Reconcile Transactions

Here you can reconcile your Sales Trust transactions against your Bank Statement. 

DAILY/WEEKLY - If performing interim reconciliations (e.g. daily/ weekly) you must use the Print button to print a record without closing the period and rolling over for the next month.

END OF MONTH - When ready to reconcile and rollover for the end of month, use the Reconcile and Rollover button to confirm. The following reports will be generated and must be printed/saved for audit purposes:

*Note: The Opening date will not be editable after you have completed your first reconciliation. This will be the first day after your previous statement Closing Date. You will  need to enter the Statement Closing Balance exactly as it appears on your bank statement. For example if your bank account statement dates are the 01/01/2018 to 31/01/2018 YOU MUST ensure these are the dates in Agentbox. 

• Reconciliation Summary
• Cashbook
• Trial Balance Report

*Note: IBD Balances Report does not print automatically as part of the reconciliation process. We recommend you run the IBD Balance Report for IBD transactions as part of your initial and month end process if you are holding money in Interest Bearing Deposit accounts.

- Transactions to be reconciled can be filtered by debit/credit, presented/unpresented, current/aged

• All receipts and payments made in the reconciliation period are considered 'current'
• All receipts and payments made prior to the reconciliation period (outstanding/unpresented from the last reconciliation) are considered 'aged'

- Reversed transactions are excluded from the transactions to be reconciled.

- Dishonoured Cheque receipts are included in the transactions to be reconciled as both a credit to be presented (as part of the banking) and a debit to be presented (when advised the cheque was dishonoured).

- The Cashbook closing balance must equal the adjusted bank statement closing balance before a successful reconciliation can occur.

How to Perform a Reconciliation

1. Select Transactions, Reconciliation and then Reconcile Transactions

2. Select the Trust Account to be reconciled from the Trust Account drop-down
 

3. Enter Statement Closing Date. This is the closing date on the Bank Statement you are reconciling

*Note: The Opening date will not be editable after you have completed your first reconciliation. This will be the first day after your previous statement Closing Date.

4. Enter the Statement Closing Balance exactly as it appears on your bank statement

5. Click  and a summary of the Cashbook Trial Balance and the Bank Statement will appear at the top of the page and all transactions to be reconciled will appear at the bottom of the page

6. Tick all transactions that appear on your Bank Statement as presented

A. You may filter these records by Debits/Credits, Presented/Unpresented or Current/Aged.

B. Immediately upon ticking a transaction as presented, the Unpresented Credits & Debits, Adjusted Closing Balance and Adjusted Bank Balance Difference figures adjust accordingly.

7. After all necessary transactions have been ticked as Presented the Adjusted Bank Balance Difference should be 0.00 and highlighted green.

If this figure is not 0.00 and highlighted red then there is a discrepancy between your records and the bank statement.

Go back and check all transactions in the period and double check the bank statement. Check for any dishonoured cheques, incorrect amounts or any bank errors. Any errors made by the bank (e.g. incorrect bank fees or incorrect credits) should be dealt with by creating a bank adjustment. Refer to Unable to Reconcile.

8. Once the reconciliation is balanced (Adj Bank Bal Difference is highlighted green and all necessary transactions have been presented) click;

-  Print - If performing interim reconciliations (e.g. daily/ weekly) you may use the print button to print a record without closing the period and rolling over for the next month.

-  Reconcile & Rollover - When ready to reconcile and rollover for the month, use the 'Reconcile and Rollover' button to confirm. The following reports will be generated and must be printed/saved for audit purposes (If the reports do not load please ensure Pop Ups are enabled.

• Reconciliation Summary
• Cashbook
• Trial Balance Report
• *Note: IBD Balances Report does not print automatically as part of the reconciliation process. We recommend you run the IBD Balance Report for IBD transactions as part of your initial and month end process if you are holding money in Interest Bearing Deposit accounts.

9. When attempting to Reconcile & Rollover, a Warning Box will appear with a confirmation screen to finalise the reconciliation and close the period.

9. After a successful reconciliation, no further transactions are possible before the closing date of that reconciliation. The period is considered closed and finalised.