In the latest version, bank reconciliation is no longer available under
Bank Accounts tab. I know this may come as a surprise as bank reconciliation naturally belongs to bank accounts.
With recent addition of bank reconciliation statements under
Reports tab, it will make it more intuitive if bank reconciliation workflow is done from bank reconciliation statements.
So rather than having
Reconciliation Date and
Status column under
Bank Accounts tab, it’s better to show reconciliation status under
Bank Reconciliation Statements.
This way you can see how bank accounts have been reconciled over the period of time.
But there are more benefits to this approach. If you are reconciling bank account over longer period of time, it’s better to create multiple bank reconciliation statements (perhaps one each month) and reconcile them individually.
Or if you have uncleared deposits or uncleared payments, it is going to be more obvious to deal with them. To start bank reconciliation, you will need to click
View button on bank reconciliation statement you wish to reconcile:
This will give you the statement:
Before you click on
Bank reconciliation discrepancy amount, you will first check whether any uncleared deposits or uncleared payments have been cleared. If they have, you will click on the amount of uncleared transaction (in this instance
Cheque #2322 and mark it as cleared so it disappears from the list of uncleared transactions on the bank reconciliation statement. This workflow forces you to deal with uncleared transactions before running actual bank reconciliation process.
Bank reconciliation process itself has been modified to better accommodate for issues I’ve seen people having. For example, if bank reconciliation assistant have been turned on, Manager would ask for many closing balances to establish on which specific days bank account doesn’t reconcile. This was frustrating to many people who thought the program keeps asking for various closing balances and there was no sense of progress. Some users out of frustration have been hitting
Update button continuously to claim closing balance as zero which made reconciliation process even more difficult to go through.
The latest version makes it more obvious why Manager asks for these closing balances. For example, if Manager can break the period you are reconciling in half for easier bank reconciliation, it will show yellow notice.
It works the same way as bank reconciliation assistant except there is sense of progress and more visibility why the date has been chosen.
If you need more information on bank reconciliation workflow, see: