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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. Please ensure that the last bankrec for the Financial Year is the last day of June. 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.
Getting Started
Reference
Refer to Common Buttons.
| Image | Field | Description |
|---|
| Extract Bankings | Extract bankings into this bank reconciliation |
| Import Transactions | Import bank transactions from the Exported Bank Statemnet into Readysell for automatic matching and automatic transaction generation |
| Generate Corrections | Generate corrections for a banking that will create either a bank payment / bank deposit based on the value in the correction column |
| New Banking | Create a new banking in this reconciliation |
Fields
| Field | Description |
|---|
| Date | Date created for the Bank Reconciliation |
| Number | Bank Reconciliation transaction number |
| Status | Status of the Bankrec |
| Account Site | BAnk Account General Ledger Account |
| Statement Open Date | The statement opening balance date for the Bank Reconciliation, This value is Populated from the closing balance of the last bank statement. |
| Statement Open Balance | The statement opening balance for the Bank Reconciliation. This value is Populated from the closing balance of the last bank reconcilation for that bank account |
| Unpresented Balance | Expected GL Closing Balance - Computed Closing Balance. The sum of the items not yet marked |
| Statement Close Date | The Statement Closing Date. This is a manual entry from the Bank Statement. The date you are last reconciling to. |
| Statement Close Balance | This is the statement closing balance for the Bank Reconciliation and is entered from the Bank Statement. This is not calculated. |
| Value Marked | Sum of transaction value of marked Lines, this field shows the value marked for the Bank Reconciliation |
| Comp GL Close Balance | Statement Opening Balance + Total Value, also known as the 'Expected General Ledger closing balance' |
| Comp Close Balance | Statement Opening Balance + Value Marked, this is the computed closing balance |
| Actual GL Close Balance | 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" |
Lines Tab
| Image | Field | Description |
|---|
| Mark Selected | Mark the transaction highlighted within a bankrec. |
| Unmark Selected | Unmark the transaction highlighted within a bankrec. |
| Mark All | Mark all transactions highlighted within a bankrec. |
| Unmark All | Unmark all transactions highlighted within a bankrec. |
Fields
| Field | Description |
|---|
| Date | The date and time of the banking (source record date) |
| Tender | The tender that was used for that source banking |
| Site | The site of the banking |
| Workstation | The workstation for that source banking |
| Transaction Number | The source transaction number |
| Card | The card that relates to this banking |
| Description | The description of the source transaction |
| Payment Reference | This is the payment reference entered onto the Customer Payment or Supplier Payment at time of entry |
| Transaction Value | This is the transaction value for this line or the Sum of all transactions for the tender |
| Corrected Date | Manual entry of the date |
| Corrected Value | Mnaual entry of what the value should be. |
| Marked | Check this box to mark the line |
| Matched Reference | This is the matched reference value from the Imported Bank Statement |
| Value Excluding Fee | This line shows the value excluding fee for this line |
|
| |
| Show in report- Shows banking records in a report |
| Show the oriignal transaction that generated this banking |
References |
| Date | The date and time of the banking record |
| Card | The Cardid of the source transaction |
| Transaction Number | This is a unique transaction number for the source banking record |
| Payment Reference | This is the payment reference for the source banking record |
| Description | This field contains a short description of the source banking record at time of entry |
| Presented date | The date and time that the payment was presented |
| Value | This field shows the value of the banking record within a bank reconcilation |
| Value Excluding Fee | This field shows the value of the banking record, excluding fees |
