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Reconciliations

Reconcile impound bank accounts

You can reconcile the firm impound bank accounts using the Reconcile Impound Bank Accounts screen.
  1. Select
    Actions
     then
    Reconcile Impound Bank Accounts
    .
  2. Select the account to reconcile, either by selecting it in the Reconciliations list or by selecting it in the Account section of the
    General Information
     tab.
  3. In the
    General Information
     tab, enter the information from your paper statement in the fields in Statement Information section. The application uses this information to reconcile the transactions recorded in Accounting CS to the transactions on the bank statement. For subsequent reconciliations, the application automatically advances the statement dates and uses the prior statement's ending balance as the beginning balance.
  4. If your financial institution allows you to download bank statements in 1 of the supported file formats (OFX, QFX, QIF, or BAI2), use the
    Bank Statement Import
     tab to import transactions from the bank statement. Enter the file path name of the statement file or select
    Browse
     to go to it. The
    File
     dropdown includes the last 9 statements.
  5. Use the
    Deposits & Additions
     tab, the
    Checks & Payments
     tab, and the
    Direct Deposit
     tab to view and/or clear credits, debits, and direct deposit amounts that appear in those tabs. You can immediately notice how clearing the items affects the unreconciled amount that follows the data-entry grids in the totals section.
    • You can clear or unclear transactions in the grids.
    • You can view the source transaction for any transaction in the grids by selecting the blue hyperlinked amount for that transaction. The application opens that transaction in the
      Actions
       then
      Enter Transactions
       screen, where you can view details about the original transaction.
  6. Use the
    Account Summary
     tab to view the balances and differences in the reconciliation. Select
    Adjustment
     to make an adjusting entry for the unreconciled amount, if necessary. This tab provides an overview of the balances based on the transactions on the bank statement compared to the balances based on the transactions entered or imported for the bank account, displaying any unreconciled amount.
  7. Use the
    Reconciliation Analysis
     tab to view a summary of the reconciliation, grouped in the following categories: checks and payments, deposits and additions, general ledger balance, and notes. Notes provide suggestions on how to balance the reconciliation. You can print this information by selecting
    Print Notes
     from the right-click context menu.
  8. Use the
    Edit
     menu to open various other windows to assist in the reconciliation. Depending on which tab is active, the following windows may be available:
    • Options
    • Enter Adjustment Distributions
    • Rapid Clear
    • Initial Open Items
    • Statement Summary
    • Non-Recurring Adjustments
    • Recurring Adjustments
    • Clear Ranges of Checks
  9. When the unreconciled amount for the bank account is zero, select
    Finalize
     to finalize the bank reconciliation for this account.

This article applies to:

  • Product: Accounting CS
  • Subject: Bank reconciliation

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