General Ledger FAQ
General Ledger - Monthly Bank Reconciliation
Use this feature to reconcile a banks beginning and ending balance on a statement to transactions in your general ledger and checks from Accounts Payable and Payroll. It can also help you get a jump start on reconciling your period ending balance.
1. Click on #8 Account Reconcilation on the General Ledger Main Menu
2. Key in the general ledger account you want to reconcile
3. Key in these figures from your bank statement.
Reconciling your period ending balance
In this section we will describe a technique that works in matching a period/year end checking balance to a bank statement. It does work, but some times re-issued checks and void checks can throw in a wrinkle or two.
| Period ending balance from G/L (balance sheet) | ______________________________ |
| + Outstanding checks from reconciliation report | ______________________________ |
| - Deposits in transit from reconciliation report | ______________________________ |
| (+/-)Justifiable adjustments ______________________________ ______________________________ ______________________________ ______________________________ | ______________________________ |
| = Period ending balance in bank | ______________________________ |
| Banks ending balance (from statement) | ______________________________ |
| Difference (should be zero) | ______________________________ |
The difference should be zero if not you must find out why. Use the difference and a detail transactions report for help. The first few times it may be difficult but with practice these explanations come easily.
