When all your bank accounts have been reconciled individually you can Reconcile All Banks to provide a comprehensive check on the bank position.
Go to Bank/Reconcile All Banks
- Enter the Audit Date. The date you select will determine which transactions are counted in the top half of the report (related to the accounts) and which unpresented cheques (if any) are counted in the bottom half of the report (relating to the bank statements). The report will always run from the start of the financial year up to the date you enter.
- Your bank accounts will show in the list below. Click into Date and enter the dates of the statements you have reconciled.
- Click into Bank Statement Amount and enter the figures from the statement and the latest balance for the Petty Cash account (if relevant). Choose Save & Next.
- Click Main Report and choose View Report.
- This will show the opening balance (as at 1st April) which is then adjusted for receipts received and payments made in the period which the report has been run for to give a Cash in Hand figure as per the Audit Date entered (A).
- The bottom section of the report takes the total of the bank statements and adjusts for unpresented cheques (both receipts and payments) to give an adjusted bank balance (B).
- These figures should balance. If they do it will state A = B Checks out OK.
If the accounts do not reconcile to the statement see here Why don't the accounts reconcile with the bank?