How To Process A Bank Reconciliation
What you need to know:
A bank reconciliation compares the transactions recorded in AgExpert Accounting with those listed on your bank statement. Regularly reconciling your accounts helps ensure your records remain accurate and can identify missing transactions, data entry errors, duplicate entries, and unauthorized withdrawals.
During the reconciliation process, AgExpert Accounting displays all uncleared transactions for the selected bank account or credit card. By comparing each transaction in AgExpert Accounting to your bank statement, you can quickly identify and resolve any discrepancies in your records.
What you need to do:
Obtain your bank statement from your financial institution.
Confirm the statement's ending date and ending balance.
Ensure all entries for the specified period have been entered into your books.
How to (Step by Step):
To process a bank reconciliation:
Click Banking.
Select Bank reconciliation.
Click Reconcile Bank Account.
Click Choose and select the bank account or credit card you want to reconcile.
Enter the Statement date from your bank statement.
Enter Statement balance from your bank statement.
Work through your bank statement line by line, comparing each transaction to the transactions listed in AgExpert Accounting. When a transaction matches, select the checkbox beside it to indicate that it has been cleared.
Continue matching transactions until all entries on the bank statement have been accounted for and the Difference at the bottom of the screen is $0.00
Tip: If you need to enter a missing transaction during the reconciliation process, click New transaction. If you need to review or edit a transaction, click the blue transaction hyperlink.
Click Done to complete.
Note: If you need to pause your work, click Save and continue later. To resume a saved reconciliation, select the reconciliation marked In progress on the Bank reconciliation screen.
To view and print a reconciliation report:
Click Banking.
Select Bank reconciliation.
Click on the row of the completed reconciliation.
Click Print.
References and Additional Resources
Still have questions? Contact support
Contact us at 1-800-667-7893 or email support@fccagexpert.ca if you require additional support. You can find other help options under the question mark Icon in the top right of AgExpert Accounting at any time.