i-Account User Guide – Bank Reconciliation
Introduction
Every time you receive a bank statement, it is
important to monitor the balances and compare them against the records
processed in the system’s Bank Account. Perform a reconciliation by ticking the
checkboxes for entries that match those in your bank statement. Review any
differences and prepare a Bank Reconciliation Statement.
How to Perform a Reconciliation at Month-End
1. Go to Banking & General Ledger > Transactions >
Reconcile Bank Account to perform the month-end reconciliation.
First, select the relevant bank account from the Account dropdown menu.
2. At the Bank
Statement dropdown, select “New” if you want to create a new bank
reconciliation.
Note: If you have already performed previous reconciliations, the dropdown
will display a list of past reconciliation dates. You may select any date to
view or edit the reconciliation for that month.3. Under the Reconcile
Date column, select the applicable reconciliation date and enter the Ending Balance (the balance shown on
your actual bank statement for that date).
Note: The Ending Balance is optional
at this step. Users can enter or edit the Ending Balance at any time.
Next, click the “Add New” button to create or save a new bank reconciliation.
Explanation
of Table Columns:
Title | Description |
RECONCILE DATE | Select the bank statement or reconciliation date. |
BEGINNING BALANCE | No input is required. This value is auto-populated from the previous
month’s reconciled balance (ticked items). |
ENDING BALANCE | Enter the ending balance as per your actual bank statement for the
selected Reconcile Date. |
ACCOUNT TOTAL | Current GL balance as of today (for reference only). |
RECONCILED AMOUNT | Total value of the ticked transactions for the selected
reconciliation date. This updates as you tick/untick items. |
DIFFERENCE | Calculated difference: Ending Balance – (Beginning Balance +
Reconciled Amount). This should be 0.00 when the reconciliation is correct. |
4. Click “Ok” to proceed with addition of new bank reconciliation.
5. Next, select the newly added reconciliation date from the Bank Statement dropdown.
6. By default, only transactions within the Reconcile date's calendar month (filter date range) will be displayed in the listing below.
Change the From date at the filter to an earlier date if there are still unreconciled transactions from previous periods.
7. Scroll down. Mark the checkbox (under the Reconcile column) if the transaction
matches your bank statement.
The
page auto-saves each time you tick or untick a checkbox.
Note: To undo an
incorrect selection, simply untick the checkbox.
8. If all transactions in the list should be marked as reconciled, use the “Reconcile All” button at the bottom.
9. You may export the transaction listing to
Excel by clicking the “Export” button.
10. Complete the usual steps for bank reconciliation:
i. Tick all receipts and payments in the system
that appear as cleared in your actual bank statement.
ii. Enter any additional items found only on the
bank statement (e.g., bank interest, bank charges).
iii. Correct any discrepancies between the system
records and bank records (e.g., wrong amounts, duplicates).
Note: The “Difference” column
should show 0.00 when the reconciliation is completed properly.11. After finishing the reconciliation, you can
download the Bank Reconciliation Statement by clicking the “Bank Reconciliation Report”
button. You can also generate this report at Reports > Banking > Bank Reconciliation
Report.
How to Change the Reconciliation Date or Edit the Ending Balance
1. Change Reconcile Date
If you selected the wrong date:
• Select the incorrect reconciliation date from the Bank Statement dropdown.
• Go to the Reconcile Date column, change the selected date to the correct date.
• Click the “Save” button to save the changes.
2. Edit Ending Balance
To change the Ending Balance:
• Enter the new value.
• Click the “Save” button to save the changes.
How to Delete an Existing Bank Reconciliation Date
To delete an existing bank reconciliation date:
• Select the incorrect reconciliation date from the Bank Statement dropdown.
• Click the “Delete” button (located below Reconcile Date) – If there are no transactions ticked for this reconciliation, the system will allow you to delete it when you click Delete.
• If there are existing reconciled transactions, you have to first untick every checkbox (e.g. by clicking “Unreconcile All” button) under this reconciliation date. Extend the “From” date at the filter to ensure all previously reconciled transactions are covered.
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.
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