on the statement, the amount of money leaving the account.
Review the bank statement to confirm what credits have cleared the bank. Check the Select box for the item being reconciled and mark the corresponding transaction on the bank statement to verify.
- Select the desired Credit transactions and click Apply
Review the bank statement to confirm what debits have cleared the bank. Check the Select box for the item being reconciled and mark the corresponding transaction on the bank statement to verify.
- Check desired debit transactions and click the Apply
After completing reconciliation of all items, verify that the totals are in balance. If the totals do not match, check the statement to verify if any transactions that were not entered or if transactions were selected that were not on the statement.