Bank Reconciliation MyFundAccounting.Online
- Adam |
- 23 steps |
- 3 minutes
Summary of a Bank Reconcilation
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As a newcomer to MyFundAccounting.Online, you might wonder what a Bank Reconciliation is, its functions, and how it can assist you with your accounts.
Essentially, a Bank Reconciliation involves comparing the transactions recorded in MyFundAccounting.Online with your bank statement.
This process enables you to examine each transaction individually, ensuring all data is entered accurately. By conducting this reconciliation monthly, you can generate precise reports for your organisation.
How to access Bank reconciliation Screen
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From the dashboard, you have two locations of accessing the Bank reconciliation screen.
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Location 1 click "Bank Reconciliation" to left on the dashboard.
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Location 2 select "Utilities" then click "Bank Reconciliation". This can be a quick way to access the Bank Reconciliation screen, without having to return to the dashboard.
Bank Reconciliation Walkthrough
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After accessing the Bank Reconciliation, choose the Bank Account you wish to perform a reconciliation.
Bank Reconciliation Set Up
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First of all you will want to enter the "Bank Statement Opening Balance" from your bank statement.
Tip: The opening balance will only need to be entered on your first reconciliation.
If you notice a balance in the bank statement opening balance, don't be concerned. If you have performed a previous reconciliation, the closing balance will subsequently become the new opening balance.
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The next field you will want to enter is the "Bank Statement Closing Balance" from your bank statement.
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Next, click on the "Date To Be As Report Title" field. You may enter the date as either the beginning or the end of the month you are reconciling. The report title can be any date you choose, even if you are not reconciling an entire month.
Tip: Using the date as the report title helps to organise your bank reconciliation reports. Listing them with the first or last day of each month allows for sequential arrangement.
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After, you'll want to click on the "Show Transaction On Or Before" field. This feature limits the transactions displayed on the screen to those up to the end date of your reconciliation. For instance, if transactions have been entered beyond January, inputting 31/01/2024 will exclude any transactions from February onwards, allowing you to concentrate on reconciling with the bank statement in question.
How to Reconcile Transactions
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Now if we look further down the page, you can see an unreconciled transaction section and a reconciled transactions section. To begin checking the transactions that appear on the bank statement and mark the transaction for reconciliation we will click the "Down" button.
Tip: It is generally considered good practice to move transactions down individually for thorough processing instead of opting for the 'all down' option.
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Clicking the down button moves the transaction from the unreconciled to the reconciled section. Additionally, there is a running total available to cross-check against your bank statement should there be any discrepancies in your entries.
Tip: To prevent discrepancies in the running total, please ensure that you order the transactions to match the sequence they appear on the bank statement.