The bank reconciliation feature allows you to reconcile the balances between the bank accounts and BrightBooks on a date you specify. You can review and reconcile balances and un-presented lodgements, if applicable. You can perform multiple reconciliations on various dates. This topic gives you the steps to reconcile your BrightBooks and bank statements and assumes you have already recorded at least one transaction on BrightBooks. Click the links below to complete the reconciliation.
- Reconciling Records
- Enhanced Description Display in Bank Reconciliation
- Viewing Reconciliation Record Details
- Removing a Reconciliation Record
Reconciling Records
To reconcile records, complete the following steps.
- Log in and click the required business.
- The Customers page appears. Click Banking > Bank Reconciliation.
- The Bank Reconciliation page appears. To start setting up reconciliation, click [New].
- The New Bank Reconciliation window appears. Enter the following details.
FIELD | STEP |
---|---|
STATEMENT DATE | It displays the value of the General Ledger for that bank account up to the statement Date. You can set the statement date up to 5 years beyond the current accounting period. |
BANK ACCOUNT | An account with which the BrightBooks balance will be reconciled. |
OPENING STATEMENT BALANCE | I have the opening balance, as on the statement date you specified. |
CLOSING STATEMENT BALANCE | The closing balance is as of the statement date you specified. |
NOTES | Additional notes, if applicable. |
5. To open the entered details, click Open.
6. The Bank Reconciliation page appears. The table below describes the various fields.
FIELD | STEP |
---|---|
A | Displays the name of the Bank Account along with the Statement Date. |
B | Displays the value of the General Ledger for that bank account up to the statement Date. |
C | Displays the value being entered on the New/Open Bank Reconciliation Form. |
D | Displays the un-presented payment which will be deducted. |
E | Displays the un-presented payment which will be added. |
F | Displays the difference between Un-presented Payments and Un-presented Receipts. |
The transaction records are organised from the oldest in the top.
To move any particular transaction to the top, tick the tick box of the transaction. After that, if you tick any other transaction record, it is listed immediately
If two receipts or payments values are recorded on the same date, the one with the smaller value comes up first.
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7. To find out if there is a difference between the reconciled balance and BrightBooks balance, tick Select All.
8. The difference is displayed under the Difference heading.
9. If you are happy with the reconciliation, tick Bank Reconciliation Complete, and click Save.
10. The Confirmation Message window appears. Review the message and click Yes, if applicable.
11. The Bank Reconciliation page appears. The Status column shows the current status of the reconciliation.
Enhanced Description Display in Bank Reconciliation
We have implemented a significant improvement to the bank reconciliation process, specifically in the way transaction descriptions are displayed. This update aims to provide more comprehensive information at a glance, making the reconciliation process more efficient and informative.
Previous Display:
In the past, the description column in the bank reconciliation table showed only the customer or supplier name or description for payments and receipts.
New Enhanced Display:
The description column now offers more detailed information:
- For Customer Receipts and Supplier Payments:
- Format: [Customer/Supplier Name] - [Notes/Narrative]
- The customer or supplier name is now followed by a hyphen, then any associated notes or narrative text.
- This combined display allows for quick identification of the transaction party while providing additional context.
- For Non-Customer Receipts and Non-Supplier Payments:
- Only the notes and narrative text will be displayed.
- This change ensures that relevant information is still available for transactions not directly linked to a customer or supplier.
Benefits of This Update:
- Improved Context: Users can now see transaction details without navigating away from the reconciliation screen.
- Enhanced Efficiency: The additional information helps in quicker identification and matching of transactions.
- Better Clarity: Distinguishing between the party name and additional notes provides a clearer overview of each transaction.
This update is designed to streamline the bank reconciliation process, providing you with more information upfront and reducing the need for additional lookups or cross-referencing during reconciliation tasks.
Viewing/Editing Reconciliation Record
To view/edit a specific reconciliation record, complete the following steps on the Bank Reconciliation page.
- On the Bank Reconciliation page, click the dropdown icon beside the row you want to view.
- Click Open.
- The Edit Bank Reconciliation window lets you edit the Statement Date, Bank Account, Opening Statement Balance, Closing Statement Balance and Notes. Click Save to open the Bank Reconciliation window.
- A new feature has been introduced that allows to edit the detailed table for Bank Reconciliation. Click on the pen icon to edit the payment entered.
- The page gets directed directly to the Edit Quick Payment window which lets you edit the required details.
- Click Save to update the details.
Removing a Reconciliation Record
You can remove an unreconciled record. To remove a record, complete the following steps.
- Log in and click the required business.
- The Customers page appears. Click Banking > Bank Reconciliation.
- The Bank Reconciliation page appears. To remove, click the 'drop-down' icon for an unreconciled record and from the menu, click Delete.
- The Confirmation Message window appears. Click Yes.
- The Reconfirmation Message window appears. Click [Yes]. The record is removed.