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 and verify a new Bank Reconciliation entry
| 1 | Go to the Period Close menu, then click on Bank Reco Search.
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| 2 | Select the Bank Account that you wish to reconcile, and click Search. Then click the New button. | ||||||
| 3 | Complete the following fields:
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 in ACAS, they must be entered into the system either by income, expense or journal entry (for more information, see the relevant sections of this manual). a Receipt Entry, Expense Entry, Express Payment Entry or Journal Entry (the Fee Entry, Interest Entry, Deposit Entry and Payment Entry shortcut buttons can be used to complete these entries). It is possible to finish your bank reconciliation and still have items with a No on your screen not ticked in ACAS 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 screenticked in ACAS. | ||||||
| 6 | When all transactions on the bank statement have been ticked on the statement and in ACAS, the Variance should be 0.00. Click Save and a message will appear confirming the reconciliation has been saved. Note: If the Variance is not 0.00 you need to find out why. Contact the ACAS support personnel at your local conference office if you need further assistance. | ||||||
| 7 | Click Print to display and print/save the Bank Reconciliation report. Click the X to close the report. | ||||||
| 8 | If the reconciliation is ready to be verified (no changes allowed), click on Bank Reco Search. Search using the correct filters to display the reconciliation. Highlight the reconciliation to be verified and click Verify. |
| 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 | 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 |
Search for a bank reconciliation
| 1 | Go to the Period Close menu, then click on Bank Reco Search. |
| 2 | Select your search filters. These can either be one or a combination of the following:
Click Search. |
Un-verify a bank reconciliation
If you need to edit a verified (saved) reconciliation, it must be unverified first. Contact the ACAS support personnel at your local conference office to request assistance if
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Once the Variance of $0.00 shows on the bank reconciliation screen, click Save
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Click the Print button to print the reconciliation report
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This process must be completed for each bank account, each month
Search for a bank reconciliation
you are unsure about whether you should do this.
| 1 | Select your search filters. These can either be one or a combination of the following:
Click Search |
Verify a bank reconciliation
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| 2 | Highlight the reconciliation to be unverified and click Unverify. A warning pop-up message will appear, indicating if any previous reconciliations will also be unverified. Click Ok to continue. |
| 3 | The Verified Date will be removed from the relevant reconciliation/s. When an unverified reconciliation is double-clicked on, the reconciliation can now be edited. |
| 4 | Once the edits have been completed and the Variance is 0.00, remember to verify the reconciliation again. |