|
Reconciliation |
Top Previous Next |
|
Reconciliation is used to verify that the transactions you have entered in ObjAcct match the transactions processed and recorded by your financial institution(s) for your bank or credit card accounts. You should perform a reconciliation on each account for which you receive a financial statement.
When you begin using ObjAcct, you should enter an Opening Balance Statement to establish a beginning balance for each account to be reconciled by following these steps:
1. Obtain the last financial statement for the account.
2. Determine the Opening Balance Statement amount by taking the Ending Balance on the last financial statement and adjusting this amount by any uncleared transactions that will not be entered in ObjAcct.
For example, if the account's last statement ending balance was $500.00 and there were two outstanding checks, each $50.00, and you do not plan to enter the check transactions in ObjAcct, the Opening Balance Statement amount in ObjAcct should be $400.00. Any outstanding deposit transactions should be added to the ending balance amount.
3. To enter the Opening Balance Statement, select the Account from the dropdown box and fill out the following information in the header:
a. Enter descriptive information for your use in the Memo field. b. Opening Balance Checkbox should be checked. c. The Statement Date is the ending date on the last financial statement. d. Ending Balance is the amount you calculated above. This amount will be the Statement Beginning Balance for the next statement.
Reconciliation Editing Notes:
1. There may be only one Opening Balance Statement for each Account.
2. Modifications may be made only to the most recent reconciliation statement. For example, if you reconciled an account for May, you may not go back and modify April's reconciliation, without deleting May's reconciliation.
To see a list of all prior reconciliations, click on the Find button in the toolbar.
See also Currency; Reconciliation screen.
Fields
|