GL Transactions - Bank Reconciliation

Use this option to balance the bank account in the Micronet General Ledger with the statements received from your bank. You should reconcile the bank account as often as possible – daily or weekly is recommended. The bank account must be reconciled at the end of each month before the GL End of Month rollover is processed.

Technical Tip There may be a variety of GL accounts setup with an Account Position of Bank (for more information about account positions, refer to "File - GL Accounts - GL Account"). Every GL account with this position must be reconciled and presented transactions cleared on a regular basis.

The procedure for reconciling a bank statement against what is recorded in Micronet is as follows:

1. When starting the Bank Reconciliation, always confirm that the Opening Balance and the Statement Balance are the same.

2. Enter any statement entries (e.g. bank fees and journal entries) that aren't already captured in your GL.

Enter a reference number for each transaction you enter. This makes it easier to find the transactions for reconciliation. For example, you could enter the statement number as your reference for bank fees. You could use the date as a reference for receipts that do not go through a Debtors Ledger - e.g. a deposit on 31 January 2015 could be reference 310115.

3. Work through your bank statement, entering the reference number for each transaction on the statement.

Micronet displays the transaction as it is recorded in your GL.

4. Check the details and present each transaction.

All entries in the GL have to be presented, including cheques, deposits, journals, corrections, etc. to remove them from the Bank Reconciliation outstanding entries.

5. When you have finished presenting transactions, check that the Statement Balance equals the closing balance on your bank statement.
6. Print a report of the presented cheques and presented deposits and file this report with your bank statements.
7. Clear all presented transactions from the Bank Reconciliation screen using the FILE | END PERIOD option.
8. At the end of the month, always print a Bank Reconciliation report with the unpresented cheques and unpresented deposits.

This report validates the bank balance on your Balance Sheet report and explains why the bank statement balance at the end of the month varies with the Balance Sheet balance.

Reference Bank reconciliation is covered in detail in the "53. Introduction to General Ledger Training Manual".