ISTEK UK LIMITED Support FAQ Fax/Email
FAQ Number : T5 Latest Update: 22/5/03
The first bank reconciliation
After you have performed your first bank reconciliation, the statement opening balance should always be correct based on the closing balance you accepted on your previous reconciliation. Therefore you should NEVER need to change it, and indeed cannot!
The statement opening balance offered will be the total of the Accounts opening balances entered in Account Maintenance less any transfers made on setup for petty cash or other bank accounts. The balance should include all unpresented items as these should have been entered also. Therefore, the suggested opening balance should be correct. If it is not, you should recheck your accounts and their opening balances before proceeding..
Go to Transaction Entry – Bank Statements.
Select bank account from pull-down list and enter the date that appears on the paper bank statement
The list on the screen displays all the unreconciled items for this account.
To reconcile an item simply click on the box on the far left hand side of the line. (To unreconcile those ticked in error, click again)
The list can be re-sorted to help find items. Click on the grey bar at the top of the column to sort by, eg Receipts to sort receipts in numeric order, Payment, Description to sort by cheque number or paying in slip number or Date to sort by date.
The boxes at the bottom right of the screen display the totals as follows :
Statement Closing balance is the Opening Balance + or – the items you have ticked so far. When all ticked, it should equal the closing balance on the paper statement
Unreconciled Items – the total of those items not yet ticked
Cash Book Balance – the overall balance of Opening Balance and all reconciled and unreconciled items in total.
Tick each item that appears on your statement, and when complete click on the COMMIT CHANGES button. This accepts your reconciliation, assigns a reconciliation date to each of the transactions reconciled, and produces a reconciliation report detailing your reconciliation activity.
We strongly recommend that you print this report and file it.
To ABANDON the reconciliation in order to start again, or do it later simply click on the ABANDON button.