Bank Reconciliation

The goal of the reconciliation process is to compare banking related transactions (i.e. money received and money spent) in AccountsPortal with your actual bank statement.

To initiate a new bank reconciliation:

• Navigate to the Banking tab
• Click on the Bank Transactions tab
• Select the account that you wish to reconcile from the drop down list
• Click the Reconcile button

At this point you will have access to the bank reconciliation screen. You will not be able to navigate to other areas in AccountsPortal until you Save or Cancel the reconciliation.

• Start Date: This is the start date as per your bank statement. If you have previously saved a reconciliation in AccountsPortal, then this date will default to 1 day past the previously saved End Date.
• End Date: This is the end date as per your bank statement.
• Start Balance: The start or opening balance as per your bank statement. If you have previously saved a reconciliation in AccountsPortal, then this date will default to the previously saved End Balance.
• End Balance: The ending or closing balance as per your bank statement.
• Change in Bank Statement: The difference between the Start Balance and End Balance, which will be automatically calculated.

Once you have set your parameters as above, then you can commence the actual reconciliation process by ticking off individual items in the main list, which will automatically affect the following amounts:

• Received: The total amount received of all reconciled transactions between the start and end date.
• Spent: The total amount received of all reconciled transactions between the start and end date.
• Total Reconciled: The difference between Received and Spent.

• Difference: The difference between the Change in Bank Statement and Total Reconciled.

Once the Total Reconciled is equal to the Change in Bank Statement, then the Difference will be equal to zero and the reconciliation can be saved.

NOTES

Items with a blue checkmark are transactions that have previously been reconciled in AccountsPortal. These can be un-reconciled, but only if they have not been included in a VAT report.

Once a bank transaction has been reconciled, then you will be unable to edit or change certain elements of the transaction. Although inadvisable, it is possible to unreconcile bank items in order to edit transactions, but careful consideration should be given to any representations already made to external parties.