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
Firstly enter the Cashbook balance via Incoming Payments as:
Dr Bank Account $100.00
Cr Cashbook Opening Balance Suspense account $100.00
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
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.