Preparing a Bank Reconciliation

To reflect deposits and miscellaneous charges that are not automatically added, you must either manually add them through the grid on the Bank Reconciliations form, or record them in the General Journal or a user-defined journal.
When you receive a statement from the bank, for each reconciled transaction, select Reconciled on the Bank Reconciliations form.
To process all transactions against the current General Ledger cash account, click Balance Compute.
To delete transactions that have been reconciled, run the Bank Reconciliation - Compression utility:
- (Optional) By default, the system compresses transactions through the current system date, but you can enter a different date that is earlier than the date of the last check record you want to compress. This sets the system to know what check number is next in the sequence.
- In the Bank Code field, select the bank code of the bank account you want to compress.
- If you want the system to automatically increment date ranges and re-run reports and utilities, select the Increment Date check box.
- To compress the selected bank code's reconciliation transactions, click Process.

Note: For A/R transactions, after a payment by check is received for an invoice, you must manually enter the payment in the Bank Reconciliations form. You must enter and post customer checks individually. When each payment is reconciled with the bank statement, the system credits the VAT A/R Received account. For A/P transactions, after a processed check is reconciled with the bank, the system debits the VAT A/P Paid account.

Use the buttons on the form as described here:

Click Bank Addresses to open the Bank Addresses form with the bank address information displayed for the currently selected bank code.
Click Reconcile to mark the selected records as reconciled, setting the reconcile date to the "As Of" date value. This button is only enabled when the starting and ending balances match. New entries can be created in the grid for adjustment transactions to get the starting and ending balances in line.
Click Unreconcile to mark the selected records as reconciled.
Click Select to mark all records in the grid as selected.
Click Unselect to remove the selected check on each record in the grid.

For each row of the grid, if the Service Management amount is different than the amount shown by the Bank statement, the Adjustment Account can be populated. Upon reconciliation and adjustment, an entry is created and posted to the journal for the difference between the two amounts. But, adjustment accounts are no longer required for records out of balance; they can be selected to enable the Reconcile button to reconcile valid records. The invalid records are ignored during posting and remain as unreconciled after the routine finishes.