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How to Do a Bank Reconciliation Run

The purpose of this guide is to show you how to do a Bank Reconciliation.

It’s important that each month a Bank Reconciliation Run is completed so that you can accounts are always up to date and you can do you’re BAS easily each quarter. In Autosoft you can do a Bank Reconciliation simply and easily. Below is a simple process on how to do a Bank Reconciliation Run.

This is a 3 part process which includes collecting your statement, adding bank fees to your bank reconcillation and printing a report.

  1. Collect your Statement that you have received from your bank that needs to be reconciled
  • Go to General LedgerBanking Bank ReconcillationBank Reconcillation
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  • Bank Reconciliation the below screen will appear for you. 
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  • Select your Bank Account
  • Enter in a Post Date. This should be the last date of the statement period
  • Enter in Statement Number - this will be located on the statement for you, (if it’s not printed on the statement use the post date as the statement number).
  • Enter in the Statement Opening Balance
  • Enter in the Statement Closing Balance
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  • Tab on your keyboard and you will find that all transactions will appear for you. 
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  • You will have the following headings
                   
  •  Ref1
  • Post Date
  • Debit
  • Credit
  • Description
  • Fee
Note: These headings can all be clicked on and they will sort the data in those columns for you, from highest to lowest. You will also find right on the left hand side there is a column with tick boxes. This is where you will tick each transaction off. It’s recommended that when you are doing a Bank Reconciliation that you work on either the Debits first or the Credits as trying to do the two of those at the same time can be confusing and transactions can be missed.
  • Go through and now tick off all Debits and your Credits that match your bank statement. 
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  • Once you have all your debits and credits ticketed off the Difference should always be $0.00
  • If you are not balancing and have a difference it could be that a transaction has not been entered. You need to:
    • find the transaction and process it through
    • Click on Refresh in your bank reconciliation and that entry will pull through into your bank reconciliation. 
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Note: You will also find that on your bank statement the banks will charge you a fee every now and again; while you are doing your bank reconciliation you can add these bank fees straight to your bank reconciliation.
2. Add bank fees to your bank reconciliation
  • Click on Direct Payment/ Fee
  • Choose your fee by clicking on the Ellipsis
  • OR
  • F4 in Payment/Fee field
  • Select from the list
  • Click OK.
  • Eter in your Description – Amount – Post Date & Comment of the bank fee
  • Click OK  
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Note:  Once you have added the bank fee in through the DIRECT PAYMENT/FEE you will now see it in your bank reconciliation, already ticked off and as a FEE. 
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  • Check if:
    • Everything is entered in correctly
    • All debits and credits have been ticked
    • If your Difference is $0.00
3. Print a report
  • Click on Print and the system will display a report for you of the bank reconciliation
  • Click on Process
  • Your bank reconciliation will be processed and closed

 

Quick note: If you are in the middle of your bank reconciliation and need to step away you can save the Bank Reconciliation by going up to the bank account field and clicking F2 on the keyboard and the system will ask you if you want to save the bank reconciliation or not.  (If you do say no, the bank rec will not be saved and you will need to start again) See image below. 

 

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If you have click YES and now need to go back to it you need to click on the STATEMENT field ellipsis and find the open bank rec that you have started, double click on it and it will appear for you ready for you to finish off.  See image below. 

 

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