In this guide, we will show you how to Reconcile a Bank Statement in Bromcom Finance.
Access: The minimum permissions required to Reconcile a Bank Statement are found in the Finance Module section of Config > Setup > Roles & Permissions.
Pre-requisites: In order to Reconcile a Bank Statement, a Bank Account is required by the Finance Module.
Related Guides:
To begin, go to Modules > Finance > Finance Home Page > Routines > Bank Reconciliation.
To start a new Reconciliation, select the Add Statement button.
Enter the details in the left-hand side pane as follows:
- Bank = Select the bank account to reconcile where there are multiple bank accounts available
- Statement No. = System calculated number. This can be overwritten if desired
- Date = The date is automatically entered as today’s date. This can be changed to a previous date, if required, but it cannot be changed to a future date
- From Statement = check the auto-filled statement opening balance carefully, considering if this agrees with the system calculated balance taken from the last closing statement value
- From Statement = Enter statement closing balance
To Reconcile the Bank Statement, match the individual items on the Bank Statement to those listed under Unreconciled and tick the tick box.
The Actions button can be used to select Reconcile All, Unreconcile All, or Invert Items, making it easier to select items to be Reconciled.
The Show dropdown changes what is displayed in the table between Both, Reconciled or Unreconciled.
When all of the Transactions in the Bank Statement have been matched to those listed in the Unreconciled Transactions Table, two options are available: Save & Refresh or Complete Statement.
Either click the Save & Refresh button to save and refresh the statement without going through the balance checks.
Or click the Complete Statement button to save the statement and have the system check the opening and closing balances.
A Reconciled Statement will have a Zero Running Difference.
If the Closing Balance From Statement does not match the Running From Statement, this will result in a Non-Zero Running Difference.
When the Reconciliation is saved through clicking the Complete Statement button, the Closing Balance on statement different to expected warning is displayed.
Select Continue to Save. An incomplete or unbalanced Bank Reconciliation will result in an Opening Balance and/or Closing Balance that is highlighted in red under Overview.
Here, the Closing Balance is highlighted in red and there is a small Information Symbol above and to the right of it. There is also an Exclamation Mark in the statement line on the left, indicating an imbalance.
Clicking on the Information Symbol shows the Comments.
The Difference may be due to a Mistype, or it may be due to a Missing Transaction. The Statement can be reopened and adjusted by highlighting it and clicking Adjust.
If the Difference is due to a Mistype, locate the error and make the correction.
If it is due to a Missing Transaction, a Journal for that transaction can be added. The Bank Reconciliation page gives a link to the Manual Journal Processing page. Click on the Add Journals button to open the Manual Journal Processing page. For help with Journals, see: How to Manage Journals.
Once the Mistype has been corrected, or the Missing Transaction(s) added, and the Difference is zero, return to the Bank Reconciliation – Statement List page. Highlight the Statement and click on the Information Symbol. A pop up opens where the Comment can be Cleared by clicking on Clear Comment.
Returning to the Bank Reconciliation – Statement List page, the Exclamation Mark, the Closing Balance in Red and the Information Symbol have been cleared.
