Bank reconciliation explained

  • Click on Reconciliation - Left hand side menu
  • Enter in your closing balance from your bank statement and click OK
    NOTE: the Opening balance will match your final close off balance from the previous End of Month and cannot be changed.

  • This area is very date driven - so be careful with your dates.
  • Showing in the top half of the screen is the unpresented items (transactions that have not yet shown on your bank statement)
  • Showing in the bottom half of the screen is the presented items (Transactions that have shown on your bank statement so have been moved and "Presented" down)
  • Depending on your settings, when you receipt from your bank statement or import your bank statement, those transactions will be 'auto presented' because Palace knows they are already in your bank account.

  • Reconciling for the day: Change the date on the right hand side to match the date of the statement that you are reconciling - Normally yesterdays date.
  • Then looking at your first transaction on your bank statement, find the matching transaction in the Unpresented area (Top screen) in Palace. Highlight the transaction, right click and click on Present. The transaction will now pop down into the bottom screen under the current date.

Note: You can present more than one transaction at a time. To Present in bulk click on the first one and hold your "shift" key down and then highlight the last one, right click and click on present. Or: You can select them by using the "Ctrl" key, this allows you to select transactions that are not bunched together, then right click and click on Present.

If you do highlight a whole selection, check on the side panel to check the amount adds to the same as what you need i.e Owner Payments: Highlight all the owner payments, then check the amount against the amount on your bank statement before presenting to make sure the amount is correct

Once all your presenting has been completed, you should reconcile (both amounts are in blue) If you show a red amount it means that you do not balance and you need to work out why. See below for troubleshooting.

When reconciled - Click on reports - Print out the Summary report to put with your bank statement, some people also print out the Presented Items Report.

Note: There is a setting in Palace that allows the receipt transactions to automatically present, if you have done the receipting and you cannot see your receipts in the unpresented screen, check down the bottom under the relevant date as they may have autopresented.

 

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