How to reconcile the Bank Account
Posted by Cameron Telfer, Last modified by Ngatokorua Elikana on 24 February 2018 07:36 AM

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:

  1. Navigate to: Reconciling the Bank Account
  2. Reconcile Accounts
  3. 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]

  • 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. 
           NOTE: Please note that depending.

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 "Confirm Closing Balance" to complete the reconciliation process..
(2 vote(s))
Helpful
Not helpful

Comments (0)