How To: Perform a Bank Account Reconciliation

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

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 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    to save.
   
   

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 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 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    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 button by:

1. Press Ctrl+S or click    to save the reconciliation at step 6.
2. Press the 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:

• Accounts overview
• Accounts "How Tos"