Reconciling your bank account
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Contents
Summary
This article explains how to configure and then use the bank reconciliation option. The use of this option is not limited to just your bank account code - you can use it for other nominal codes as well (Credit Cards, PayPal etc).
More Information
Configuration
You will need to flag the nominal codes that you want to reconcile. The standard bank account code on Platinum is 'Z992', and this should already be flagged as a reconciled code. If it is not, Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page to set this up. You will need a starting point for your Bank reconciliation, so you must have a reconciled balance and a list of all the un-presented items. For other codes, the information that you require will vary depending on the centre.
Go to " Nominal Ledger Maintenance Options Centre Maintenance Insert/Amend/Delete Centres".
- Search for the centre that you want to be able to reconcile.
- Press <F5> or click [Edit] to edit the centre.
- To the right of "Name", there is a box with "Reconciled?" alongside it. Click this box to make this centre reconcilable.
- Click [Done] and [Accept] to save the change.
- Press <Esc> to exit from here back to the Nominal Ledger main menu.
Go to " Nominal Ledger Bank Reconciliation".
- At "Reconcile to date:", enter the date to which you have carried out your previous reconciliation.
- If you have been using Platinum for some time, set "Default to reconciled:" to 'Yes', otherwise leave it set to 'No'.
- Press <F2> or [Search] to list the transactions. You will see all the transactions posted to this centre so far.
- If you have set "Default to reconciled:" to 'Yes', the transactions will default to be shown as reconciled (they will be displayed in the colour of 'Reconciled' in the key). If this is the case, find all the items that are un-presented, and press <Shift+F5> or double-click on each one to make the transaction unreconciled.
- If you have set "Default to reconciled :" to 'No', press <F5> or double click on each item that is not on your un-presented list to make the transaction reconciled. You should then be left with just those items that are on your un-presented list.
- Press <Esc> or [Done] and then [Accept] to update the information. The system will print a list of the un-presented transactions, with a statement balance and a balance per computer figure.
- Go back into "Bank Reconciliation".
- Move to "Last reconciled balance:" and type your Statement Balance as at the date of your last reconciliation. Don't forget to enter this as a negative figure if you are over-drawn.
- Move back down to "Reconcile to date:" and enter the date to which you have carried out your previous reconciliation.
- At "Statement Balance:", enter the same figure as you entered at "Last reconciled balance:". Again, don't forget to enter this as a negative figure if you are over-drawn.
- Make sure that "Default to reconciled :" is set to 'No'.
- Press <F2> to reconcile the centre.
- Press <Esc> or [Done] and then [Accept] to update the information. The system will print a list of the un-presented transactions, with a statement balance and a balance per computer figure.
- You have now configured the bank reconciliation ready to start using it on a regular basis.
Usage
Go to " Nominal Ledger Bank Reconciliation".
- At "Reconcile to date:", enter the date to which you want to reconcile your bank account.
- At "Statement balance:", enter the bank statement balance at the date that you have entered. Don't forget to enter this as a negative figure if you are over-drawn.
- All the transactions that have not been reconciled since you last reconciled the centre will be shown.
- Press <F5> or double-click on each item that you can find on your bank statement. This changes the transaction to be shown as reconciled.
- Once you have reconciled all the relevant items, the "Difference:" figure shown in the bottom right hand corner of the screen should be zero.
- Press <Esc> or [Done] and then [Accept] to update the information. The system will print a list of the un-presented transactions, with a statement balance and a balance per computer figure, which should agree to the trial balance figure at the same time.
Reconciling Other Centres
You can use this option to reconcile other centres if you wish. Reconciling centres such as 'Z900 - Cash' can be very useful, but to what statement balance do you reconcile? For this type of centre where it is being used as a control account, the statement balance should always be zero.
See also
- How to process a month end
- What should I consider at month end?
- How do I Set a Nominal Centre to be Reconciled?
- The Banking Journal
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