The Bank Reconciliations tab helps you confirm that all the transactions in your bank account, as recorded by the software, match those on the actual bank statements provided by your bank. This process verifies that each transaction on your bank statement is accurately recorded in your accounting software, ensuring that your financial records are both precise and comprehensive.
To create a new bank reconciliation, click on the New Bank Reconciliation button.
The Bank Reconciliations tab features several columns.
There are following columns:
The Date column displays the date on which the bank reconciliation is being conducted.
The Bank account column displays the bank account that is currently undergoing bank reconciliation.
The Statement balance column displays the closing balance entered from the bank statement for the bank account, corresponding to the date specified in the Date column.
The Discrepancy column displays the difference between the bank statement balance you entered and the sum of all cleared transactions up to that date. If the bank statement balance matches the calculated sum, then there is no discrepancy.
The Status column indicates if the bank account has been reconciled as of the specified date. If the Discrepancy column shows a zero balance, the status will display Reconciled. If there is any other amount, the status will show as Not reconciled.
Use the Edit columns button to customize the visibility of columns.
For more information see: Edit columns