Reconciliation

Reconciliation

The reconcilialtion tab lets you reconcile the transactions on your bank or credit card statement with the transactions in Accounts.

How to Reconcile

To reconcile a bank or credit card account:

  • Select the account you want to reconcile from the "Account" popup button.
  • Enter your statement's closing date into the "Statement Closing Date" field.
  • Enter your statement's closing balance into the "Statement Closing Balance" field.
  • For each transaction on your statement, select the checkbox next to that transaction in Accounts.
  • You can select and deselect all transactions by clicking the "Select All" and "Deselect All" buttons in the bottom left corner of the Reconcile tab.
If a transactions appears on you bank statement, but not in Accounts, enter it into Accounts.

The first time an account is reconciled, the "Statement Opening Balance" amount is taken from the Account's opening balance field in the "Account Details" window.

Reconciliation Start

Reconciliation Balances

Each time you select or deselect a transaction, the "Calculated Balance", "Out of Balance" and "Selected Transactions" amounts will change.

The "Calculated Balance" is determined by adding the value of each selected transaction to the "Statement Opening Balance". For example, if your "Statement Opening Balance" is 200 and you select a receipt of 50, the "Calculated Balance" will change to 250. If you then select a payment of 10, the calculated balance will change to 240.

The "Out of Balance" amount is the difference between the "Current Statement Balance" and the "Calculated Balance". The "Out of Balance" amount must be nil before the reconciliation can be finalised.

When all transactions appearing on your statement are selected in Accounts the "Statement Closing Balance" and the "Calculated Balance" should match and the "Out of Balance" amount should be nil.

Ready to Reconcile

To finalise the reconciliation, press the "Reconcile" button. Accounts will check whether the reconciliation balances before processing the reconciled transactions.

The reconciled transactions will be removed from the next reconciliation. The closing date and closing balance will become the opening date and opening balance for your next reconciliation.



Last Update - 1 August 2005

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