Bank Reconciliation - Reconcile Bank Statement and GL Bank Account

The Bank Reconciliation - Reconcile Bank Statement and GL Bank Account section displays the bank statement and GL bank account balances that you can reconcile. The values entered in this section are calculated as part of the build statement process.

Open the Bank Reconciliation form as described in Bank Reconciliation to see the bank statement and GL bank account balances.

Bank Statement Balance

Beginning Statement Balance: The amount entered in the Beginning Statement Balance field in the Bank Statement Information section. This amount is updated when you change the corresponding amount in the Bank Statement Information section.

Cleared Items: The total of all Cleared Items in the Open Items to Clear section. This field is automatically updated whenever you add or remove an item from the Cleared Items grid.

* Service Charge: The amount entered in the Service Charge section. This field is automatically updated any time the amount is changed in the Service Charge section.

* Interest Earned: The amount entered in the Interest Earned section. This field is automatically updated whenever you change the amount in the Interest Earned section.

Total: A calculation of the total of:

Beginning Statement Balance

Plus/minus cleared items depending on whether the amount is a (+)/(-)

The cleared items total can be a positive or a negative number depending on whether total deposits are greater or less than the checks.

* Minus service charges.

* Plus interest earned.

Ending Statement Balance: The Ending Statement Balance amount entered in the Bank Statement Information section. This field is updated whenever the Ending Statement Balance field is changed in the Bank Statement Information section.

Difference: Calculates the Total minus the Ending Statement Balance and displays the result. The reconciliation cannot post unless this amount equals zero (0.00).

GL Bank Account Balance

Ending Statement Balance: The Ending Statement Balance amount entered in the Bank Statement Information section. This field is updated whenever the field is changed in the Bank Statement Information section.

Open Items Through GL Bal Date: The total of the Open Items listed in the Open Items to Clear section. This total updates as items are moved from Open to Cleared.

* Service Charge: The amount entered in the Service Charge section. This field is automatically updated whenever the amount is changed in the Service Charge section.

* Interest Earned: The amount entered in the Interest Earned section. This field is automatically updated whenever the amount in the Interest Earned section is changed.

Total: A calculation of the total of:

Ending Statement Balance

Plus/minus all open items depending on whether the amount is a (+)/(-)

The open items total can be a positive or a negative number depending on whether total deposits are greater than or less than the total checks.

* Minus service charges

* Plus interest earned

GL Bank Account Balance: The balance for the selected bank account as of the GL Balancing Date entered in the Bank Statement Information section.

If you are viewing a posted bank reconciliation, this field agrees with the GL bank balance as of the reconciliation posting date.

Difference: Calculates the Total minus the GL Bank Account Balance and displays the difference. The reconciliation cannot post unless this amount equals zero (0.00).

[* As of Version 23R2, the "Interest Earned" and "Service Charge" sections no long appear on the bank reconciliation statement.]

What's Next?

Do you want to enter additional information in the Bank Reconciliation data entry form? See Bank Reconciliation for more information.