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Bank Reconciliation Demonstration

The Bank Reconciliation allows you to perform a complete reconciliation between the ERPro information entered to a bank account, and the information on the bank statement provided by your bank.

The Bank Reconciliation process consists of several screens allowing you to easily and quickly reconcile your bank statement each month.

 

1.      Initialization

            i.            Define the Bank Account

In Banking -> Maintenance -> Bank Account

 

 

If you have bank transactions that do not require reconciled by the ERPro, leave the Reconciled Balance to zero, perform the Bank Reconciliation for the reconciled transaction as in step 2, and input the new reconciled balance from the statement (e.g. your latest bank statement is March and you do not require reconciled the bank transactions before March 1, leave the Reconciled Balance to zero and reconciled all bank transactions before March 1, and input the statement beginning balance in Reconciled Balance) 

 

2.      Perform the Bank Reconciliation

In Banking -> Input -> Bank Reconciliation

  1. Click New to add a new record.
  2. Date is the reconciliation date
  3. Bank Account Code is the Bank you defined in step i
  4. Statement Beginning Balance is the Reconciled Balance defined in Step i.
  5. All unreconciled bank transactions will display in the detail grid, you can click the “Reconciled” check box to indicate the transaction is cleared, or use the Ctrl or Shit combination to highlite the transactions that is cleared and click the “Check Selected” button.
  6. After the reconciliation process is finished, the Reconciled Balance at the lower part of the screen should equal to the bank statement balance.
  7. Click “Save” to save the bank reconciliation record.
  8. Print the “Bank Reconciliation Listing” in Banking -> Reports -> Listing Reports. This report is filed in the period binder and serves as an audit trail for reconciling the statements from the bank with the records entered into ERPro.

 

 

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