Bank Reconciliation Explained

Summary

A Bank Reconciliation should be done every day. A bank reconciliation is a match-up of your bank statement and the transactions in Palace.

  • Go to Financial
  • Click on Reconciliation
  • Enter your closing balance from your bank statement, this is normally the bank statement from yesterday, as we always receipt a day behind our selves
  • Make sure the date presented is correct. This is the date of the bank statement you have just receipted from

Note: This area is very date-driven - so be careful with your dates.
bank_reconciliation.png

  • On the right-hand side, you will see a list of payments and receipts. These are transactions done in Palace, they are then matched against what shows in your bank statement
  • There are 3 options to how you see those transactions, there is a drop-down on the top right-hand side of the screen. You can choose from:
    • No Batching - All Unpresented Transactions - This means each transaction shows separately on the screen
    • Batch - All Unpresented Transactions (High Volume) - All receipts for one date will be batched together and all payments batched together. Ideal for large portfolios
    • Batch - Group all Tenancy Receipts
  • Now you are ready to reconcile
  • Looking at your first transaction on your bank statement, find the matching transaction in the Unpresented Tab
  • Tick the selection box of all the items
  • Click on Present (top of the list)

Bank-rec-explained.png

  • Keep going until you find all the transactions you want and then click Process
  • The transactions will now pop down into the bottom screen under the current date
  • Click on the Presented Tab

Note: The presented tab will show in Date. I.e., everything presented on the 1st will show under the line dated the 1st and so on. If you need to go and have a look at anything presented that day, click on the > and it will open up the list for you.
Bank_Rec_Presented.png

Once all your presenting has been completed, you should reconcile. It will show as 0.0 at the bottom of the screen. If you do not reconcile then you need to go back through and tick it all off. There is a help file on this

  • 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
Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments

Article is closed for comments.