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Bank Reconciliation Guide

Use this guide to assist with account reconciliation and in the case of imbalance between Cash Book and General Ledger.

Refer to the online documentation "Bank Reconciliation" for complete information relating to this function.

Step

Details

Menu Option

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1

Check the saved/printed Reconciliation Report for the previous period and ensure it is balanced

The Reconciliation Report is time-dependent and therefore cannot be regenerated for a prior period. Please ensure you always save a copy of the final reconciliation report.

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2

Ensure all receipts have been banked

All receipts must be processed through four stages:

  1. Entered as a source receipt transaction via Parent Accounts, Commercial Debtors or Shop.

  2. Banked via the Bank Deposit Report (final) to create the Cash Book entry.

  3. Recorded in a journal via Post Period Activity.

  4. Posted to the general ledger (Post Journal).

Parent Accounts

  1. To check receipts: Parent Accounts > Receipting > Receipts. Use 'Banked Status' and 'Posted' flags to filter receipts.

  2. To process unbanked receipts: Parent Accounts > Receipting > Bank Deposit Report with 'Final Report' selected.

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Commercial Debtors

To check receipts: Commercial Debtors > Customer Transactions > Receipts. Use 'Banked Status' and 'Posted' flags to filter receipts.

To process unbanked receipts: Commercial Debtors > Customer Transactions > Bank Deposit Report with 'Final Report' selected.

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School Shop

If multiple shops exist, this must be done for each shop.

School Shop > Shop Transactions > Receipts

To process unbanked receipts: School Shop > Shop Transactions > Bank Deposit Report with 'Final Report' selected.

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3

Ensure receipts and payments have been journaled

Process 'Period End > Post Period Activity' for each module processing receipts/payments.

Parent Accounts

Parent Accounts > Period End > Post Period Activity

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Commercial Debtors

Commercial Debtors > Period End > Post Period Activity

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School Shop

School Shop > Period End > Post Period Activity

If multiple shops exist, this must be done for each shop

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Accounts Payable

Accounts Payable > Period End > Post Period Activity

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4

Ensure all journals are posted to the general ledger

General Ledger > Accounts & Journal Info > Post Journals

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5

Record Bank Charges and Credits

Additional withdrawals (Bank Charge / Debit) and deposits (Bank Credit / Deposit) appearing on the bank statement.

General Ledger > Cash Book > Bank Charges & Credits

Entry will default to 'charge' and cannot be changed once the cash book entry is saved. To make corrections, it is recommended to create two entries in order to facilitate reconciliation:

  1. Reverse the original entry with a comment to this effect.

  2. Enter the correct charge/credit amount as it appears on the statement.


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6

Split Deposits

Use in cases of partial deposits received e.g. merchant payments for Amex/Diners delayed by bank clearance processing.


General Ledger > Cash Book > Bank Reconciliation

(Split function is available for Partially Completed Bank Reconciliations.)

Tip!

Take care to accurately identify the correct deposit to 'split'. Use the receipt transaction source (Type) deposit number (Ref) and identifier (Description) to confirm.


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7

Identify 'missing' transactions

Use the various modules to attempt to locate transactions you believe should be included.

NOTE!

Check the reporting year/period of source transactions to ensure they have been recorded in the expected accounting period.

Where multiple bank accounts are in use, check that the correct bank account has been selected.

Receipts

Parent Accounts > Receipting > Receipts

Commercial Debtors > Customer Transactions > Receipts School Shop > Shop Transactions > Receipts

Use various filter data to locate source receipt transactions: Search by receipt/deposit/batch/posted/journal number.

Unpresented cheques

Accounts Payable > Supplier Transactions > Cheques filter by Reconciliation Status = 'Unreconciled'.

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8

Check for transactions posted in future periods

Run the Reconciliation Report for a subsequent period to locate cash book entries inadvertently future-dated. For example, if reconciling for March, run this report for April or May.

General Ledger > Cash Book > Reconciliation Report

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9

Cash Book / General Ledger imbalance

Check Cashbook and GL summary totals on the Bank Reconciliation report to ensure they match.

Check for General Journals posted to Bank GL Account(s) in this period. Investigate if found.

General Ledger > Accounts & Journal Info > Journals

Use 'Journal Code' and 'GL Account Code' fields to filter journals.

General Journals posting to bank accounts cannot be created via the Journals program; to do this, a journal must be uploaded.

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10

Cash Book / General Ledger imbalance

Check the closing balance from the previous year with the opening balance from the current year. Investigate possible entries made in the previous year following the year-end rollover.

General Ledger > Special Processes > Year End Close General Ledger > Special Processes > Rollup History

Processes must be run together and can be run multiple times.

Refer: How To/Checklists > General Ledger > Year End Checklist


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11

If the Reconciliation Report does balance, print and save your report.

If Reconciliation Report does not balance after following the steps above, contact TASS Helpdesk for further assistance.

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