Bank reconciliation aligns your monthly bank statement with your recorded cash transactions in Accountability. It verifies that all cash transactions are logged, mirrors your bank balance, and ensures accurate financial reporting.
Table of Contents:
View transactions for a bank account
Steps:
- Navigate to ACCOUNTING > General Ledger > Bank Reconciliation.
- Use the Filters to narrow down your search.
Search Filter Description Bank Account No. Select a bank account number from the drop-down box. Transaction Type Leave blank to get a list of all transaction types or select from the list of transactions for the bank account, e.g., Receipts or Payments. Transaction Number Enter a specific cash transaction number or leave it blank to get a list of all transactions. Payment Type Leave blank or filter on a specific payment method defined by your agency, e.g., ACH.
Show By default, the Bank Reconciliation Form only displays a listing of Un-Presented. Transactions (payments or receipts that have not yet been marked as having appeared on a bank statement).
Choose whether to show unreconciled (Un-Presented), reconciled (Presented) GL transactions, or both.
- Un-Presented Only
- Presented Only
- Presented and Un-Presented
Transaction Date From
Transaction Date To
Start and end date of transaction. Date Presented From
Date Presented To
Banking transaction date range. Bank Statement Date
Date of the bank statement. Bank Statement Balance
The balance according to the Bank Statement for an account at the date selected. Unreconciled amount
The sum of items that have not been matched. Lock to Date
Once a bank reconciliation is reconciled, users can lock it to prevent any changes from being made to that date and prior.
Click on the Columns button to select which columns appear on the page, as well as determine the column and sort order. Click here to learn more.
How to reconcile a bank account
Steps:
- Navigate to ACCOUNTING > General Ledger > Bank Reconciliation.
- Select a BANK ACCOUNT NO.
- Enter or select a BANK STATEMENT DATE.
- Enter the BANK STATEMENT BALANCE - the balance according to the Bank Statement for this account at the date selected. If detailed bank transactions have been imported into the platform, this field is automatically populated.
- Once entered, the UNRECONCILED AMOUNT will automatically be calculated. This is the difference between the GL Bank Balance and the Bank Statement balance for the date(s) specified.
When the Un- Reconciled amount is Nil, the bank account is in balance.
How to mark transactions as presented
There are two methods to reconcile a bank transaction.
- Manual reconciliation
- Automated reconciliation
Manual reconciliation
If your bank statement transactions are not in the system, you can easily mark transactions in Accountability for each bank account as Presented if they are shown on your physical bank account statement.
Steps:
- Navigate to ACCOUNTING > General Ledger > Bank Reconciliation.
- Select a BANK ACCOUNT NO.
- Click the transaction(s) which have been presented on your bank statement.
- Click PRESENT.
- Enter or Confirm the transaction Date Presented on the bank statement.
- Select OK to Confirm Presented?
Automated reconciliation
Bank statement transactions can be imported into the platform and automatically matched against the corresponding GL transactions based on the date and amount.
Bank transactions can be imported through these methods:
- Import template - Click on the Import Statement Transactions link at the top of the page.
- Automated bank feed - Contact support@counta.com for details.
To reconcile using this option, see Automated Bank Reconciliation.
As users present transactions, the UNRECONCILED AMOUNT will change accordingly.
How to Mark Previously Presented Transactions As Un-Presented
Steps:
Starting from the Bank Reconciliation screen
1. Navigate to SHOW and select Presented Only
.png?width=688&height=300&name=Large%20Knowledge%20Base%20Template%20%20(13).png)
2. Enter a range of dates that the Presented transaction fall within
.png?width=688&height=300&name=Large%20Knowledge%20Base%20Template%20%20(14).png)
3. Select the Presented transaction to be mark as Un- Presented
.png?width=688&height=300&name=Large%20Knowledge%20Base%20Template%20%20(15).png)
4. Select UN-PRESENT
.png?width=688&height=300&name=Large%20Knowledge%20Base%20Template%20%20(16).png)
5. Select OK to Confirm Unpresent?
.png?width=688&height=300&name=Large%20Knowledge%20Base%20Template%20%20(17).png)
As users Un-Present transactions the UNRECONCILED AMOUNT will change accordingly
View Transaction And Reconciliation Reports
There are 3 reports available on the bank reconciliation page.
- Transaction Report
- Bank Statement Report
- Bank Rec. Report
Steps:
- Navigate to ACCOUNTING > General Ledger > Bank Reconciliation.
- Click on one of the following banking reports.
-Feb-07-2023-06-08-02-7432-PM.png?width=688&height=150&name=Knowledge%20Base%20Template%20(4)-Feb-07-2023-06-08-02-7432-PM.png)
| Banking Reports | Description |
| Transaction Report | This report lists transactions based on their transaction date within AccountAbility for a selected date range. |
| Bank Statement Report | This report lists transactions based on the date they were marked as Presented for a selected date range. |
| Bank Rec Report |
This report provides a reconciliation of selected Bank Account(s) as of a selected date. It lists the following key information:
|
How to lock your Bank Reconciliation
Once a bank reconciliation is reconciled, users can lock it to prevent any changes from being made to that date and prior
STEPS:
- Navigate to ACCOUNTING > General Ledger > Bank Reconciliation.
- Select a BANK ACCOUNT NO that you wish to lock.
- Select or enter a date in the LOCK TO DATE field.
-1.png?width=688&height=300&name=Large%20Knowledge%20Base%20Template%20%20(9)-1.png)
Any payments or receipts created prior to this date will not be able to be unapproved.
To unlock the Bank Reconciliation change the LOCK TO DATE to a date prior to the date of the transaction or click Clear.