Reconcile the Cash Book to the Bank Statement.
Introduction
You should reconcile your Bank Statement to your Cash Book on a daily basis, or whenever you download and import transactions, to validate that the bank account balance in the Cash Book matches the balance in the actual bank account.
NOTE: Ensure that the reconciliation date corresponds to the bank’s statement date, as selecting a later date will prevent the import of the following bank statement.
Bank Reconciliation Report
This report shows you the Cash Book closing balance, less unpresented items, plus/minus the totals for any adjustments for unposted transactions, and transactions that are still to be analysed.
This total is the Adjusted Cash Book balance, and should balance to the bank balance in the General Ledger bank account. If it does not balance, something is missing.
To run this report:
- Go to Cash Book > Create Reconciliation Report.
- Select the Cash Book bank account.
- Select the Start date.
- Click Create report.
If it does not reconcile, please contact Lentune support for advice.
Reconcile Cash Book Statement
The purpose of this process is ensure that the balance in your Cash Book equals the balance of your bank account, allowing for unpresented transactions.
- Go to Cash Book > Reconcile cash book statement.
- Select the Cash book bank account you wish to reconcile.
- Enter the Closing date for the bank statement.
- Enter the Statement number.
- Enter the bank statement closing balance.
- Click Reconcile.
If the closing balance of the bank statement is not the same as the closing balance of the Cash book, you will see a warning message of the variance. You should then be able to track down where the variance has occurred.
Next Step: Post Cash Book Transactions
Your next step is to Post the Cash Book Transactions to update other modules.
|
Need more help? We’re here! We hope our article was helpful! If you need more info or want to connect, drop us an email at support@lentune.com. Thank you. We love to hear from you! |