Completing a bank reconciliation is an important step in ensuring the accuracy and consistency of your business's financial records. A bank reconciliation involves comparing the company's payment withdrawals and banking deposit records entered in Eclipse against your bank statement to identify any discrepancies.
Essentially the process is about making sure everything lines up, which strengthens the business's financial controls and offers peace of mind that everything is in order.
How often you do your bank reconciliation is up to you, however we recommend that it is completed at least weekly, so that any errors are detected and rectified in a timely manner.
- Under the Accounts Receivable tab, click Bank Reconciliation.
- Select which Bank Account you would like to reconcile, then click Reconcile Account.
- Enter the Date you are reconciling up to.
- Enter a Statement Number.
- In the top right, enter the New Statement Balance, this is the total amount shown as the running balance against the last reconciled transaction.
- Click on each Transaction that matches your Bank Statement. If you come across an error, you can Double Click the transaction to fix the entry.
- If the entry needs to be voided, you can click Finish Later to close the reconciliation and amend the error. Any transactions that have been selected so far will still be selected when you return to complete the reconciliation.
- Once you have selected and matched every transaction to your bank statement, the Out of Balance field should be 0.
- Click Reconcile Now to complete your bank reconciliation process.
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