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Reconcile All Bank Accounts Including Credit Cards And Loan Accounts

Reconciliation is the month-end process of checking your Agrimaster Cashbook against your bank statements. You will compare and ensure that transactions in the Cashbook match the transactions appearing on your bank statement.

During reconciliation, you can add monthly bank fees to the Cashbook and correct any data errors.

Reconciliation also gives you a system for finding charges that you need to contact your bank for a correction or dispute.

All accounts must be reconciled for the months in a Business Activity Statement (BAS) period before the BAS process can be started.

To Prepare For Reconciliation: 

Before you start, make sure all of the month’s data is entered into your Cashbook:

  • Transactions (payments to suppliers including payments by cheque, EFT, credit or auto-debit).
  • Wages with PAYG Withholdings.
  • Cash transfers (between your accounts).
  • Invoices (goods you sold to buyers).
  • Recipient Created Tax Invoices (farm products you sold where the supplier invoiced themselves for the final amount after receiving the product).
  • Have all of your bank statements for this monthly period in front of you.

To Perform Reconciliation 

  1. Click on Home.

  2. Click on Cashbook.
  3. Click on Reconciliation.
  4. Click on the Bank Account name to you are going to work with.
  5. Enter the Bank Statement Closing Balance from the printed bank statement. Use a positive number for a Savings or Cheque Account.
  6. Enter a negative number for a loan, overdraft balance or credit card balance owed.
  7. Click on the Reconcile This Account button or press the Enter key twice.
  8. The Reconciliation window will open.
    • If the line matches in Cashbook account and bank statement, click in the OS column, an asterisk * will mark the item. 
    • If expense, interest charge or monthly bank fee needs to be added click on add new transaction. Enter the details of the fee or payment. For example, Code use Bank Fees for monthly bank fees or Debit Interest for loan interest Enter the Amount (as a positive number).
    • To add a missing payment from cheque or savings to loan or credit, click on add new cash transfer. Enter the amount, account from and account to. It's optional to add tracking or cheque number. At the message, Clear transfer?, click Yes. Click on Close.

    • If the item in the account needs to be corrected, click on the row (on the transaction detail). Click on Edit Highlighted. After making the changes click Save. At the message, The TOTAL of this transaction has changed from $... Is this OK?, click Yes complete. Click on Close.

    • To duplicate item or wrong item in the account, click on the row (on the transaction detail). Click Delete Highlighted. A message appears, Erase highlighted record? WARNING This cannot be undone. Click Yes to delete.

  9. To reconcile all other entries entered into the Cashbook against the bank statement e.g. deposits, direct debits and bank charges, click in the OS field with your mouse, an asterisk ( * ) will appear when the item is marked off/cleared/presented.  Make sure you have cleared all items that appear on your bank statement.
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  10. Continue to verify transactions and watch the Difference.
  11. When there is a 0.00 difference, click on the black cross to close.
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  12. Repeat the steps for the next bank account until all accounts have 0.00 difference.

Print Monthly Reconciliation Report

Once all accounts have been reconciled to a zero balance: 

  1. Click on Monthly Report.

     

  2. Click the green tick. 

     

  3. Click on Print.

     

  4. Click the black cross to close to return to the Monthly Report window.
  5. Click on the black cross to close to return to the Reconciliation window.

To Finish Reconciliation 

  1. Click on Close Month.
  2. At the Close Month message click Yes. 
  3. Click the black cross to close.
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