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Bank Statement Reconciliation

Bank Statement Reconciliation

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Bank Statement Reconciliation

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Each time a cheque, deposit, or journal is made in the system that effects the bank account, a record is placed in the Bank Reconciliation system. This program allows the user to check off the items appearing on their statements as they are received from the bank. Each statement has an opening and closing balance.

 

Statement pages should be reconciled ONE AT A TIME.

 

Banking Statement Reconciliation

A daily check is made that:

The statement closing balance + outstanding deposits - unpresented cheques - outstanding journals

= The current balance of Account #1 (the bank account).

 

For a statement balance to close & rollover, the opening balance plus all the credits less the debits must equal the closing balance.

 

It is not possible to start the reconciliation of the next page until the current page has been reconciled.

 

The amount and date of the opening balance of the statement will be on the top of the screen. These are the closing values that were previous reconciled. Once a statement is balanced, the closing balance becomes the opening balance for the next statement.

 

 

Usage:

To reconcile a bank account statement balance with GeeDee in Bank Statement Reconciliation -

Enter the date of the closing balance.
Enter the amount of the closing balance.

 

Bank rec closing balance

 

Each debit on the statement must have a corresponding entry in the grid. For each one, click on the checkbox in the grid. The entry will be highlighted and the 'flag' checkbox will be checked.
Once all the debits on the statement have been flagged in GeeDee, then the total of the debits displayed at the bottom of the form must equal the total of the debits on the statement (Unless corrections have been included).

 

Bank rec debits flag

 

Click on the Credits radio button and the grid will show all the outstanding credits.
Each credit on the statement must have a corresponding entry in the grid. For each one, click on the checkbox in the grid. The entry will be highlighted and the 'flag' checkbox will be checked.
Once all the credits on the statement have been flagged in GeeDee, then the total of the credits displayed at the bottom of the form must equal the total of the credits on the statement (Unless corrections have been included).

 

Bank rec credits flag

 

Once the total credits and debits equal those on the statement, the To reconcile figure will be $0.00, and the "Rollover" button will become available.

 

Bank rec Rollover button

Clicking the Rollover button will  print the reconciliation report and rollover the balances.. All the items that have been flagged will then be retired, and will not appear in the grid again.

 

Notes:

a) The receipting program will make receipts from direct deposits, which will be already flagged.

b) The radio button can be used to toggle between credits and debits in the grid.

c) A line in the grid that has been flagged can be unflagged by clicking on the checkbox again.

Bank Statement Reconciliations are saved in GDReports.

 

 

Dealing with Irregular Entries on The Statement

 

 

 

 

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