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A bank reconciliation should be completed each month (or more frequently). This process confirms that all entries on the bank statement have been entered in ACAS, and helps identify any errors on the bank statement or in ACAS. This screen is where existing reconciliations can be searched, and new bank reconciliations created.


Create a new Bank Reconciliation entry

1

Go to the Period Close menu, then click on Bank Reco Search.

Select your search filters. These can either be one or a combination of the following

  • Bank Account
  • Date
  • Only Unverified Statements
Click Search2

Select the

 

Bank Account

 

that you wish to reconcile, and click

 

Search.

 (Cash Management Facility shows as the default). A list of Unverified bank reconciliations display on the screen

Look at the bottom of the list to see if a bank reconciliation has already been started for the month required. New Cash Management Facility reconciliations are automatically started every month

If there is one started, highlight and Select the relevant reconciliation

If not, to also see Verified statements untick the "Only Unverified Statements" box, enter a Date From and Date To, and click Search, and check the bottom of the list. If no bank reconciliation has already been started for the month required, click  Image Removedat the bottom of the screen

If starting a new reconciliation check the correct bank account name is showing (if not, click Bank Reco Search, select the correct Bank Account name, then click New), enter the Statement Date – the last day of the month regardless of the date of the last transaction on the bank statement
Enter the bank balance at the end of month in the Statement Amount field

Image Removed

A list of transactions will appear in the Outstanding Transactions table below. If it is a new reconciliation, the left hand column titled "On Statement" will show No for all of the transactions

Look at the first item on your bank statement, and find the same amount on your outstanding transactions list.  This will always be the in the opposite column on screen to where it is on the bank statement. So if the entry is on the left hand column of your bank statement, it should show on the right hand column on your screen

Match each transaction against the bank statement – tick off on the hard copy bank statement the transactions that appear. On the screen click on the check boxes to include these transactions. on the No, click the drop-down arrow and click Yes for these entries

Then click the New button.

3

Complete the following fields:

  • Statement Date - enter the Statement Date show showing on the bank statement. 
  • Statement Amount - enter the closing balance showing on the bank statement.

Transactions up to and including the Statement Date that have not been reconciled will be displayed. There will likely be an amount showing in the Variance field, which should come to 0.00 when the correct transactions have been selected (the Statement Amount will equal the Ledger Balance).

4

Working from the bank statement, click on the check box beside each transaction that shows on the bank statement. Also tick the transaction on the bank statement (it is easiest to work from a printed copy so you can do this).

5

If there are entries on the bank statement that are not ticked, they must be entered into the system either by income, expense or journal entry (for more information, see the relevant sections of this manual).  It is possible to finish your bank reconciliation and still have items with a No on your screen because they have not shown on your bank statement yet, but you cannot have items on your bank statement that are not a Yes on the screen


When all transactions on the bank statement have been ticked on the statement and in ACAS, the Variance should be 0.00.  



2

Select your search filters. These can either be one or a combination of the following

  • Bank Account
  • Date
  • Only Unverified Statements

Click Search


Image Added


Click Save at any time to save the changes that you have made, this will re-arrange the screen list so that all of those which have been selected with a Yes will be at the top of the screen and those lines that have not been selected with a No will be lower down


If there are entries on the bank statement that are not ticked, they must be entered into the system either by income, expense or journal entry (for more information, see the relevant sections of this manual).  It is possible to finish your bank reconciliation and still have items with a No on your screen because they have not shown on your bank statement yet, but you cannot have items on your bank statement that are not a Yes on the screen


Always click Save on the Bank Reconciliation screen before moving to another screen – this will save your work so far.


The Fee Entry, Interest Entry, Deposit Entry and Payment Entry buttons can be used as shortcut buttons to complete these entries. Return to the bank reconciliation after completing the necessary entries by clicking on Period Close, then on Bank Reco Search


Once you have ticked off  said Yes to every item that is showing on your bank statement the field showing Variance should be $0.00.  This is what you want to see. 
 If it is not 0.00 you need to find out why.  A monthly report should never be finalised by doing a Period Close if a bank reconciliation does not show a zero in the Variance box. Contact your TOORS support personnel at your local conference office if you need further assistance


Once the Variance of $0.00 shows on the bank reconciliation screen, click Save


Click the Print button to print the reconciliation report


This process must be completed for each bank account, each month