i-Account - How to Perform First Time Bank Reconciliation

Introduction 
For i-Account users, reconciling the bank records in the system against the actual bank statement is an important monthly task. Admins can use the bank reconciliation function in the system to complete this process. 

Refer below for a guide on starting the first month bank reconciliation.

How To Perform First Month End Reconciliation

1. Go to Banking and General Ledger > Transactions > Reconcile Bank Account to start the first month end reconciliation.

 

2. First, select the relevant bank account from the Account dropdown menu. 

3. At the "Bank Statement" menu, select “New” to create a new bank reconciliation. 

4. Next, choose the From and To dates. Choose an appropriate date range to ensure all transactions in the system are included in the listing below. 

1. From: Choose the date of the earliest transaction in the system.  For example, if the earliest transaction is for the migration date of June 30th 2021, you can select that date or even much earlier such as January 1st 2020.
   
2. To: Choose the reconciliation date, e.g.,  July 31st 2021. 

5. Next, under Reconcile Date, select the reconciliation date (e.g., July 31st 2021). Enter the Ending Balance (balance in actual bank statement on the reconciliation date). Click "Add New" to add the new reconciliation (otherwise you can also tick any checkbox in the Reconcile column below to add and save the new reconciliation.

Note: Do not key in any value for Beginning Balance (leave as 0.00 for first month reconciliation). This balance is auto brought forward from the previous month reconciliation.

6. Select the newly added reconciliation from the Bank Statement dropdown.

7. Scroll down to view the list of transactions within the selected date range.

8. Check if there are any opening balance entries and unreconciled items on the migration date (e.g., June 30th 2021). Tick the Reconcile checkbox based on the following conditions:

i. Journal Entry for the Bank GL opening balance on the migration date (e.g., 30 June 2021) – Tick

ii. Unpresented cheques & Uncredited deposits on the migration date – Tick only if already cleared in the bank on reconciliation date (e.g. 31 July 2021). Do not tick if it still remains uncleared.

iii. Journal entry for reversal of Unpresented cheques & Uncredited deposits on the migration date – Tick

iv. Other Opening balance documents (e.g. debtor open credit, refundable deposit, reversal journal) – Tick

9. Next, reconcile for the first month transactions. Every time you tick (untick) a checkbox, the page will be auto-saved. 

i: Tick all the receipts and payments shown in the transaction listing if they match the actual bank statement (cleared the bank).
ii: Enter any receipts or payments (e.g., bank interest/ bank charges) appearing on the bank statement, which have not yet been recorded into the system record. 
iii: Rectify any differences found for a transaction between the system and bank records (e.g., wrongly keyed in values, duplicate entries etc.).

10. Difference column should be “0.00” if bank reconciliation is completed.

11. After completing the reconciliation, you can download the Bank Reconciliation Statement by clicking on “Bank Reconciliation Report”. The same statement can also be generated at Reports > Banking > Bank Reconciliation Report.

Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.

• Related Articles

• i-Account User Guide Pages

  Billing, Account Statement & Notice Generate Quarterly Billing (SCI Statement) Automatically with Auto Recurring SCI Feature Link How to Charge Late Payment Interest (LPI) Link How to Issue Direct Invoice Link How to Upload Water (or Electricity) ...

• How to Add a New Bank Account

  Introduction The steps below explain how to add a new bank account in the system. This process is also applicable during an account handover between a Developer, JMB, or MC, when a new bank account needs to be created and linked for proper financial ...

• How to Set Up Water & Electricity Meter Rate (First-Time or Rate Change)

  Introduction The batch invoice function generates water and electricity bills from uploaded meter readings, using usage data and rates set in Meter Setup. See below for steps to configure the rates. Step 1: Access Meter Setup For Water Meter: 1. ...

• i-Account - How to Record an Unidentified Receipt

  Introduction An Unidentified Receipt GL account usually is a temporary holding (suspense) account in which funds are received but not yet identified as to which debtor the amount should be appropriately assigned to. Usually, you (the Admin) realize ...

• i-Account User Guide – Customer Payment

  Introduction In the Customer Payment entry page, you can record payments received from owners/debtors. Key in the Amount first before allocating the payment to invoices or setting it as an Advance Payment. After entering the payment, you can review ...