Reconcile

RECONCILE

The Reconciliation function allows you to reconcile the bank and accounting accounts of the educational institution. This process can be completed in three simple steps. This guide will walk you through each step to ensure efficient use of the system.

Step 1: Selecting the Bank Account

The first step is to select the bank account that you want to reconcile. Once you have selected the account, click on the Continue button.

After clicking Continue, you will need to enter the balance and the date of the bank account balance. Once these details are entered, click Continue again to proceed to the next step.

Step 2: Viewing Account Balance and Transactions

The system will then display the account balance along with the transactions that need to be reconciled. You will see a list of all transactions, such as payments, transfers, and more.

To reconcile the account correctly, mark the corresponding values for each transaction. Ensure that you mark all relevant transactions to reflect the accurate balance. The goal is to match the balance in the system with the balance shown on the account statement.

Step 3: Finalizing the Reconciliation

After marking the corresponding values for the transactions, the balance left by the system should match the account statement balance. If all transactions are reconciled correctly, the difference should be minimal.

To finalize the reconciliation, ensure that the balances are aligned. This indicates that all transactions have been accurately matched, and the reconciliation process is complete.

By following these steps, you can efficiently reconcile the bank and accounting accounts, ensuring accurate financial records for your educational institution.