A bank reconciliation is the process of matching the balances in the company's accounting record for a cash account to the respective information on a bank statement. This is to determine the differences between the two and to book changes to the accounting records as appropriate.
Record New Bank Reconciliations
To reconcile new record, click on the button if you are in the Listing page or you can navigate to the Entry page by going to Cash menu > Bank Reconciliations.
Select the bank account that you wish to reconcile from the Bank Account* drop-down list.
Then, select the Date*. Usually, date is referred to the date of the bank statement that you have received from the bank.
Enter the Statement Closing Balance* amount. Please refer to your bank statement.
Next, you may proceed to select the transaction in the system according to your bank statement.
Click Reconcile button to record this bank reconciliation.
If the statement closing balance is not equal to the closing balance in the system, a warning message will be prompted to you, asking if you wish to continue performing a partial reconciliation.