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Reconcile the Bank Account (#ACTRBA01)

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20101122 (Andy)   Pro, MultiUser, MultiSite, MultiView   Self Storage EditionMarina EditionVault Edition   7.X (and higher)   Video

Reconcile the Bank Account

StorMan has the ability to match its transactions with the ones in your bank account, so that you can reconcile the two.

 

How to Reconcile the Bank Account

  1. To access the bank account reconciliation screen, select the Accounting, then Reconcile Bank Account.
  2. Enter the date of your bank statement, followed by the statement's closing balance.
  3. Click OK. The reconciliation process will begin, as shown below...reconcile Bank Account
    • Add Other Trx allows you to enter a transaction that may appear on your bank statement, but not in StorMan. This is often used for entering bank fees and charges - so you'll need to ensure you have an item in your Chart of Accounts (find out more: #ACTCOA01) for bank transactions - otherwise StorMan will have no account to assign these types of charges to. Clicking this button will open the screen shown below (please refer to the next screenshot; below).
    • Double-clicking on a record in the table allows you to see any sub-transactions that the line-item may encompass.
    • Banked shows StorMan's date banked for the corresponding transaction.
    • Description shows the description entered by the operator at the time the transaction was taken / input into StorMan.
    • Withdrawal & Deposit show any amounts relating to this transaction, while the 'Balance' column shows the running balance as at that transaction.
    • The Rec date column is the date that the transaction will be Reconciled for.
    • You will need to tick the Presented checkbox if this transaction has been presented on your bank statement.
    • Confirm closing balance confirms the balance and closes the reconciliation screen. You will only be able to close this screen if the balance in StorMan matches the balance on your bank statement. any discrepancies are shown in the 'Difference' field at the bottom of the screen.
  4. Click Add Other Trx to add a transaction. The following dialog will appear...Add Transaction
    • Facility code, User login and Receipt number are pre filled by StorMan.
    • Date allows you to enter the date of the transaction that you're about to add.
    • Analysis code lets you select the analysis code (more about Analysis Codes: #ANLWAC0) by which to file (or categorise) this charge.
    • Use Details to add some information about the transaction you're entering.
    • Amount is used to enter the amount for this transaction. Use the dropdown to the right to select whether this transaction is a withdrawal or a deposit from your account.
    • Date fields at the bottom of the screen are pre filled by StorMan and refer to the bank and reconciliation dates of the current bank reconciliation that you are performing.
  5. Click OK to add the transaction, then Confirm closing balance to confirm the balance and close the reconciliation screen.

 

Video:

On Monday November 22nd, 2010 we held a free StorMan PowerSession webcast on the topic of the Bank Reconciliation Module. You can download / view the webcast recording below...

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