Bank Reconciliation

The Bank Reconciliation program enables you to balance the Bank account in the Micronet General Ledger with the statements received from the bank.

Best Practice Your bank accounts should be reconciled at least on a monthly basis, preferably weekly or even daily.

All statement entries, e.g. bank fees, should be entered into your GL. Your statement number could be used as your reference for these entries. Receipts that do not go through a Debtors Ledger could be entered using the date as the reference, e.g. a deposit on 31st January 2015 could be referenced as 310115. References such as these suggestions make finding the transactions for reconciliation easy.

You then work through your bank statement comparing each transaction on the statement to the transactions displayed in the Bank Reconciliation of the Micronet General Ledger. You check that the details match and flag the transactions as presented. All entries in the GL have to be presented eventually including journals, corrections, etc., to remove them from the Bank Reconciliation as outstanding entries.