Reconcile Transactions – A summary of the activity
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This activity allows you to reconcile the transactions available in a bank statement and the bank book. Reconciliation is done periodically to synchronize the bank statement with the bank book. Reconciliation of the transactions available in a bank book and a bank statement can be done manually or automatically. You can retrieve the transaction details by carrying out a search using the number identifying the account and a date range during which the bank statements have been created.
The system automatically reconciles the transaction amounts pertaining to checks and pay-in-slips. The system retrieves and displays the list of transactions that have been left unreconciled. These transactions can be reconciled manually.
The transactions available in the bank book and the bank statement can also be manually reconciled by selecting and matching the transaction types. Refer Matching List for more details.
This activity also allows you to reconcile the transactions using tag groups. For example, a transaction type “Receipt” with a transaction amount USD 1000 in the bank statement can be reconciled with a transaction type “Supplier Receipt” with a transaction amount USD 500 and a transaction type “Sundry Receipt” with a transaction amount USD 500 provided all the 3 transactions have been assigned the same tag group. This activity also allows you to reconcile transactions within a bank statement or a bank book.
The system generates and assigns a unique reconciliation number to every reconciled transaction. The system also stores the login ID of the user and the system date along with the reconciled details.
The type of transactions that must be matched during manual reconciliation
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Bank Statement |
Bank Book |
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Payment |
Sundry Payment, Supplier Payment, Customer Payment |
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Check Payment |
Sundry Payment, Supplier Payment, Customer Payment |
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Receipts |
Supplier Receipts, Sundry Receipts, Customer Receipts, Realize Receipts |
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Check Receipts |
Supplier Receipts, Sundry Receipts, Customer Receipts, Realize Receipts |
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Interest Paid |
Sundry Payment |
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Interest Received |
Sundry Receipts |
The types of transactions that must be reconciled within the bank statement or bank book.
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Transaction Type |
Transaction Type |
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Payment |
Receipt |
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Check Payment |
Check Receipt |
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Receipt |
Payment |
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Check Receipt |
Check Payment |
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Interest Paid |
Interest Received |
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Interest Received |
Interest Paid |
What you can do in this activity
Auto reconciliation of transaction
Reconcile within a bank statement and a bank book
Assign tag groups for reconciliation
Provision to raise sundry payment vouchers
Auto reconciliation of transaction
The transactions available in the bank statement and the bankbook can be automatically reconciled based on the check details, pay in slip number and the company reference..
Go to “Reconcile Transaction” page.
Enter the required information and auto reconcile the transactions.
Reconcile within a bank statement and a bank book
The Receipts available in a bank statement can be reconciled with the payments received in the same statement. This could also be done for the payments and receipts of the same bank book. Refer Matching List.
Go to “Reconcile Transaction” page.
Select the transaction type in the bank statement or the bank book and reconcile the transactions.
Assign tag groups for reconciliation
Transactions can be reconciled with the help of tags. Tags can be assigned to transactions in both the bank book and the bank statement.
Go to “Reconcile Transaction” page.
Enter the tag group for the bank statement and the bank book and reconcile them.
Provision to raise sundry payment vouchers
There could be difference in the balances of the bank statement and the bank book. This difference could be due to bank charges that have been debited or interest amounts for overdrafts. Sundry payment vouchers can be passed to post the differences in the amounts.
Go to “Reconcile Transaction” page.
Check the “Raise Bank Charges” check box.