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How to reconcile the bank

Reconciling the bank is an important procedure to ensure all amounts that you have paid or received are correctly entered into Clever Accounts.  

The bank account statement (from the bank) is used as the source record and reconciling is the act of matching transactions that are in Clever Accounts to those that are on the bank statement.  Any additions or amendments are processed until the end balance on the bank statement matches the calculated end balance within the software.

Please note, reconciling the bank does not check whether the transaction has been entered to the correct account code, just that it has been entered with the right date and amount. Whilst in the bank page click Reconcile Items

Enter the statement page number from the bank statement and end balance (the closing balance from the statement).

 

The other fields are calculated based upon your input.  The objective is to get the end balance you entered to match the end balance on the grey calculated field with a difference of NIL.

 

 

The second panel displays all unreconciled transactions on the bank account.  Match each one to your bank statement and tick the checkbox on the right side to match.  Once you have matched all transactions and the end balances match, you can click on reconcile transactions to finish the process.

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