This article describes the fields in the Back Reconciliation module.
Overview
This is a utility that is used to compare the cashbook balance with the bank statement balance as of a given date. For one to prepare a bank reconciliation, the following are required:
- A fully processed cashbook;
- Bank statements for the period in question
A bank reconciliation neither forms part of the books of prime entry nor are postings done from there. It is merely used as an internal control tool to identify any differences and have them corrected.
A bank reconciliation is usually prepared daily and needs to be balanced at month end.
There are two ways of doing the bank recon: System or Manual. Right-click on the bank account on the main screen to select the type of recon preferred.
To get assistance, click on the Help button from the main toolbar.
Law Society Rules
35.9 - A firm shall update and balance its accounting records monthly and shall be deemed to comply with this rule if, inter alia, its accounting records have been written up by the last day of the following month.
Top Tips
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Bank Reconciliation - Main Screen
| # | Field | Description |
| 1 | Account Number | This is the GhostPractice General Ledger Account number. |
| 2 | Account name | This is the account name entered on the general ledger. |
| 3 | Bank Account Number | This is the bank account number. To edit this account number, the general ledger account must be edited. |
| 4 | Balance | This is the balance on the general ledger. |
| 5 | Foreign Balance | If a foreign currency is linked to the bank account, the foreign balance will reflect here. |
| 6 | Bank Branch | This is the branch for the bank account. This can be updated on the general ledger account. |
| 7 | Practice Branch | This is the GhostPractice branch that the general ledger is linked to. |
| 8 | Last Reconciled Date | The date the bank was last reconciled will display here. |
Bank Reconciliation - Processing the Manual Bank Reconciliation
| # | Field | Description |
| 1 | As at Date | This is the date for the recon. The recon will only show transactions up to this date. The balance will also be as at this date. It is not advisable to change this date to an earlier date, as it will change the GL Balance. |
| 2 | Period | This is the current period for the recon. |
| 3 | Refresh | Click the refresh button to show any new transactions that were entered while the recon was open. |
| 4 | Hide Matched | Click to hide any matched items and only show the unreconciled items. |
| 5 | Save | Click on Save to save any progress until the reconciliation is ready to be processed. |
| 6 | Preview | Click on the preview button to get a preview of the current reconciliation. |
| 7 | Bank Statement | Click to go to the bank statement module to import bank statement items or to add bank statement items. |
| 8 | Process | Click here to process the bank reconciliation. |
| 9 | Cash Book | This is the cash book balance less/plus any outstanding items. |
| 10 | Bank Statement | Enter the bank statement balance here. |
| 11 | Recon | Tick to recon the transaction. |
| 12 | Date | This is the date of the transaction. |
| 13 | Amount | This is the transaction amount. |
| 14 | Narration | This is the transaction narration. |
| 15 | Reference | This is the transaction reference. |
| 16 | Type | This is the transaction type. |
| 17 | Captured to | This is the counter number the transaction is captured. |