Bank Reconciliation

Modified on Thu, 09 May 2019 at 12:19 AM

When you receive the bank statement for your company's bank account, you usually will want to check that the bank details are matching with your account records in the system to ensure proper book-keeping. Here is how you can do bank reconciliation with Biztory.

  1. First, you need to set up which accounts you wish to reconcile. Go to Cashflow > Wallet from the main menu and choose to edit an account. Tick the checkbox "Do bank reconciliation for this account".

  2. Now you can start doing bank reconciliation by going to Cashflow > Bank Reconciliation
  3. You need to select a statement date and an account to reconcile.
  4. Now you can compare your Bank Statement details with the system's records. Tick the checkbox to mark a record as reconciled.
  5. Under the account records table shows your account balance in the system after reconciliation. You should key in statement balance (as stated in your Bank Statement) here to see the difference between the two. Note: A proper bank reconciliation should always result in zero difference.
  6. Hit the Save button to save all changes.
  7. You will most probably encounter some records that are not booked in the system which results in a difference the Statement Balance and System Balance. These records usually consist of bank charges and bank interest. You can create Expenses for bank charges and/or create Journals for bank interest to make the system balance tally with your bank statement. Don't forget to reconcile these records too.
  8. Lastly, you can print out a Bank Reconciliation report.

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