Bank Reconciliation

1. Outstanding checks: Checks you've written but that haven't yet been cashed by the recipient.
   
2. Deposits in transit: Deposits you've made that haven't yet been posted by the bank.
   
3. Bank errors: Mistakes made by the bank, such as incorrect debits or credits.
   
4. Your own errors: Mistakes you've made when recording a transaction, like a typo in the amount.
   

Viewing the List of Bank Reconciliations

1. Bank Rec Number: A unique identifier for each reconciliation.
   
2. Bank Account: The specific bank account being reconciled.
   
3. Statement Date: The closing date of the bank statement used for reconciliation.
   
4. Statement Beginning Balance: The balance of the bank account at the start of the statement period.
   
5. Cleared Statement Balance: The total of all transactions that have been cleared by the bank, as per your records.
   
6. Cleared Difference: The difference between your cleared statement balance and the statement's actual balance, helping you spot discrepancies.
   
7. Adjusted Ledger Balance: The balance of your books after accounting for transactions that haven't yet cleared the bank (e.g., outstanding checks, deposits in transit).
   
8. Ledger Balance: The current balance of the bank account in your CustomBooks™ ledger.
   
9. Bank to Book Difference: The final difference between the bank's ending balance and your adjusted ledger balance. This number should be zero if the reconciliation is successful.
   
10. Reason/Comment: Any notes or comments you've added regarding the reconciliation.
    
    
    

1. Create New or Copy a Bank Reconciliation to start a new period or duplicate an existing one.
   
2. Print a Reconciliation Report for your records or for an audit.
   
3. View Related Records like the Audit Log, General Journal, and Document Register to get a deeper look at the transactions involved.
   
4. Add Attachments such as a scanned copy of the bank statement.
   
5. Export the entire list to a file (e.g., CSV, Excel) for further analysis.
   
6. Manage Columns to customize which information is displayed.
   
7. Adjust List Settings to filter, sort, or configure the list view to your preference.
   

Creating a Bank Reconciliation

1. Navigate to Bank > Bank Reconciliation in your CustomBooks™ account.
   
2. Click Create > New.
   
3. Enter the Bank Statement Date.
   
4. Choose the Bank or Credit Card Account from the drop-down list.
   
5. Enter the Statement Beginning Balance reported by the bank.
   
1. Note: The beginning balance on the reconciliation refers to the ending balance from the prior period’s reconciliation. It may not reflect the current balance of the general ledger or the bank. This is because it is a control figure that links the current reconciliation to the previous one.
   
6. Enter the Statement Credits and Statement Debits reported by the bank. (This is optional, but highly recommended to ensure accuracy).
   
7. For the Statement Ending Balance, you have two options:
   
1. Automatic Calculation: The system can automatically calculate this balance based on the beginning balance, credits, and debits you entered. Click on the Calculate Ending Balance button.
   
2. Manual Entry: You can manually enter the ending balance directly from your bank statement.
   
   
   
   
8. Clear the transactions. For each transaction listed in CustomBooks™, find the matching one on your bank statement and click the Cleared checkbox on each line/transaction.
   
1. Tip: Transactions that have been accepted in Cloud Banking will automatically appear with the Cleared checkbox checked.
   
   
   
   
9. Compare the figures across the different tabs:
   
1. Cleared Statement Balance Tab: This tab shows the total of the transactions (credits and debits) you have cleared, cleared statement balances, and cleared differences.
2. Statement Totals Tab: This shows the summary of all credits and debits entered from your statement.
   
3. Adjusted Ledger Balance Tab: This tab shows the balance of your books adjusted for outstanding items.
   
   
   
   
10. Review discrepancies in the Discrepancies list. This list helps you find any issues, such as:
    
1. Not Subject for Reconciliation: Transactions that should not be included.
   
2. Not Cleared/Approved in Cloud Banking: Transactions that have not been approved in your integrated banking service.
   
3. Cleared/Not Approved in Cloud Banking: Transactions that have been cleared in the reconciliation but not yet approved in Cloud Banking.
   
4. Bank Transactions Not Approved: Transactions that appear on the bank statement but haven't been approved in your system.
   
   
   
   
11. Once everything is reviewed and the final difference is zero, click Save or Save and Close.