Bank Reconciliation

Bank balances in the business books are regularly matched with the bank statements to bring the two balances in sync. Often, there are transactions such as charges, debits etc. by the Bank that need to be entered in the business books, to achieve reconciliation. This is the process of Bank Reconciliation, usually performed at monthly or later intervals, depending on transaction volume and number of bank accounts.

CREST ERP makes it easy for you to reconcile Bank accounts, with the Account Reconciliations feature under FINANCIALS > Accounting Transactions. Click on the Create Account Reconciliation link to begin.

Select the account for reconciliation and the date of reconciliation. Click Search to list unreconciled transactions

Follow these steps to reconcile an account:

1. The Book balance as on date is shown. Enter the balance per Bank Statement as on the reconciliation date, the balance to be reconciled with
2. Choose the transactions to be reconciled one by one, referring the statement. Click Select All, if all transactions are available in the Bank Statement
3. Watch the unreconciled balance shown at the bottom of the screen change as you choose transactions. Both balances are fully reconciled if Balance amount to be reconciled (in this batch) shows zero.
4. You can save the reconciliation batch as ‘draft’, if the Balance amount to be reconciled is not zero, that can be accessed later
5. If Balance to be reconciled turns zero, you can complete the reconciliation by clicking Reconcile. The status of the batch will change to ‘Reconciled’ and the batch is date-time stamped.
   

If there are no bank transactions in the next reconciliation period, the reconciliation screen will appear as below. This period does not have to be reconciled and the reconciliation buttons will not be active