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How to reconcile a bank account

This guide explains how to perform bank reconciliation to align statements with recorded transactions for accurate financial reporting.

Step by Step Guide:

1. Navigate to ACCOUNTING > General Ledger > Bank Reconciliation.

2. Select a Bank Account No.

3. Enter or select a Bank Statement Date.

4. 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.

5. Click Transaction Number box, click Reconcile.

6. 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.

Tip: When the Un- Reconciled amount is Nil, the bank account is in balance.