The Cashbook Reconciliation section makes it possible for you to easily identify and indicate which payments have actually been received, and which are still awaiting receipt.
Easily select the desired cash account to the corresponding information on your bank statement - ascertaining the differences between the two.
The bank statement contains all actual transactions impacting the bank account(s) during the past month.
Easily indicate which transactions have been received using the Cashbook Reconciliation section - use the Cashbook Reconciliation Report to identify money that is expected to be received, but has not yet been received within your bank account.
The Cashbook Reconciliation section also makes it possible to check for any errors within your cashbook and/or bank statement, allowing you to pinpoint the errors and correct them accordingly.
A bank/cashbook reconciliation should be completed at regular intervals for all bank accounts, to ensure that your company's cash records are correct - this information can be used to design better controls over the receipt and payment of cash.
Using Cashbook Reconciliation:
Selecting Bank Reconciliation Month/Period
When you select the Cashbook Reconciliation option under the Enter and Post Transaction Tab, begin by selecting the desired Month you wish to print from
This makes the cashbook reconciliation process easier, as you'll be able to pinpoint cashbook transactions for a specific month
Select the "Annual" option to view all transactions for the entire accounting period
Using Bank Reconciliation
To reconcile cashbook transactions, begin by selecting the desired Cashbook Account you wish to Reconcile
This can be done by entering the Cashbook Account Code or by using the Account Lookup button
Once the desired cashbook account has been selected, a list of posted transactions for that specific account will appear in the "General Tab" below
The items listed here can be compared with the received Bank Statement - To reconcile transactions, highlight the desired transaction and click the "Set Indicator" button
This will change the "Conciled" column for the selected transaction from "N" to "Y" - indicating that the transaction has been reconciled
Click "Ok" to save your cashbook reconciliation changes
Using the Additional Search Options
Looking for specific cashbook transactions to reconcile? Use the Additional Search options to quickly and easily pinpoint your desired transaction(s)
Use the Reference Search to pinpoint a specific reference, or the Amount Search to filter results to show you only transactions of the specified amount (for the selected cashbook account)
You can further filter your results by indicating whether results should be of Debited or Credited transactions
Click "Search" to filter results accordingly, or "Clear" to return to the general view of all relevant transactions for the selected cashbook account
