Bank Reconciliation

VisionCore reconciles your bank or credit card accounts against your monthly statement. Bank Reconciliation is usually done once per month when you receive your printed monthly statement from your bank or financial institution. You will be able to review a list of payments and deposits from your bank or credit card accounts and clear the transactions that appear on the statement. The cleared information will be referenced inside the bank or credit card account.

To reconcile your bank account is simple.

First, enter the Date of the statement from your bank. Next, enter your Statement Ending Balance printed on your statement. Then, mark the box to the left of each transaction that appears on your monthly statement from the bank or credit card company. To speed up the process you may click the Select All button, or the Clear All button. You also have the option to select transactions by Reference Number or Date Range through the Range button. See: Clear Transactions by Reference Number or Date Range. Once you have completed selecting the transactions that needs to be cleared click the Reconcile button at the top of the form. The account is now reconciled. See: Reconcile with Unreconciled difference equal to zero

Often times interest and service charges are only found on the monthly statement. To add interest or subtract service charges from the particular account directly on Bank Reconciliation form using the Plus button in each section, see: Add New Misc Debits and Credits on Bank Reconciliation form. You may also add interest or subtract service charges directly during reconciliation, i.e. Unreconciled Difference has a positive or negative value in it. To do this, see the following links:

Reconcile with Unreconciled difference of negative amount - will create check or payment transaction during reconciliation

Reconcile with Unreconciled difference of positive amount - will create deposit or credit transaction during reconciliation

There are several helpful options that can be set in the Company Preferences form to help make data entry easier and faster. One great feature in the Company Preferences form is to have the text fields displayed a certain way when you enter data so that it is easier to read and more consistent throughout the program.

Toolbar Buttons

Toolbar Buttons perform an action on the current record like adding, deleting or saving.

The Print button will open the Bank Reconciliation report which will allow you to review and print.

•The Range button will allow to clear bank or check transactions by Reference Number or Date Range. See: Clear Transactions by Reference Number or Date Range.

•The Save button will save the reconciliation data before doing the actual transaction.

The Reconcile button will complete the Bank Reconciliation and commit all selected transactions as cleared.

•The Close button will will close the form. You can also click the X button at the upper right corner of the form.

Fields at the bottom of the form

The Statement Ending Balance is a user input field. You have to type-in the statement ending balance indicated on your bank statement.

•The Uncleared Checks and Payments (for Bank Accounts) or Charges and Cash Advances (for Credit Card Accounts) field is the total of the unchecked/uncleared transactions or line items in the Checks and Payments or Charges and Cash Advances grid. Checking a transaction on this section reduces the total amount. Each time you check or uncheck a transaction, the total on this field changes.

•The Uncleared Deposits and Credits (for Bank Accounts) or Payments and Credits (for Credit Card Accounts) field is the total of the unchecked transactions or line items in the Deposits and Credits or Payments and Credits grid. Checking a transaction on this section reduces the total amount. Each time you check or uncheck a transaction, the total on this field changes.

•The Account Balance field is a read-only field. It shows the account balance of the selected account as of the date indicated on the upper right portion of the Bank Reconciliation form > Date field.

•The Unreconciled Difference is a read-only and computed field.

Press F1 or click F1-Help button at the bottom left corner of the form for help on what this form is all about.

Bank Reconciliation

Toolbar Buttons

Fields at the bottom of the form

Related Topics