The Checkbook Reconciliation utility provides a way to compare the computer balance to the bank statement. It takes into account outstanding checks and deposits, similar to manually balancing a checkbook on the back of a bank statement. This utility is located at Accounting / G/L / Checkbook Reconciliation.
The following are troubleshooting tips that may be helpful when having difficulty getting the reconciliation to balance.
Troubleshooting Tips
- Checking Account Computer Balance – Verify the computer balance was accurate when the month began. This must be addressed before the reconciliation will work.
- Refresh Button – This must be selected to bring the journal entries created since the last reconciliation into the reconciliation area. Credits to the checking account display in the Checks grid. Debits to the checking account display in the Deposit grid.
- Reversing Check Entries – Mark both the original and the reversing entry as Cleared. One will be in the Checks grid and the other should be in the Deposits grid.
- Voided Check Entries – Mark these entries as Cleared. Entries made to void a previously entered check will most likely appear in the Deposits grid.
- Adjusting Journal Entries – After reviewing the bank statement, if a service charge, safe deposit box charge, or other bank charge or deposit was not entered into the computer, select Save on the Reconciliation screen. Navigate to G/L / General Journal Entries and make the appropriate entry. Return to the Checking Account Reconciliation window, and select Refresh to capture the adjustment.
- Changing an Entry – If a transaction was entered incorrectly, the adjustment must be made at the G/L / General Journal Entry window. After the correcting entry is made, return to the Checking Account Reconciliation window, and select Refresh to capture the adjustment. Editing the entry directly at the Checking Account Reconciliation window will not affect the checking account balance and is not advised.
- Your First Reconciliation – Any outstanding checks and/or deposits made prior to going online must be manually entered on the Checking Account Reconciliation window because they won’t exist in the general journal. Choose Add to create these outstanding checks or deposits. Adding entries here does not affect the account balance or general journal in any way.
- Prior Year Adjusting Entries – Prior year adjusting entries will not automatically appear in the Current Year Checkbook Reconciliation window. Select Options on the Checkbook Reconciliation window of the Current fiscal year. Set the DB Path to the FYXXYYYY. Enter the GL Account and Current as the Fiscal Month. Select Save then choose Refresh.
