Difference between revisions of "How To: Perform a Bank Account Reconciliation"

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{{WarningSign|The process of performing a Bank Reconciliation has changed since version 8.132, please see [[Changes to Bank Reconciliations]]}}
  
 
{{Note| Performing the bank reconciliation as described below ensures that the user is able to abort or cancel easily by pressing the {{BtnCancelEdit}} button on the button bar}}<br /><br />
 
{{Note| Performing the bank reconciliation as described below ensures that the user is able to abort or cancel easily by pressing the {{BtnCancelEdit}} button on the button bar}}<br /><br />
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## To block select a group of transactions to reconcile:
 
## To block select a group of transactions to reconcile:
 
### Green select the transactions you wish to reconcile, for example:
 
### Green select the transactions you wish to reconcile, for example:
###* focus on the date in the column and {{keypress|Ctrl|Shift|R}} or right click and select 'Select Rows by Date' or
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###* Focus on the date in the column and {{keypress|Ctrl|Shift|R}} or right click and select 'Select Rows by Date' or
###* focus on the reference and {{keypress|Ctrl|Shift|R}} or right click and select 'Select Rows by Reference' or
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###* Focus on the reference and {{keypress|Ctrl|Shift|R}} or right click and select 'Select Rows by Reference' or
 
###* {{keypress|Ctrl|A}} to select all transactions in the grid.
 
###* {{keypress|Ctrl|A}} to select all transactions in the grid.
 
### Focus in the Recon column.
 
### Focus in the Recon column.
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{{NoteSm|At this point the reconciliation can be saved and finished:
 
{{NoteSm|At this point the reconciliation can be saved and finished:
::* at a later time if you need to enter additional entries that are on the bank statement but that are not in your Khaos Control bank, for example bank interest; or
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::* At a later time if you need to enter additional entries that are on the bank statement but that are not in your Khaos Control bank, for example bank interest; or
::* on another day if you are not able to complete it after starting it.}}
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::* On another day if you are not able to complete it after starting it.}}
  
 
=== Post the reconciliation ===
 
=== Post the reconciliation ===

Revision as of 11:34, 19 October 2017

Page approved.



WARNING icon
WARNING: The process of performing a Bank Reconciliation has changed since version 8.132, please see Changes to Bank Reconciliations

flashing light bulb!
Performing the bank reconciliation as described below ensures that the user is able to abort or cancel easily by pressing the the CANCEL EDIT button has an icon that shows a floppy disc overlaid with a red cross.   button on the button bar



Reconciliation is the process of matching accounting entries from one source with entries from any other source. For example, the bank reconciliation matches transactions posted against a bank account with the statement received from the bank. Items posted but not appearing on the bank statement are known as 'reconciling items'. Khaos Control allows the user to save the transactions marked as reconciled and continue reconciling after adding further payments, for example as bank interest, or to save for another day.

Selecting the transactions to reconcile

  1. Open the [ Accounts | Bank Accounts ] tab.
  2. Select the appropriate account from the 'Bank Account' drop-down.
  3. Click on the 'Go' button.
  4. Press Alt+E or click the green triangle icon is the buttonbar's EDIT button to enter edit mode.
  5. Reconcile the require transactions by following one of the methods outlined below:
    1. To reconcile each line individually, find each amount by keying it into the Credit/Debit column and pressing  Enter. This will tick the 'Recon' checkbox.
    2. To block select a group of transactions to reconcile:
      1. Green select the transactions you wish to reconcile, for example:
        • Focus on the date in the column and Ctrl+ Shift+R or right click and select 'Select Rows by Date' or
        • Focus on the reference and Ctrl+ Shift+R or right click and select 'Select Rows by Reference' or
        • Ctrl+A to select all transactions in the grid.
      2. Focus in the Recon column.
      3. Right click and select Apply Value Range.
      4. In the popup enter -1 (for ticked) and press OK or  Enter.
  6. Press Ctrl+S or click the disk icon is the button bar's SAVE button    to save.

small flashing light bulb!
NOTE: At this point the reconciliation can be saved and finished:
  • At a later time if you need to enter additional entries that are on the bank statement but that are not in your Khaos Control bank, for example bank interest; or
  • On another day if you are not able to complete it after starting it.


Post the reconciliation

  1. When the reconciled amount at the top of the screen is the same as the balance on the bottom of the current bank statement or report (ie the balance you wish to reconcile to), click on the the 'Start Reconciliation' button button and enter the balance.
    Note: if they are not correct see checking the totals marked as reconciled below.
  2. The remaining amount shown at the top of the screen should now be zero.
  3. Click on the the 'End Reconciliation' button button.
  4. In the prompt, record the bank statement sheet numbers and click 'OK'.
  5. Add a Reconciliation Note, for example September Amendments.
  6. Click on OK.
  7. Alternatively Press Ctrl+S or click the disk icon is the button bar's SAVE button    to save to complete the reconciliation. In this instance a warning is displayed to ensure the reconciliation is finished and the user has not inadvertently selected the save option.


Checking the totals marked as reconciled

You can check the totals of the credit and debit columns that have been marked as reconciled before using the 'Start Reconciliation' button button by:

  1. Press Ctrl+S or click the disk icon is the button bar's SAVE button    to save the reconciliation at step 6.
  2. Press the the 'Check Reconciliation' button button.
  3. This will compare the reconciled amount with the running total on the bank statement sheet.


Notes

  • Prior to entering the amounts, sort the credit / debit column. This will ensure that duplicate amounts from different sources can easily be identified.
  • If the amount you are reconciling appears in the grid more than once, check the payment date and/or the customer.


See Also

Visit KhaosWikiX at https://support.khaoscontrol.com/wiki_kcx/ to see the following:

Contact the Khaos Team