LawAccounting equips you with a robust Bank Reconciliation module to ensure the accuracy of your financial records. This process involves comparing your bank statement with LawAccounting data and resolving any discrepancies. Consistent bank reconciliations guarantee the integrity of your financial reporting and safeguard your firm’s financial health.
Initiating a New Bank Reconciliation:
- New Button: Create a fresh bank reconciliation record by clicking “New.”
- Import Button (Optional): Alternatively, import existing bank reconciliation data through the “Import” function.
New Bank Reconciliation Details:
- Bank Reconciliation Name: Assign a descriptive name for easy identification.
- Statement Ending Balance: Reflect the ending balance from your bank statement for the chosen period.
- Statement Start Date: Indicate the beginning date of the bank statement.
- Statement Ending Date: Specify the ending date of the bank statement.
- Bank Account: Select the corresponding General Ledger account for the bank account being reconciled.
Navigating the Bank Reconciliation Record:
Upon creating a new record, you’ll encounter three distinct tabs:
1. Reconciliation Tab:
- Summary View: This tab provides a concise overview of the reconciliation process, including the ending balance and any outstanding items.
- Transaction Matching: It displays a list of records like checks and deposits alongside their matched bank transactions, ensuring complete and accurate recording.
2. Records Tab:
- Detailed Transaction View: Here, you can scrutinize the specifics of each record, including date, amount, type, and involved parties.
- Matching and Clearance: This powerful feature helps you effortlessly identify matched records and clear them, streamlining the management of outstanding records that require attention.
3. Bank Transactions Tab:
- Imported Transactions: This tab showcases all bank transactions imported into LawAccounting.
- Matching and Record Creation: To match a bank statement transaction with a record in your accounting software, simply select both. If a match isn’t found, clear the transaction and generate a new record in LawAccounting to ensure proper accounting for all transactions.
Additional Functionality:
- Related Tab: Access detailed records of journal entries, receipts, and disbursements relevant to the bank reconciliation process.
- Details Tab: Track adjustments made to the bank reconciliation record’s fields throughout the process.
- Refresh Transaction Button: Update all bank transactions associated with the reconciliation.
- Generate Reconciliation Report: Create a downloadable PDF report for your reconciliation records.
- Clear All: Remove all records currently present in the bank reconciliation.
- Filter: Apply filters to refine your view of the records.
- Set Complete: Mark the reconciliation process as complete once all discrepancies have been addressed.
