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Ledgers Nominal or General Ledger: Bank Account Review and Reconciliation

Bank Account Review and Reconciliation

Bank Account Review and Reconciliation

This function allows you to review bank accounts and reconcile them against bank statements. You can select an account using the navigation arrows. Only accounts set as Bank type accounts will be available.

Prior to building the list you can select a number of options from the List contents drop down list at the top right of the window.

To reconcile the account, you need to set the cleared flag by selecting lines and using the Invert Clear button. This reverses the state of the cleared flag from No to Yes and Yes to No. No transactions are removed, but the selected transaction is flagged in the data file with the appropriate condition.

Totals under the list show both cleared entry totals and full totals.

Tip TIP: Although dates of transactions can generally be controlled when entered, to enable you to keep bank transactions in the order they are likely to materialise, you can change the date in the list. To do so click-hover on the date and enter a new date. If the list is sorted in date order, it will re-sort automatically after you change a date.

Field

Description

List of transactions

List of applicable bank transactions. See Account Review subwindow for more details.

Cleared receipts

Total receipts that have been marked as cleared in the listed bank account.

Cleared payments

Total of all cleared payments in the bank account.

Cleared balance

Current balance of all cleared items. If up to date, this should reflect the balance in the bank account.

Total receipts

Total of all receipts, including those that have not yet been cleared at the bank.

Total payments

Total of all payments, including those that have not yet been cleared.

Total balance

Current balance in the account, including all those items that are currently uncleared.

Selected in currency

The sum of values of transactions you have selected in the list.

Selected in local

The sum of values of transactions you have selected in the list in local currency.

Button

Action

Build List

Click to build the transaction list.

Invert Clear

Inverts the Clear flag of the selected transactions. Cleared will become uncleared and uncleared will be cleared.

From V5.10 the system records a when cleared timestamp and the User ID of the user who performed the Clear or Unclear (when the timestamp is removed). So if there is a user showing, it is because the line was cleared and then uncleared. The reason for adding the when cleared timestamp is to provide a historic view of the bank account in the order equivalent to the records held by the bank and provided by them in their statements.

When you reconcile the bank account to a bank’s statement it is therefore important to clear individual entries in the order they occur on the bank’s statement. The order they appear in the list may not match the bank’s statement exactly (not least because you have control of the list’s order), so it is best to select each entry and clear it individually in the order of the bank’s records. A statement printed from Print Reports will then exactly match your bank’s records.

If you select multiple lines and Invert Clear all selected lines will be processed in one server transaction and be given a timestamp equal to the server time of each update in listed order (this is to a millionth of a second, typically). So the listed order is maintained for any statement you subsequently print. Note that you will not be able to see the full precision of the timestamp as stored, although the optTimeShowSecs option can allow you to see down to centi-seconds. But the server nevertheless uses the full accuracy when calculating the Balance column values in the list and when printing statements.

Tip TIP: The Balance columns in the list are calculated values when the list is built and do not change when Invert Clear is processed. You need to Build List again to regenreate the Balance columns.

Print Reports

To print a report of this General Ledger bank account. It opens the Account Review window for report selection.

List Context Menu

Action

Refresh List

Operate to rebuild the list using the list contents option selected. This is useful when the bank window is left open and a transaction elsewhere effecting the bank account is posted.

Create Memo Set for Selected

Operate to create a Credit Memo that will be applied to all selected transaction list lines. This will open the Credit Control Memo Set window.

All Bank Cleared Balances…

The system will calculate the sum of all cleared bank balances and also load it in the clipboard.

See also: –

Compiled in Program Version 5.10. Help data last modified 18 Sep 2017 05:48:09.70. Class wAcGlBank last modified 10 Oct 2017 11:47:50.

Updated on May 27, 2020

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