How to reconcile a transaction i.e. Bank Reconciliation?

How to reconcile a transaction i.e. Bank Reconciliation?

Step 1: Go to Admin >> Bank and Cash >> Bank & Cash Accounts

Step 2: Select the Date Range.

Step 3: Select Bank A/c shown next to "Reconciled Transaction" to reconcile.

Step 4: Select the radio button for "All Transactions".

Step 5: Click on "Fetch Transactions".

Step 6:Understand the screen.

After Fetching Transactions, you will find details similar to those shown below.
Bank Balance
Book Balance

Bank Account with “All Transaction” including Reconciled and Non-Reconciled Transaction.
Bank Balance:

Summary of Opening Balance, Closing Balance in Bank Account are shown at the “Bank Balance” table.

“Reconciled Inflow” and “Reconciled Outflow” show the sum of transactions of Reconciled Inflow and the sum of the transaction of Reconciled Outflow respectively for the given period.

Book Balance:

Summary of Book Balance table shows the Opening Balance, Closing Balance of Bank Account in our Books of Accounts.

“Inflow” and “Outflow” show the sum of transactions of Inflow and the sum of the transaction of Outflow respectively for the given period.

Bank Account

Bank account shows all the individual transactions along with the mode of receipt, payment.

Step 7: Start Bank Reconciliation.
If you notice, the “Reconcile” column shows a green check box for a few transaction. These are the transactions that are already reconciled for the given period.

Where ever you find the checkbox under the “Reconcile” column, those transactions are still not reconciled so these transactions need to verify as per the bank statement

Once transactions are verified as amount received in a bank account, please select the check box

Please give the date in the next column when the check has cleared and shown in the bank statement.

Once it is done, please click on “Save All Changes”. Reconciliation is done.
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