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Bank reconciliation

Reconciling your bank statement means checking the transactions you've entered through your bank account in TASBooks against the bank statement issued by your bank. It's important to carry out this check regularly, to make sure you haven't made any posting errors, and that you're aware of all the transactions that have gone through your bank account. For example, things like bank charges, interest payments or bounced cheques which may appear on your printed statement, and will need to be entered in TASBooks in order to reconcile your bank account.

To prepare for your bank reconciliation, you should check the statement balances on your bank accounts to ensure they match the opening balance on your bank statement. You will also need to ensure that all receipts entered into your TASBooks have a paying-in slip number or reference. Receipts without paying-in slip numbers will not appear on the bank reconciliation window.

The following steps contain everything you need to help you reconcile your bank statement.

To check the statement balance on your bank account

  1. Cash Book > Bank Account Programs > Display Bank Account Balances.

    2. Tip: The statement balance for each bank account is displayed in the Stmt Bal column. These are the total value of reconciled transactions on the account, which should therefore match the opening balance on your bank statement.

  2. For each bank account, check the statement balance matchs the opening balance on your bank statement..

    3. Note: If there are any differences, you'll need to investigate these before you carry out your next bank reconciliation.

  3. To close the Display Bank Account Balances window > Close.

To allocate paying-in slip numbers

  1. Cash Book > Bank Account Programs > Allocate Paying-In Slip Numbers.
  2. Bank Account > choose the appropriate bank account > Display.

    3. Tip: All the cash transactions that have not been allocated a paying-in slip number are displayed.

  3. Ref column > for each receipt, enter the paying-in slip number or a reference.
  4. If you want to allocate the same reference to all the receipts > Automatic > Yes.
  5. Click Save.

Reconciling your bank statement

  1. Cash Book > Bank Account Programs > Reconcile Cash / Bank Statement.
  2. Bank Account > choose the bank account you want to reconcile.
  3. Statement date > enter the ending date of the statement that you're checking.

    4. Tip: The statement ending date is used as a cut off point, it's the latest date that you are to reconcile. Any transactions you enter with a posting date after the statement ending date will not be displayed.

  4. Starting Balance > check or enter the starting balance.

    5. Tip: This value should be the same as the statement balance in Cash Book > Bank Account Programs > Display Bank Account Balances. If not, edit as required. If this is the first time you're reconciling the bank account, leave the starting balance as 0. The first transaction on the bank reconciliation window should be the opening balance. You will need to reconcile the opening balance transaction first, even though this will not appear on your bank statement.

  5. Ending Balance > check or enter the ending balance.

    6. Tip: This is the balance you're aiming to reconcile your bank account to. This value is usually the final balance on the bank statement. Basically, the starting balance, plus or minus the entries you reconcile or match off against your statement, will equal the ending balance.

  6. To begin the reconciliation > OK.

    All the unreconciled cash receipts and payments are displayed. Each line displayed represents either a withdrawal or a deposit.

  7. To add new transactions to the reconciliation window, for example a bank charge > Add > select the required option > enter the relevant information > Save.
  8. To reconcile an item, double-click it. Continue until you've reconciled all of the items which appear on your bank statement.
  9. Check the ending balance and reconciled balance are the same and the difference is 0 > Save.
  10. If the reconciled balance doesn't match the ending balance, select one of the following options:

    • Go back and finish reconciling the account - Use this option if you want to complete the reconciliation, and match off any entries needed to get your reconciled balance to match your statement balance.
    • Ignore the difference and save the reconciliation - Use this option if you are happy to complete the reconciliation with a difference between the reconciled balance and statement balance, for example, because there are entries on your bank statement which are under query and you can't therefore match the balance on your statement.
    • Save the work I've done so far. I will come back and complete the reconciliation later - Use this option if you want to pause the reconciliation and complete it later. For example, if need to take a break or do some other work before you can finish the reconciliation. When your restart the bank reconciliation, you'll then be asked if you want to continue where you left off.

  11. To continue > OK.
  12. When prompted to print the Cash Book Summary Report > Yes > Print.

    Note: This is the only time you can print this report, you won't be able to print it later.

  13. When the Cash Book Summary Report appears > select the Print button.

To unreconcile payments or receipts

If you find that you've made an error when reconciling your bank account, you can unreconcile any transactions required, or choose to unreconcile all transactions after a specific date.

  1. Cash Book > Bank Account Programs > Unreconcile Payment / Receipt.
  2. Bank Account > choose the bank account you want to un-reconcile.
  3. Starting Date > enter a date just prior to the date of the transactions you want to un-reconcile.
  4. Click Display.
  5. To unreconcile an entry, double-click it. If you also want to clear the paying-in slip number for that item, double-click it again.
  6. If you want to unreconcile all items for the chosen period > select the Auto Unreconcile All check box.

    7. Tip: All the cash transactions that have not been allocated a paying-in slip number are displayed.

  7. Ref column > for each receipt, enter the paying-in slip number or a reference.
  8. If you want to allocate the same reference to all the receipts > Automatic > Yes.
  9. To save the changes you've made > Save > Yes.

The following steps contain everything you need to help you reconcile your bank statement.

To check the statement balance on your bank account

  1. Cash Book > Bank Account Programs > Display Bank Account Balances.

    2. Tip: The statement balance for each bank account is displayed in the Stmt Bal column. These are the total value of reconciled transactions on the account, which should therefore match the opening balance on your bank statement.

  2. For each bank account, check the statement balance matchs the opening balance on your bank statement..

    3. Note: If there are any differences, you'll need to investigate these before you carry out your next bank reconciliation.

  3. To close the Display Bank Account Balances window > Close.

To allocate paying-in slip numbers

  1. Cash Book > Bank Account Programs > Allocate Paying-In Slip Numbers.
  2. Bank Account > choose the appropriate bank account > Display.

    3. Tip: All the cash transactions that have not been allocated a paying-in slip number are displayed.

  3. Ref column > for each receipt, enter the paying-in slip number or a reference.
  4. If you want to allocate the same reference to all the receipts > Automatic > Yes.
  5. Click Save.

Reconciling your bank statement

  1. Cash Book > Bank Account Programs > Reconcile Cash / Bank Statement.
  2. Bank Account > choose the bank account you want to reconcile.
  3. Statement date > enter the ending date of the statement that you're checking.

    4. Tip: The statement ending date is used as a cut off point, it's the latest date that you are to reconcile. Any transactions you enter with a posting date after the statement ending date will not be displayed.

  4. Starting Balance > check or enter the starting balance.

    5. Tip: This value should be the same as the statement balance in Cash Book > Bank Account Programs > Display Bank Account Balances. If not, edit as required. If this is the first time you're reconciling the bank account, leave the starting balance as 0. The first transaction on the bank reconciliation window should be the opening balance. You will need to reconcile the opening balance transaction first, even though this will not appear on your bank statement.

  5. Ending Balance > check or enter the ending balance.

    6. Tip: This is the balance you're aiming to reconcile your bank account to. This value is usually the final balance on the bank statement. Basically, the starting balance, plus or minus the entries you reconcile or match off against your statement, will equal the ending balance.

  6. To begin the reconciliation > OK.

    All the unreconciled cash receipts and payments are displayed. Each line displayed represents either a withdrawal or a deposit.

  7. To add new transactions to the reconciliation window, for example a bank charge > Add > select the required option > enter the relevant information > Save.
  8. To reconcile an item, double-click it. Continue until you've reconciled all of the items which appear on your bank statement.
  9. Check the ending balance and reconciled balance are the same and the difference is 0 > Save.
  10. If the reconciled balance doesn't match the ending balance, select one of the following options:

    • Go back and finish reconciling the account - Use this option if you want to complete the reconciliation, and match off any entries needed to get your reconciled balance to match your statement balance.
    • Ignore the difference and save the reconciliation - Use this option if you are happy to complete the reconciliation with a difference between the reconciled balance and statement balance, for example, because there are entries on your bank statement which are under query and you can't therefore match the balance on your statement.
    • Save the work I've done so far. I will come back and complete the reconciliation later - Use this option if you want to pause the reconciliation and complete it later. For example, if need to take a break or do some other work before you can finish the reconciliation. When your restart the bank reconciliation, you'll then be asked if you want to continue where you left off.

  11. To continue > OK.
  12. When prompted to print the Cash Book Summary Report > Yes > Print.

    Note: This is the only time you can print this report, you won't be able to print it later.

  13. When the Cash Book Summary Report appears > select the Print button.

To unreconcile payments or receipts

If you find that you've made an error when reconciling your bank account, you can unreconcile any transactions required, or choose to unreconcile all transactions after a specific date.

  1. Cash Book > Bank Account Programs > Unreconcile Payment / Receipt.
  2. Bank Account > choose the bank account you want to un-reconcile.
  3. Starting Date > enter a date just prior to the date of the transactions you want to un-reconcile > Display.
  4. To unreconcile an entry, double-click it. If you also want to clear the paying-in slip number for that item, double-click it again.
  5. If you want to unreconcile all items for the chosen period > select the Auto Unreconcile All check box.

    6. Tip: All the cash transactions that have not been allocated a paying-in slip number are displayed.

  6. Ref column > for each receipt, enter the paying-in slip number or a reference.
  7. If you want to allocate the same reference to all the receipts > Automatic > Yes.
  8. To save the changes you've made > Save > Yes.