Bank Reconciliation

Bank Reconciliation

Bank reconciliation is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified. Reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. Accoxi provides Reconciliation system and it helps the user to ascertain the differences between the passbook and company book and to book changes to the accounting records as appropriate.

Reconciliation In Accoxi

Key Features of Reconciliation

  • It provides complete details of multiple bank transactions. User can select the bank and can track the details of each bank.
  • It shows the balance of company books, balance as per Bank and difference amount that not reflected in bank also appear.
  • It helps the user to ascertain the differences between the passbook and company book and to book changes to the accounting records as appropriate.
  • User can identify the bank transactions by its status and can change the status after verification. Status may be not reconciled, reconciled, need verification and missing.
  • It enables the user to identify the transaction details with date, ref no, voucher type, deposit, withdrawal and description.
  • User can add the bank date with date of passbook and can add remarks if require.

Click on Accounts module and select Reconciliation.

When user click on Reconciliation, Bank reconciliation page will appear on the screen.

 

Reconciliation

It provides complete details of multiple bank transactions. User can select the bank and can track the details of each bank.

Reconciliation

      Fields

                                   Description

Bank account

User can select the Bank account on the Select bank account field. After select bank account user get the transaction details of the selected bank.

 

Status Search

In status menu, user can filter or arrange the transactions on the basis of the status and can search it. Status may be reconciled, not reconciled, need verification and missing.  If the user select a status then status of that particular transactions will appear on the screen.      

Date

It shows the date of the particular transaction.

Ref no

Reference number of the transaction will automatically appear on the filed.

Deposit

This column shows the amount of bank deposit.

Withdrawal

Withdrawal column shows the amount of bank withdrawal.

Voucher type

User can identify each transaction by its voucher type. It shows the exact voucher type of each transactions and it may be receipt, payment or contra.

Description

It shows the description of the transaction.

Remark

If the user want to add a remark or short note about the reconciliation of a particular transaction, then it can be done with this field.

Bank date

Bank date is the date that shows on bank passbook. While reconcile a particular transaction, user can enter the passbook transaction date on this field.

Status

Status column shows the actual status of the bank transaction. Before reconcile a transaction, status of that particular transaction always shows as Not reconciled. User can set the status of each and every transactions after verify it with bank passbook.

 

User can select status as reconciled, not reconciled, need verification and missing. Status reconciled indicates that reconciliation completed transaction.

If the user cant’ complete reconcile of a transaction or need verification from others, then status can be set by Need Verification.  Missing status implied that transaction not reconciled due to missing of anything like amount, ref no etc.

Balance figure

User can identify the balances of amounts on the bottom right side of the page. Here user get the details of Balance as per company books, Balance as per bank and amount not reflected in bank.

 

Balance as per Company books shows the total balance figure of company account.

After reconciliation, the difference amount (between Company books and bank book) will appear on Amount not reflected in Bank field. User can identify the variation by this.

Balance as per Bank shows the balance figure of pass book after reconciliation. After reconciliation it should be same as company books otherwise, difference will appear on amount not reflected in bank.

Update

Update menu is using to update or save the data in the reconciliation page. By clicking on Update user can save the entered data and get latest on the page.

 

                         

 

Exit

Exit menu is for close the page and to enter previous window.

 

                          

 

Frequently Asked Questions?

01What is the function of Reconciliation in Accounts module?

Reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. ACCOXI provides Reconciliation system and it helps you to ascertain the differences between the passbook and company book and to book changes to the accounting records as appropriate. It provides complete details of multiple bank transactions. You can select the bank and can track the details of each bank. 

02How can I add remarks on bank transaction?

  • Go to Accounts module and select Reconciliation
  • Reconciliation provides complete details of multiple bank transactions.
  • It shows various data in a table and remarks column included in that.
  • If you want to add a remark or short note about the reconciliation of a particular transaction, then it can be done with this field. Click on the remark field and enter the notes and click on enter to save.

 

03What represent the status menu in the Reconciliation system?

ACCOXI provides the module of Accounts and Reconciliation included in it. In the Reconciliation, provides complete details of multiple bank transactions. In status menu, you can filter or arrange the transactions on the basis of the status and can search it. Status includes reconciled, not reconciled, need verification and missing.  If you select a status then status of that particular transactions will appear on the screen.

04What is mean by bank date in the Reconciliation data?

ACCOXI provides the module of Accounts and Reconciliation included in it. In the Reconciliation, provides complete details of multiple bank transactions. It shows various data in a table and bank date column included in it. Bank date is the date that shows on bank passbook. While reconcile a particular transaction, user can enter the passbook transaction date on this field.

05How can I change the status after reconcile a transaction?

  • Go to Accounts module and select Reconciliation
  • Reconciliation provides complete details of multiple bank transactions.
  • It shows various data in a table and status column included in it.
  • You can set the status of each and every transactions after verify it with bank passbook.
  • Click on the status field and it include reconciled, not reconciled, need verification and missing. You can select the required one and press enter to save.

06How do I search not reconciled transactions?

  • Click on Accounts module=> reconciliation=>
  • Select bank account from the drop down list
  • select not reconciled status and click search to view the not reconciled transactions.

07How do I add bank date to a transaction in bank reconciliation window?

  • Accounts module=> reconciliation=>
  • Select bank account from the drop down list
  • Add bank date to the corresponding transaction near to remark column. And click on update.