Cash Reconciliation

No accounting application would be complete without the ability to balance your cash accounts with the bank. Bizuno has a very powerful tool to do just that. Keeping your books synchronized with you bank is also a good check and balance to assure your entries are properly posted. You should balance with the bank every month.

TIP: If you choose to use bank reconciliation, make sure you reconcile with the bank EVERY month. This is important as every month is dependent on the preceeding month. 

Understanding the Reconciliation Screen #

Upon entry into the Bank Reconciliation screen, your default cash account and current period will be displayed. At the top of the page is the navigation choices to change the cash generla ledger account and/or period. On the right side of the toolbar is a field where your starting balance needs to be entered. 

The center of the datagrid contains summary information grouped by reference. If there is more than one entry for a given reference, an arrow will be displayed by the amount where the row can expanded. 

The bottom of the datagrid displays the summary information for the account. Open deposits/withdrawals, gl balance and balance are displayed. Upon successful reconciliation with the bank, the unreconciled difference should be zero.

Balancing with the Bank #

  1. Enter the bank statement ending balance.
  2. Check off all transactions that cleared during the bank statement period. 
  3. Once all cleared transactions have been checked, the balance at the bottom of the screen should be zero.

Importing Bank Statements #

Currently there are no modules to assist with importing/reconciling bank statements. Please check back or search the PhreeSoft Store.

Tips and Tricks #

  • If a transaction is edited and re-posted from a prior period, the transaction may be unchecked as cleared. In this case, you should go back the the period that transaction cleared and re-check the box. This will keep all cleared transactions in the proper bank statement period.
  • If your credit card processor runs a batch at the end of the day with all transactions (like Converge), Use the same reference all day so the transactions group together properly. Doing this will greatly speed up the reconciliation process every month.

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