Reconcile Bank Statements

Use the Reconcile Bank Statements screen to check your records against a bank statement. This allows you to note which checks have cleared, check for errors, and make adjustments.

Note: It is possible to import an electronic bank statement for reconciliation purposes (see Bank Import). When you import a bank file, the system will automatically compare the records in Compeat to the bank statement, leaving only any non-matching records to be reconciled manually.

To access the Reconcile Bank Statements screen, go to Transactions > Reconcile Bank Statements.

Enter the following information:

Click Proceed to continue.

Reconciling Statements

The Compeat records associated with the selected account will be displayed for the specified date range. Credits and debits are displayed separately.

Compare these records to your bank statement and check-off each credit and debit that has cleared, as indicated on your bank statement. You will see that the totals in the bottom right-hand corner will change as each item is selected.

Note: There is a field chooser on the top left corner of the Credit and Debits screen that has options to include some hidden columns: Vendor & Doc #’s on the Credits side, and JE Description on the Debits side.  This can be checked to show in the grids.

 

Verify that the following fields on the screen are correct:

  1. Credits Each credit that is displayed is one entered as of the bank statement date. Select each that is included on the bank statement. These will include checks that you wrote, and any journal entries that were credits to the cash account associated with this bank code. For example, if you use the Payroll JE feature, the credit to cash that accounts for the payroll checks that you wrote will appear in the bank reconciliation Credits section.  The View Report button at the top of the grid will print the associated report for any transaction highlighted in the grid.  This may be used to help research a transaction.

Note: Posted manual check transactions appear by their apply date, not document date.

Making Adjustments

If you need to make new journal entries to adjust the account balance for such things as interest, bank charges, and check charges, click the Adjustments button.

A screen similar to the following will appear:

Enter the following information:

Note: Credits to a cash account should be entered as negative numbers. For example, if entering a service charge, remember it is a credit to cash, so enter the dollar amount as a negative (e.g., "– 50.00").

When you are done making adjustments, click Save & Close.

Completing Your Reconciliation

Once your reconciliation is complete, click Reconcile; Compeat records the adjustment journal entries on the financial statements using the adjustments descriptions in the reference field. This causes multiple bank adjustments on the same date with different descriptions but the same GL account to be listed separately. The report generators for reconciliation detail and journal entry will open to give you the option to print a report of the reconciliation

Additionally, any checks that were selected in the reconciliation will now have a Cleared status on check registers (otherwise their status would be Marked or blank to indicate open).

If you want to stop temporarily and resume your work later, click Reconcile Later. Any changes made will be saved and the screen will close. When you return to the Bank Reconciliation screen, simply enter your bank code to continue.

To close the window and discard any changes you made (for example, if you have discovered a major error and would like to start over), click Abandon.