Use the reconcile feature to ensure bank records match the accounting entries in the accounting system.
In Accounting, double-click an asset account. Click Reconcile.
Once the bank statement is received, double-click on the corresponding asset account from the Chart of Accounts. The Reconciles window will open with a list of previous reconciles. Click Add to start a new reconcile. The Edit Reconcile window will open and list transactions not yet reconciled. To print the list of transactions, click Print or click Export to save the list as a text or Excel file.
Date: Change the date to match the bank statement date.
Starting/Ending Balance: Enter the bank starting and ending balance shown on the statement.
Target Change: This value is the difference between the starting and ending balance.
Compare the listed Transactions with the bank statement transactions. For every matching transaction, click in the X column to mark it as reconciled. To quickly find a transaction, enter a value in the Find Amount field. Transactions with the matching amount will highlight yellow.
Chk #: The check number for the corresponding accounting transaction. Typically, a withdrawal transaction (i.e. check payment to a vendor or refund check to a patient). Check payments received from insurance or patients are not entered as individual transactions but summed together as a deposit (DEP).
Date: The date the transaction was added to the Accounting system. This date may be slightly different than the date on the bank statement to account for mailing of check payments and deposit turn around times.
Deposits: The amount of the transaction if a deposit. If the transaction is not a deposit this field will be blank.
Withdrawals: The amount of the transaction if a withdrawal. If the transaction is not a withdrawal this field will be blank.
If voided checks are recorded as $0 accounting transactions, both the Deposits and Withdrawals fields will be blank for the given transaction date. Those can either be include on the reconcile or a separate reconcile may be saved just for those blank transactions.
The Sum of Transactions represents the reconciled items (those marked with an X). As transactions are reconciled this value will change. The goal is to match the Target Change value and the Sum of Transactions, when this is done the reconcile is complete. To prevent users from editing the transactions once the reconcile is complete, check Locked. The reconcile cannot be locked unless the Target Change value and the Sum of Transactions match.
Click OK to save and exit the reconcile. Only transactions with an X will be saved in each reconcile. These transaction will also be marked with an X in the clear column of the Transaction History window.
To edit a locked reconcile, double-click into the reconcile and uncheck Locked. Make the needed changes, then lock the reconcile before clicking OK to save.