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Image : Bank Reconciliation

Purpose :

Bank Reconciliation is commonly used in explaining, Comparing and reconciling the bank account balance as per entity’s Records vs Bank’s records. It is obvious that there is a difference between entity’s records and bank records due to following reasons.

• There may be payments made by the entity via cheques, but still not presented to banks by the Payee. In such situations Entity’s records updated with Cr balance (Deduct from favorable balance) but still not recorded in Bank’s records. (That is debited to Bank’s records)

Link : Below

• There may be deposit  to the bank account bank not yet realized. In such situations entity’s records updated with Dr balance (add to favorable Balance) but still not recorded in Bank’s records. (That is Credited to Bank’s records)

Link:Below

• Error Entries either passed by Entity.
• Bank Charges

Direct receipt to bank without entities being acknowledged.

Link: Below

Data Input

Bank Rec No :

Bank Reconciliation No is allocated upon the first saving the transaction of bank reconciliation and there is a sequence of allocating the Bank Reconciliation numbers by the system. When allocating the sequence there won't be separate sequence for each bank account numbers. The sequence applies to all Bank Accounts available in the system.

Bank Account :

The user can select the Bank Account No which Bank Reconciliation is expected to be prepared for.

Last Reconciled :

This the date of previous reconciled date of selected same Bank Account.

E.g. 30 November 2012

Statement Date :

The date of the statement send by the Bank. This Bank Statement balance is considered as the balance of Account as per bank. 31 December 2012

Notes :

The use can enter required notes pertaining to the bank reconciliation.

System Balance :

The Closing balance of the bank account as per last period(Ledger Account)/last bank reconciliation.

E.g. Balance as at 30 November 2012 or Opening Balance as at 01 December 2012.

Statement Balance :

Balance of the Bank statement as per the statement sent by the bank.

E.g. Banak Statement Balance as at 31 December 2012

Calculated Balance :

Calculated balance is derived from transactions that is under taken/allocated in the bank reconciliation.

Out OF Balance :

Out of Balance is derived from the calculation;

Calculated Balance – Statement Balance

Bank Entries                       Link: Above

Account Type : 

There is no impact to trasaction. This will be helped in sorting the Bank Entries.

Location :

Select the location into which entry shall be passed.

Search :

This is a filter criteria for the Bank Reconciliation for the transactions in the Book Entries.

Type :

Above selected ‘Account Type” is considered here.

Entity : 

Is the where the specified entry account code will be displayed as being used.

Location :

Above selected ‘Location” is considered here.

Description :

User may enter a suitable remark on the Bank Entry.

Dr :

If bank entry is required to Dr. Debit the transaction here.

Cr :

If bank entry is required to Cr. Credit the transaction here.

Delete :

If user requires to delete the transaction, he can press the <Delete> button.

View Pending Lodgements/Unpresented Cheques>

Link: Above

Unpresented Cheques

Payment No :

The Payment voucher number is displayed here.

Cheque No :

The respective cheque number of payment voucher transaction is displayed here.

Cheque Date :

The date of the cheque raised to make the payment.

Payee : 

Name of the Payee is displayed here.

Amount :

Amount of the Payment, Cheque raised.

Reconciled :

If cheque is not presented /presentedto the bank.

Pending Lodgements                     Link: Above

Receipt No :

Transaction receipts are displayed here.

Receipt Date :

The Receipt date are listed here.

Amount :

Amount of the receipt.

Reconciled :

If cheque is not deposited to the bank it will be displayed here as unpresented. Should it appear in the bank statement as presented the check box will need to be tick specifying reconciled.

<Save> : Press the button to save the data. The user may partially enter/complete the Bank Reconciliation and saved. The rest can be done in a subsequent date.

However this can be done until Bank Reconciliation is being finalized only.

<Reset> : Until the data is saved, the user can reset the entered data.