Performing your first bank reconciliation just to bring in the opening balances for bank reconciliations

Overview

To start with bank reconciliations: 

• You need to create a “dummy” first bank reconciliation to stand for the balances from your old system. 
• Your first bank reconciliation in Readysell is like a dummy bank reconciliation, it’s only purpose is to bring over the closing bank reconciliation balance from your old system. Making you ready to continue.
• Your second bank reconciliation after you start Readysell continues from your closing bank reconciliation in the old system.

You need to create and post a first bank reconciliation that stands for the balance of your bank reconciliation from your old system:

• This first bank reconciliation only exists to bring the bank balance and any unpresented items into your bank reconciliations.
• It must be dated before you started using Readysell (usually the last day of trade or the last bankrec day from the old system)
• It must not contain any transactions created after your started using Readysell, except for the balancing bankings shown below
• Once this bank reconciliation is posted, your starting bank reconciliation position in Readysell should be the same as your closing bank reconciliation position in your old system. The closing bank general ledger figure should balance to the opening general ledger bank figure to be brought over
• You will then be in a position to enter your second and subsequent bank reconciliation in Readysell including transactions created since you started using Readysell..

The flow of work is as follows for you main and any other bank accounts:

• You must complete and balance your last bank reconciliation in your old system for each bank account
• Your general journal 
• Use a banking to create an opening balance being either a bank deposit or bank payment equal to the closing balance of your last Bank Statement. If you have $1000 in the bank on the last day you used your old system, this item should be $1000.
  Use a banking to create any unpresented deposits and unpresented payments. Entering Manual Bank Deposits Entering a Manual Bank Payment
• You need to know what a bank reconciliation is. Bank reconciliations are about listing the reasons for any difference between the cash shown in Readysell and the cash shown in your bank. Such as items that are in Readysell but not deposited at the bank yet. See: https://www.myaccountingcourse.com/accounting-dictionary/bank-reconciliation

Procedure

First Bank Reconciliation  for Each Bank Account stands for the opening position from your old system. 

1. Ensure that on the last day of trade, for each bank account that is reconciled, that a statement is printed and all transactions are accounted for in the old system (including credit cards and petty cash)
2. Ensure that the last bankrec has been completed on the old system for each Bank Account that you reconcile.
3. Ensure that the closing bank balance plus/minus any unpresenteds lines up to the General ledger Bank Account on the old system for each bank account
4. Identify the cut over date for the last Bank Reconciliation on the old system .
5. In Readysell, on the bankings list view, select the "all bankings" view and check there are no bankings prior to the date you are going to use for the first bank reconciliation. If there are any, contact Readysell for assistance.. 
6. Create your opening banking and any unpresented items and reverse the general ledger effect of those openning items.
   1. Enter a bank payment or bank deposit dated the same date as your last bank reconciliation in your old system or the last trading day of your old system. (you need to work out first of all if there have been any transactions accidently back dated to go live date, if so they need to be reversed and re entered as of go live date)>
      The value of the transaction stands for the amount that has been fully presented (brought forward = the sum of the opening less/plus the unpresented) with the correct date.
      That is either a payment if you are in overdraft or a deposit if you have money in the bank as a brought forward.
      The general ledger account selected and dissected against can be the suspense or conversion data gl account.
   2. Create a banking for each amount that is unpresented on the bank statement.
      That is either being a payment and/or deposit with the correct date for each unpresented transaction .
      The general ledger account selected can be either the suspense or conversion data account.
   3. The reversal of the dissection against the suspense or conversion data general ledger account, can be handled when you insert the starting General Ledger Brought forward Journal.
7. Make sure the GL Bank = Bankings for that period or date range.
   Either browse the account or run a gl report and bankings report
8. Check that no general ledger journals have been posted to bank on or before the date of the first bank reconciliation.
9. Create an Opening Bankrec as starting bankrec with opening balance of zero and closing balance to be bank statement close and correct date. (the date here is very important)
10. Present the brought forward banking only and finalise the first starting bank reconciliation to stand for the closing bank reconciliation from your old database.
11. Post the first bank reconciliation.
12. Run the bank reconciliation report and make sure that the first bankrec closing = the general ledger figure for that date/period.
13. At this point now the site can commence with the next Bank Reconciliation.