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Bank Reconciliations Plugin - Bank Reconciliation

Article Index

Page 11 of 12

Bank Reconciliation

Reconcile your Cashbook with Bank Statements

To do a Bank Reconciliation:

  1. Click on the Action → Reconciliation menu. 

    If all bank statement transactions are imported and processed correctly; the Bank Balance and the Last total should be the same amount.

  2. Select the correct Bank Account; e.g. “Current Bank Account”; if not already selected.

  3. Click on the Reconcile button. The Reconcile Bank Account screen displaying the name of your current account will be displayed listing all your transactions in this Cashbook for the selected period i.e. 01 to 31 March 2013. These entries represent your unreconciled bank statement items.

    Before beginning your bank reconciliation you may set up the following functions:

    • Show Statement – The BankOnline Plugin is not implemented at this stage for TurboCASH. You may use the Import Bank Statement option (if the Default Bank Reconciliation Method field is not selected on the Setup → Setup → Data Parameters menu option.
    • Search – Click on the Search icon and a window will appear at the bottom of the Reconcile Bank Account screen. This allows you to locate an item by Date, Reference or Amount.
    • Reconcile – Click on the Reconcile icon to reconcile all items, or specific items by reference or date.
    • Unreconcile – Click on the Unreconcile icon to unreconcile all items, or specific items by reference or date.
    • Process – Click on the arrow of the Process icon to select one of the following:
    • Apply Reconciled process all items selected (ticked) in the Reconciled column.
    • Transfer Unreconciled to Batches - This will transfer all items not selected (not ticked) in the Reconciled column) to the Payments and / or Receipt batches.
    • Report – Generate the Bank Reconciliation Report.

  4. Since all these items should be reconciled as they are in your cash-book as well as in your imported bank statement, these items may be ticked as reconciled. To do this, select the item, and click (select or place a tick in the Reconciled column).

  5. Once you have “ticked” all entries - click on the arrow on the Process button and select the “Apply Reconciled” option. All reconciled items will disappear from the list and you will be left with a list of unreconciled items.

    You may click on the Reconcile icon to reconcile all items, or specific items by reference or date.

  6. Click on the Report icon. The “Bank Account Recon Options” screen is displayed: 

    All the data of the Bank Account, Date, Bank balance, etc. should still be the same as per your your previous selection criteria.

  1. Click on the Open button. The Cashbook reconciliation report is displayed: 

    TurboCASH will subtract any unreconciled payments and add any unreconciled receipts from the bank balance according to the bank statement, thus giving a reconciled balance.

  2. After studying and printing the report, you may close the report.

  3. Click on the Close button of the Reconcile Bank Account Options screens; or press the Esc key to exit (close) these screens.