The Bank Reconciliation report allows you to check that you have correctly entered all transactions related to a specific bank account. A reconciled bank account occurs when the sum of all transactions on a bank, loan or credit card statement equals the sum of all transactions entered into your online accounting file for that same period and Bank Account.
You may have to take into account transactions that have been entered into your online accounting file that have not yet appeared on your bank statement. These may include uncleared cheques, credit card or merchant transactions not yet processed.
Saasu’s Bank Rec is different from other systems. We have a field in the payments screen called Clearance Date. If your payment or receipt is received on a date different to when made then enter the clearance date. This lets Saasu handle uncleared Deposits and Receipts in the Bank Rec date range you are working with.
The following steps outline how to do a Bank Reconciliation:
- Go to Reports > Bank Reconciliation and choose your Bank Account from the first drop down.
- Enter the Start Date and End date for your reconciliation (Saasu may suggest, the Start Date based on you last reconciliation)
- Leave the show unticked (unreconciled) transactions from before the start date option ticked.
- Change the Order by option to match your Bank Statement order and then click View Report.
- Enter the opening balance and closing balance as listed on your statement if required (Saasu inserts the calculated opening balance into this field if one exists).
- Tick any items that appear in your bank statement using the check boxes next to each item.
- Once you have ticked all of the items and difference is zero, click the Save button at the bottom of the screen so that Saasu can store the ticks with each transaction.
- You will see transactions carried forward from the previous reconciliation periods that were cleared this period. i.e. undeposited funds or uncleared cheques that have now cleared into your bank account.
- If you edit a transaction or choose to go to another screen or report (to enter, edit or check a transaction for example) without first clicking the Save button you will lose your changes.
- If order to edit a transaction from the report (to change the date, for example), click the transaction in the report. To delete a transaction, click the transaction in the report to open it for editing, and then click the Delete button.
- If you find that a transaction appears on your statement, but doesn’t appear in the Bank Reconciliation report, first check that the transaction hasn’t been entered using a different bank account, or on a different date. If you find that the transaction has not been entered, add it in the usual way and return to the Bank Reconciliation report.
- If you have a lot of transactions, you may find it quicker to tick all transactions first (you can do this by clicking the check box in the header of the list of transactions), and then un-tick items that don’t appear on your statement.
About the Report
- The options you chose on the report settings screen appear at the top of the report. If you want to change these options, click the ‘Change Report Settings…’ link at the top of the report.
- Calculation Area – The area at the top of the screen (where you enter your opening and closing balance) has some extra features to help you to check that your reconciliation is accurate. If you enter the opening and closing balance of your statement, this area will calculate the total of all of the ticked items, and add this to your entered opening balance to produce a calculated closing balance. If all of the entered information is correct, and you have ticked off all of the relevant transactions, the calculated closing balance should equal the entered closing balance taken from your statement. If not, a transaction has either been entered incorrectly, ticked incorrectly, or is missing.
- The difference between these totals is also shown. The calculations in this area are updated dynamically as you tick each item off.
- Calculated Opening Balance – The calculated opening balance is the balance of the account basis all of the reconciled transactions related to the account that have been entered into Saasu prior to the date selected as the start date LESS any payments with Date prior in that period but with Clearing Date after the opening balance date.
The Difference calculation
Difference is the calculated value you have entered into the Statement closing balance as at PLUS the sum of the Statement opening balance as at and the total of all ticked items. When this value is $0.00 your bank reconciliation is correct.
When it is not = $0.00, this is the amount that is yet to be reconciled. If you think that this is incorrect, make sure that:
- The amount for each transaction matches the amount on the bank statement
- All of the transactions on your bank statement are listed and ticked in the report
- No transactions in the report are ticked that don’t appear in your bank statement
Blue Suggestion – a bank feed entry matches to a possible Saasu entry, the suggestion will appear beneath the bank feed entry.
Green Matched – a bank feed entry already matched to a Saasu entry, the match will appear beneath the bank feed entry.
Unmatched – this applies to Saasu transactions only (and not bank feeds) that are currently waiting for a bank feed entry to match with, check to ensure your bank feed data is current and if you need to refresh OR import your bank feeds data to update it.
Reconciled but Unmatched – this applies to Saasu transactions only, that have NOT had a bank feed entry to match YET have been ticked within the Bank Reconciliation report. To fix this issue, you need to check what bank feeds are missing, import them OR refresh to auto-update, and then match it in the bank feeds section.