How to do bank reconciliation

Question:

I just switched from other software and started to use AutoCount Accounting on 01/01/2023. How to do the first month bank reconciliation in AutoCount?

Answer:

Assuming your Actual Data Start Date is 01/01/2023, and the Fiscal Year is 01/01/23-31/12/23.

Step 1 – Key in Opening Balance

You need to key in the Opening Balance, get the Balance Sheet report as at 31/12/22 from existing software. Go to Setting > Opening Balance Maintenance to key in opening balance (especially for bank accounts).

Existing software Balance Sheet report as at 31/12/2022:

Step 2 – Key in previous year incleared transactions

1) Refer to your last Bank Reconciliation Report on 31/12/2022, and input the uncleared transactions (uncredited lodgements and unpresented cheques) at the system at Accounting > Bank Reconciliation > Maintain Previous Year Uncleared Bank Transactions.

Existing Software Bank Reconciliation report as at 31/12/2022:

2) Click to select the bank, then click on Maintain Previous Year Uncleared Bank Transactions.

3) Click on the “+” button and start to key in those uncleared / uncredited / unpresented transactions, then click on Save.

Step 3 – Start Bank Reconciliation for the first month

Once received the bank statement (for Jan 2023) from the bank, start to do the first bank reconciliation.

1) Select the bank and click on New to create Bank Reconciliation.

Bank Statement from Bank:

2) Refer to the bank statement, at the system:

i) Define/select Statement Date.

ii) Obtain the amount of Ending Balance (from bank statement) and key in at Actual Bank Statement Balance.

iii) Before start reconciling, please check the System Bank Statement Balance, this amount should tally with your bank statement’s Beginning Balance.

3) Now, you may start to do reconciliation. Refer to the bank statement, find the matching entries in the system and check the respective checkbox of the entry.

Once completed, please check the Statement Balance, it should tally with the system bank statement balance.

4) Should there is any transaction not appeared in the system Bank Reconciliation (such as cheque clearing fee), you need to insert (create) the entries in Cash Book or Journal Entry; to do so, you may just save the bank reconciliation, proceed to create the entries, and then come back to continue the reconciliation.

5) Then refresh the bank reconciliation page and click on Edit to continue reconciliation.

If all transactions are reconciled, the System Bank Statement Balance should be equal to Actual Bank Statement Balance, and Difference = 0.00. Then click on OK to save.

When the Difference is not = 0.00, it means you have missed out one or more items, please check your bank statement until it is all reconciled.