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Opening Bank Reconciliation

In order to ensure that your client is able to perform their first bank reconciliation correctly, you need to perform the following steps:

First we'll create an example:

Opening Cashbook (General Ledger) balance = $100 Dr (Favorable)

Oustanding unpresented Cheques = $50

Opening Bank Statement balance = $150

Step 1:

Firstly enter the Cashbook balance via Incoming Payments as:

Dr Bank Account $100.00

Cr Cashbook Opening Balance Suspense account $100.00

Step 2:

Secondly enter each oustanding cheque via Outgoing Payments against the bank Account

Dr Bank Account (Contra) $100.00

Cr Bank Account (with Chq No) $100.00

Step 3:

Open you Bank Reconciliation via Banking - Bank Statement + External Reconciliation - Manual Reconciliation.


Opening Statement Balance = $ 0.00

Closing Statement Balance = $150.00

Statement Date = Date before Go Live

Tick / Select Opening $100 + All Dr Balance Cheque Entries.

Once Reconciled you will be left with the Oustanding Cheqs, which will clear once the User starts on their Post Go Live entries.

Former Member
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