To access the Bank Reconciliation screen, go Setup--> Banking and click on the submenu Bank Reconciliation.
Select your bank account to reconcile by clicking on the Select Bank dropdown.
Enter your bank reconciliation statement end date and click Run Report.
Be aware what the Computed Balance, as it should match the starting balance of your bank statement.
If the Computed Balance does not match your statement, STOP and find out why. If you need assistance, contact Rakefet Unlimited Support Help.
If the Computed Balance matches continue to the Statement Ending Balance field. In the Statement Ending Balance field, enter the ending balance of your bank statement.
Items will appear on the bank reconciliation screen in the following order:
- Deposits made by cash and check (by date)
- Deposits made by other payments types (by date)
- Expense entries other than check (by date)
- Checks (by check number order)
To start, select one of the above areas to start with and compare every transaction on your bank statement to RakefetOnline. Only tag items to be cleared that are on your bank statement.
When you are finished clearing all the Deposits and Disbursements according to your bank statement, you will have a difference of zero.
You may run the Bank Reconciliation Transaction report from the screen to get a list of all the transactions that have been marked to be cleared. When you are ready to reconcile and have a difference of zero, you can complete the bank reconciliation by clicking the Reconcile Tagged button.
