Part 3. Account balance reconciliation


It is recommended that you periodically compare (once a month) the balance of your electronic account with your real bank account. To do this, you need your bank account statement. To start the reconciling process of your account balance, select the required account, click Tools and select Reconcile menu item.

First, you should set the key parameters of the reconciliation: date, starting and ending balances and, if required, service charge and interest earned in the appropriate fields. Use the data from your bank account statement. After you have finished, press OK.

Once you have set the parameters for account reconciliation, the balance reconciliation window will appear. In the left part of the window, you can see: the difference between the initial balances of the electronic and the real bank account, the cleared balance (starting balance and all the transactions marked as Cleared), the end balance, and the total difference.

Then you will see information on the number of all receipt and expenditure transactions marked as Cleared and their total amount as well as lists of all the receipt and expenditure transactions for this account marked as Unreconciled or Cleared.

When reconciling the balance, click the "С" field for all transactions coinciding with the bank statement and they will be marked as Cleared. Make any appropriate changes in the amounts of the reconciled balances, balance disparities, number and amounts of receipt and expenditure operations.

On having reconciled the entire statement, you should get zero disparity between the balances. In this case, the balance reconciliation may be successfully finished by pressing Save.

All transactions marked during the balance reconciliation will be turned into Reconciled ones, un-marked ones will remain as Unreconciled.

Sometimes, for various reasons, the balance of your electronic account does not coincide with the bank statement (for example, you forgot to enter one of the transactions). In this case, if you press Save, the program will notify you that your balance does not coincide with the bank statement and the program will offer two solutions: you can either continue reconciliation or finish the procedure by entering a new transaction for the amount equal to the difference between balances. If you agree to enter such a transaction, all of the ones marked during the process of reconciliation as well as the new transaction will be marked as Reconciled. During the next reconciliation, transactions marked as Reconciled will not be included in the transaction lists.