Page Comparison

bank reconciliation is a process that explains the difference between the bank balance shown in an

organisation's bank statement

(as supplied by the bank

) and the corresponding amount shown in the

organisation'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. Please ensure that the last bank reconciliation for a financial year is the last day of June - the system will not allow you to extract into the next month. 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 bank reconciliation must represent the closing bank reconciliation from your old system and must balance back to your general ledger bank account. For the first

bank reconciliation, 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

bank reconciliation. 

Bank 

reconciliations are set to compress depending upon what rules have been set up against each tender

(usually set up by Readysell at commencement of business). As well as making it easier to navigate the bank reconciliation, these compressed figures are used to guide the automatic matching and automatic generation features based on the tender and bank reconciliation rules.

All transactions on a bank statement that relate to a card should be entered onto the card not through the bank reconcilation as a manual entry.
In respect to Visa/Mastercard/Amex Card statements, if the transaction on a bank statement has a card, enter a supplier debit against the card and expense it correctly then enter a supplier payment using the right tender to point to the right visa card ensuring both transactions are dated the date on the visa card statement. Other all other non stock miscellanous transactions that you dont have a card set up for, then you can enter via the Bank Reconcilations as either a deposit or payment ensuring to date these the date on the bank statement and expense correctly.