Reconcile Bank Statment

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  1. Reconcile checks (Bank Book | Processes | Reconcile Cash Account | In Document Order)
    1. Cash Account - G/L Account for the Bank Statement
    2. Statement Date - Ending date from the Bank Statement
      1. Statement Date Record Not On File - Do You Wish To Add It? - Click Yes (only occurs the first time)
      2. Cash Account - G/L Account for the Bank Statement
      3. Statement Date - Ending date from the Bank Statement
      4. Starting Balance - Should default to the beginning balance from Bank Statement
      5. Ending Balance - Enter ending balance from Bank Statement
      6. Save and Close Statement Balance Maintenance dialog
    3. Starting Doc - leave blank, hit tab
    4. Reconcile All? - Typically unchecked.  If checked it will reconcile all transactions that fall between the previous date range
    5. Unreconciled Only? - Typically checked.
    6. Mark as reconciled all checks that match cleared checks on the Bank Statement (hit enter or double click)
  2. Reconcile deposits (Bank Book | Processes | Reconcile Cash Account | In Date Order)
    1. Cash Account - G/L Account for the Bank Statement
    2. Statement Date - Ending date from the Bank Statement
    3. Starting Date - Enter an early enough date to get all unreconciled transactions, typically 90 days before beginning date from Bank Statement.
    4. Ending Date - Enter the ending date from the Bank Statement
    5. Reconcile All? - Typically unchecked.  If checked it will reconcile all transactions that fall between the previous date range
    6. Unreconciled Only? - Typically checked.
    7. Mark as reconciled all deposits that match cleared checks on the Bank Statement (hit enter or double click)
  3. Reconcile other transactions (Bank Book | Processes | Reconcile Cash Account | In Date Order)
    1. Cash Account - G/L Account for the Bank Statement
    2. Statement Date - Ending date from the Bank Statement
    3. Starting Date - Enter an early enough date to get all unreconciled transactions, typically 90 days before beginning date from Bank Statement.
    4. Ending Date - Enter the ending date from the Bank Statement
    5. Reconcile All? - Typically unchecked.  If checked it will reconcile all transactions that fall between the previous date range
    6. Unreconciled Only? - Typically checked.
    7. Mark as reconciled all transactions that match cleared transactions on the Bank Statement (hit enter or double click)
  4. Enter and Post any missing transactions
  5. Verify Reconciliation (Bank Book | Reports/graphs | Bank Reconciliation | By Account No...)
    1. Cash Account - G/L Account for the Bank Statement
    2. Statement Date - Ending date from the Bank Statement
    3. Cutoff date - Typically the ending date from the Bank Statement
    4. Print Options - Typically Both
  6. Repeat previous steps until the Net Difference in the Cleared Transactions Summary equals zero.
  7. Verify that the Net Difference in the Outstanding Transactions Summary equals zero.  If it does not, check for the following items:
    1. Run the report through today instead of through the End of The Month.  If this causes it to be zero then you have a reconciled item with a date past your report end date.
  8. Verify that all outstanding transactions are reasonable; Fix any that will never clear.
  9. Print Reconciliation Report to file or PDF, this will assist with Balance Sheet reconciliation (Bank Book | Reports/graphs | Bank Reconciliation | By Account No...)
    1. Cash Account - G/L Account for the Bank Statement
    2. Statement Date - Ending date from the Bank Statement
    3. Cutoff date - Ending date for the Month
    4. Print Options - Both