Overview

A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time. If your account records does not agree with the bank statement you must determine where the discrepancy is and make the appropriate corrections. It is normal for a company's bank balance to differ from the balance as per bank statement due to timing differences. Such timing differences appear as reconciling items in the Bank Reconciliation. Bank reconciliations should be done by date Consecutively and Periodically. You cannot commence a new bank reconciliation until your current bank reconciliation is balanced and finalised for the Bank Account you are reconciling. The First Bankrec must represent the Closing Bank Reconciliation from your Old System and Must Balance back to your General Ledger Bank Account. For the first time bankrec, the site will need to provide readysell with the statement opening date and statement opening balance figure. Readysell will insert this for you as the starting bankrec.

Bank Reconciliations are set to compress depending upon what rules have been set up against each tender. Usually Set up by Readysell at commence of Business.

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Field	Description
Date
Number
Status
Account Site
Statement Open Date	The statement opening balance date for the Bank Reconciliation
Statement Open Bal	The statement opening balance for the Bank Reconciliation
Unpresented Bal	The Expected GL Closing Balance - Computed Closing Balance, the statement closing balance date for the Bank Reconciliation
Statement Close Date
Statement Close Bal	This is the statement closing balance for the Bank Reconciliation
Value Marked	This Sum of transaction value of marked Lines, this field shows the value marked for the Bank Reconciliation
Comp GL Close Bal	The Statement Opening Balance + Total Value, the expected General Ledger closing balance
Comp Close Bal	The Statement Opening Balance + Value Marked, this is the computed closing balance
Actual GL Close Bal	This Bank Account GL Balance at Statement Closing Balance Date, this field shows the general ledger closing balance for this Bank Reconciliation
GL Variance	GL Closing Balance - Expected GL Closing Balance
Variance	Statement Closing Balance - Computed Closing Balance, also known as the "Statement Variance"