M-Powered Bank Statements > Viewing and reconciling bank account information > Reconciling your bank accounts
You can use the bank account information that you downloaded to automatically reconcile transactions in your company file.
We recommend that you retrieve your latest bank account information prior to reconciling your bank accounts. For more information, see Retrieving bank account information.
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1
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Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.
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2
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Click the search icon (
 ) in the Account field and select the account you are reconciling. (You need to select an account that you have nominated for M-Powered Bank Statements.) |
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3
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Enter the closing balance of the bank account you are reconciling in the New Statement Balance field. You can use the Account Balances report to find the closing balance. See Viewing bank account reports for more information.
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4
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Enter the closing date of the reconciliation period in the Bank Statement Date field. You can use the closing date that appears in the Account Balances report. The unreconciled transactions dated on or before that date will appear in the scrolling list.
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5
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View the Get Statement window, which provides a summary of the statement transactions and lists whether any transactions have been skipped.
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6
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a
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No transactions appear in the Unmatched Statement Transactions window. This happens when all the transactions in the downloaded statement file match transactions in your company file. Click Done to return to the Reconcile Accounts window, then go to step 9.
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b
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One or more transaction appear in the Unmatched Statement Transactions window. This happens when a statement transaction is not matched to a transaction in your company file. Continue with Step 7.
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Note that all matched transactions are automatically marked with a selection mark in the Reconcile Accounts window.
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7
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Highlight a transaction in the Unmatched Statement Transactions window, click Actions and choose either:
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Match Transaction to match the statement transaction to a previously recorded transaction in your company file. The transaction is then marked as matched in the Reconcile Accounts window. See ‘To match statement transactions in the Unmatched Statement Transactions window’ below.
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Add Transaction to add the statement transaction to your company file. See ‘To add statement transactions from the Unmatched Statement Transactions window’. It will then appear as reconciled in the list of transactions in the Reconcile Accounts window.
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We recommend you finish adding or matching every transaction in the unmatched transaction list before you click Done in the Unmatched Statement Transactions window.
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9
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Click Reconcile. A window appears, indicating whether your account is reconciled or is out of balance.
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Click the Reconcile button (the transactions you marked are considered cleared and will not appear in the Reconcile Accounts window the next time you open it) or
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Print the Reconciliation Report by clicking the Print button. (Alternatively, you can print this report by going to the Reports menu, clicking Index to Reports, then clicking the Banking tab, selecting the Reconciliation Report and clicking the Print button.)
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If you choose to print the Reconciliation Report from the Reconcile Accounts window, make sure you click the Reconcile button again in the Reconcile Accounts window. When you choose to print the report, the reconciling process is stopped so you must click Reconcile again to complete the process.
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1
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Highlight the transaction in the Unmatched Statement Transactions window that you will match to an uncleared transaction you have previously recorded.
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2
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3
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Highlight the uncleared transaction to which you will match the selected statement transaction against. You can click the arrow to open the transaction window if you require more details about this transaction.
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4
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Click Match. This results in two actions.
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The uncleared transaction is marked as cleared in the Reconcile Accounts window.
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The statement transaction is removed from the list of unmatched transactions in the Unmatched Statement Transactions window.
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1
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Select the transaction in the Unmatched Statement Transactions window that you will record as a new transaction.
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2
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Click Actions and choose Add Transaction. Either the Spend Money window or the Receive Money window appears, depending on whether the transaction was a withdrawal or a deposit.
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3
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The information in the Date, Amount and Cheque No./ID # fields automatically appears in the Spend Money or Receive Money window.
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4
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The Pay from Account field defaults to the account that you previously selected to reconcile in the Reconcile Accounts window.
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If the transaction you are entering is a payment for a purchase that you have recorded in your company file:
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a
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Enter the supplier’s name in the Card field. A window appears advising you to record the payment in the Pay Bills window.
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b
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6
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The new transaction automatically matches to the statement transaction and is marked as cleared in the Reconcile Accounts window.
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