This function allows you to reconcile system’s bank record against the actual bank statement that you received from banks and produce Bank Reconciliation Statements.


To access Bank Reconciliation, click on the Accounting Menu > Bank Reconciliation.




Key in uncleared bank transactions

If you previously used another system and have some bank records that are yet to reconcile which need to be reconcile after you switch to our system, you will have to key in those uncleared bank transactions to perform such reconciliation.


The following steps will guide you on how to key in uncleared bank transactions:


1. Select the bank account that you want to key.



2. Click on the “Maintain Previous Year Uncleared Bank Transactions” button.



3. Click on the “+” button to add bank records.



4. Key in your uncleared bank transactions on the newly added line. Key in Debit for amount that you receive (OR) or Credit for amount that you paid for (PV).



5. Repeat Step 3 and 4 until you had finished keying in all uncleared bank transactions into the system.


6. Click on the “Save” button once you had complete. Repeat similar steps to other banks if required.



Performing Bank Reconciliation

Usually after receiving bank statements from the bank, you will need to perform bank reconciliation to ensure that the transactions keyed in the system is tally against the actual bank transactions that you performed.


The following steps will guide you on how to perform bank reconciliation:


1. Select the bank account that you wish to reconcile.



2. Click on the “+New” button to start reconciling your bank transactions.



3. A reconciliation page will appear with all uncleared bank transactions.



4. Select Bank Statement Date and system will auto refresh the transactions according to the date.



5. Tick on the transactions that you wish to reconcile from the transaction list.



6. Key in your Actual Bank Statement amount at the “Actual Bank Statement Balance”.



7. By right if the transaction that you keyed into the system are correct, you should be able to get the same amount for your Actual Bank Statement Balance and System Bank Statement Balance. If there are any differences, the “Difference” column will show the differences and you may want to double check against the records that you keyed in or if mis-tick any bank transactions during reconciliation.


8. Click on the “Save” button to save the reconciliation. Repeat similar steps to other banks if required.



Printing Bank Reconciliation

You can printout bank reconciliation statement for self-recording purpose.


1. For the selected month that you wish to print, click on the arrow down button > Print.



2. A Print Report dialog will appear. Select your Report Type and Report Name and click “OK”.



3. The report will be generated.



4. You can now print or export to the format that you want.



*Note: Bank Reconciliation is not a mandatory process in the system. It will not affect your financial report. However, it is recommended to perform bank reconciliation to ensure your bank transactions are correctly keyed into the system so that it tallies against your bank account.