Reconciling your bank account

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

Configuring a centre to be reconciled

You will need to flag the nominal codes that you want to reconcile.

Go to " Nominal Ledger Maintenance Options Centre Maintenance Add or Edit Nominal Centres".

• Search for the centre that you want to be able to reconcile.
• Press <F5> or click [Edit] to edit the centre.
• At the "Reconciled?" prompt select 'Bank Reconciled' from the drop down menu.
• Click [Done] and [Accept] to save the change.
• Press <Esc> to exit from here back to the Nominal Ledger main menu.

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.

Initial Configuration

This section only applies to the first time the Bank Reconciliation program is used for a Nominal centre. For everyday use please see the Regular Bank Reconciliations section below.

You will need a starting point for your Bank Reconciliation, so you will need a reconciled balance and a list of all the un-presented items at the date on which you want to start. For other codes, the information that you require will vary depending on the centre.

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.

Regular Bank Reconciliations

Go to " Nominal Ledger Bank Reconciliation".

The system will default to the standard bank nominal centre. At the top of the screen you will see the "Last reconciled balance" and the date the centre was "Last reconciled". This should not be amended.

• Enter the Bank "Centre to reconcile" e.g. Z992 and press <Enter>.
• The information at the top of the screen will refresh to show the last reconciled balance and date for the centre you have chosen to reconcile.
• At "Reconcile to date:", enter the date to which you want to reconcile your bank account i.e. the date on the statement you are balancing to.
• 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.
• Click [Search].

All unreconciled transactions up to the "Reconcile to date" are listed. All transactions are shown regardless of whether you have processed the financial period in which they are held.

• Press <F5> or double-click on each item that you can find on your bank statement. The colour will change to indicate it has been marked as reconciled.
• Where items share the same account, date and comment the system will consolidate the items in an effort to replicate how the transaction would appear on your bank statement e.g. 5 invoices paid in one BACS payment would appear as a single payment out of your bank account. Press <F7> to expand the selection if you wish to reconcile and individual item within the selection.

Double click an item again to un-reconcile it

.

• Once you have reconciled all the relevant items, the "Difference:" figure shown ion the right hand section of the screen should be zero.
• Press <Esc> or click [Done].
• Click [Detailed] for a printout of the transactions you have just reconciled.
• Click [Accept] to save the reconciliation. 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 do I Import my Bank Statement into the Bank Reconciliation?
• 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
• How do I reconcile a nominal centre?

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Keywords AND Misspellings

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