Reconciling your banking is a vital part of your business. This article is helpful for reconciling your banking and checking bank balances against your books. During the following process you will be reconciling your bank account, you can also add bank fee transactions.
Overview of steps:
- Navigate to: Reconciling the Bank Account
- Reconcile Accounts
- Adding other Transactions [optional]
Step 1. Navigate to: Reconciling the Bank Account
To begin the process navigate through the accounting menu to Reconcile Bank Account.
Step 2. Reconcile Accounts
- Enter Banking Date. This is the date on your bank statement.
- Enter Closing Balance. This is the statements closing balance.
- Check transactions. Run through your statement and confirm each transaction is logged in Storman by ticking the present box next to the transactions.
Step 3. Adding other Transaction [optional]
NOTE: Please note that depending.
- Add additional Transactions. For transactions that are present on the Bank statement but not in Storman these can be entered into storman using the "Add Other Trx". These include items such as Bank Fees, Interest earned or paid on account, etc.
Step 4. Save
- Once all the necessary payments on storman have been set as presented and Other Transactions added the difference between your Bank Statement balance and the Storman Balance should be $0. You may then select "C to complete the reconciliation process..