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General Ledger

Reconcile Bank Accounts in General Ledger

Compare your bank statement to the General Ledger accounts to ensure the account is in balance for the reconciliation period.

If this is your first time reconciling, be sure to enter the Last Statement Balance in Define Lists.

If you have used the ACS Bank Reconciliation feature, the Reconcile from date and Previous Stmt Bal fields are already completed.

You can enter and post service charges or interest while reconciling transactions, and you can reconcile the bank account at any time. To sort the reconciliation window based on a particular column, click the column header.

When reconciling, you'll print the bank reconciliation report, which you can store with your bank files. This report displays the total withdrawals and deposits, and you can include cleared or uncleared transactions on the report. If you include both cleared and uncleared transactions, the transactions for each are listed separately with their own totals.

You can also print all cleared and uncleared items together by clearing the Page Break on Transaction Status option. If you want to compare reports or see differences, you can also print the Bank Account Journal in General Ledger Reports.

If you do not select to include cleared or uncleared transactions, a summary report prints.

  1. Under Manage Records, select the Transactions tab.
  2. In the drop-down list, select General Ledger Transactions and click Go .
  3. In the Enter/Post Transactions window, click Bank Reconciliation.
  4. In the drop-down list, select the bank account that you want to reconcile.
  5. Enter the reconciliation dates by entering the To date. If necessary, you can select a date in the calendar.
  6. Verify the Previous Stmt Balance. If necessary, you can change the previous statement balance.
  7. Enter the ending balance on your bank statement in the Curr Statement Balance field. Generally, this equals the bank balance, but may not match if you changed the Previous Stmt Balance, entered an adjustment source (like journal entries) or dated a transaction incorrectly.
  8. To mark transactions as reconciled, select the transactions to reconcile in the C field for each transaction. You can also use the space bar to mark or clear transactions and the up and down arrows to move between transactions.
  9. Enter any missing transactions.
  10. Enter any Bank Interest or Service Charges. You will be prompted to post these after you click Accept Balance.
  11. To print the Bank Account Reconciliation Report, click Print. After you click Accept Balance, you can still print the Bank Reconciliation Report for the reconciliation period. To do this, change the Reconcile From dates to the period you want to print the report for.
  12. To reconcile this bank account and accept the balance as the next statement balance, click Accept Balance. To print the Bank Reconciliation Report after accepting the balance, click Print/Reprint, enter the reconciliation dates, and click Reprint.

Last updated: November 21, 2024