Reconciling An Account With Your Bank Statement

1.  Obtain the financial statement for the account you wish to reconcile.

2.  Access the Reconciliation application from the Activities menu.

3.  Select a Bank Account to be reconciled and press Tab.   As you enter a Bank Account in the Type-Thru drop box, ObjAcct will find the best match.  You can also click on the down arrow at the right of the drop box to display the full list of Bank Accounts. Scroll down the list until you find the desired Bank Account and click to retrieve it for the reconciliation.

4.  Enter the date of the bank statement in the Statement Date.

5.  Enter the bank statement ending balance in the Ending Balance amount field.

6.  Optionally, you may enter descriptive text in the Memo field.

7.  For each transaction that you select or clear from the bank statement, verify that the transaction amount in ObjAcct matches the amount listed on the bank statement.

NOTE:  If the transaction amounts do not match, simply click on the Hold field in the Reconciliation header section and click on Save to save the work you have done so far.  Correct the incorrect transaction amounts or enter new transactions to correct the discrepancy and return to the Reconciliation screen to complete the statement reconciliation. 

Access the Find Reconcile application from the Find Button dropdown list.

Locate the Reconciliation that you wish to edit and double-click on the line.  You may need to change the Begin and End Date Range in the Find Reconcile to include the Statement Date of the bank statement you are reconciling.  If you change the date range, you must click on the Refresh button to display documents in the new range. 

8.  Enter an interest or other charges from the bank statement in the Other Charge and Interest transaction section of the Reconciliation application.

If you enter Other Charge and Interest transactions, a Journal Entry is automatically generated for the transactions.  These transactions will be automatically cleared and the Journal Entry Reference Nbr begins with an "RC", the Memo field contains the word "Reconciliation" with the reconciliation account in parenthesis.  The journal entry date is set to the Statement Date.

9.  When the Difference amount is equal to 0.00, you have reconciled the account with the bank statement and you may click on Save.   Make sure you uncheck the Hold field if you had previous checked this field.