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25 Dic 2015 

Do It Yourself Bank Reconciliation Template

Ideally, reconciling the bank statement is a task accomplished through specialized nonprofit accounting software ; however, understanding the underlying principles will lead to more accurate transaction entries and a bank reconciliation process that might ease the tension in your shoulders and make the nonprofit accounting process a little bit easier. Security - Working through your statement helps to identify if any transactions have gone through your bank that shouldn't have. Stories of bank accounts being hacked and spurious payments being made are all too common, so reconciling is a great way to check this. By reconciling regularly you'll understand the current balance of your bank account and which transactions are still to clear your account.

Note that this is the opposite way around to the bank T-account in the general ledger where a debit balance indicates money in the bank and a credit balance indicates an overdraft. The reason that it is the opposite way around is that when we receive a bank statement, this is shown from the ‘Bank's' point of view i.e. a credit balance means that the bank owes us money - they are a creditor (payable). The second step is to note what items on the check register have cleared the bank.

Also, if you have several companies New York Resident Stephen Booth in AX that are using advanced bank reconciliation function, you will need to most likely split your BAI2 file to import in each company. Certain bank are sending one file with all the bank accounts that are turned on and AX doesn't make the distinction between bank accounts so it will import the entire file in one entity.

Note that the top pane contains a running balance which you can compare with that on your bank statement. This total is subtracted from the opening balance entered in the first stage of the reconciliation and checked against the closing balance for the current statement page. To account for outstanding checks, you decrease the adjusted bank balance by $3,000.

This is a successful bank reconciliation and you're now ready to click the ‘Finish Now' button which will complete the reconciliation and display a list of reconciliation reports. And the best part is that if you don't have time to complete the entire reconciliation in one sitting, QuickBooks automatically saves your progress so it's easy to pick up the task at another time. Check the figures you entered into QuickBooks against those listed in your bank statement. Refer to your bank statement and ensure all listed transactions have been marked in QuickBooks as cleared.

A bank reconciliation prepared in an accounting software package follows the same principles as those laid out below but will not be covered in this article. Bank reconciliation software is generally packaged with most lower-priced accounting software packages and may be available as a separate module for higher-priced software. A bank reconciliation form consists of two accounting equations that must be performed in order to prepare a proper reconciliation. The 1st equation in the sample below shows a Bank balance that is adjusted so that it agrees with the Cash balance.

This lists the opening and closing bank balances, the reconciled transactions and the Stephen Booth Background Check unpresented cheques. Specifically, it might be entered against the wrong bank account, or with an incorrect date (both of these will prevent it showing in your reconciliation list). Before the bank makes payment on the cheque, it ensures itself that the cheque is in order.

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