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Account Reconciliation process

Account register

• The Account register will show each transaction with a status next to it (the status icon is on the right of the balance column); Un-cleared (Grey C), Cleared (Blue C), and Reconciled (R). To hide reconciled entries click on the padlock icon next to the date selection button. When the padlock icon is locked, reconciled transactions are hidden from view, when it is unlocked you can see all transaction statuses.
• To change a transaction status, Click on the status icon. The status icon will cycle through from un-cleared to cleared then reconciled.

Account reconciliation

In this stage you are checking account balances against your statement

• Click on the reconcile account button
  • Enter the statement date and statement amount (remember to put a minus sign for a balance that is in debt such as a credit card statement). This is the statement ending balance.
  • Then click the Ok button
• You will then be shown the reconciliation view
  • If you need to amend the statement ending balance, click on the adjust balance button and enter the amended value.
  • When you are shown the reconciliation view - all cleared entries will be ticked. The screen will show the statement total, the selected total, and the difference.
  • You need to verify your statement by checking the transactions so that the difference figure shows a value of 0.
  • If you need to amend any transaction you can do so, and continue from where you left of.
• Once you have checked and selected all the records, Click on the Finish reconciliation button.
• Once finished the selected transactions will be marked as reconciled.
• If you were not able to match all your transaction, an adjustment transaction is also posted to correct the balance.