This tutorial will take you through how to complete a bank reconciliation. You can view this in full screen and have the option to Try It (click through the tutorial), View It (a scrollable format), Watch It (watch the tutorial), or Print It (which gives you a PDF to download... the choice is yours! Click Start
This tutorial will show you how to complete your bank reconciliation in Palace
1. To reconcile, you will need the closing balance from your bank account. In Palace, click on the Financial Menu
2. and select Reconciliation
3. Click into the Closing Balance, this needs to be updated to the closing balance you are reconciling to
4. Type in our new closing balance of $7853.23 and then select the presentation date
5. The presentation date will default to yesterday's date so most of the time you will not need to alter this, however we are reconciling for the 19th so we need to select the 19th
6. Now that we have updated the closing balance you can see we have a difference in our reconciliation. The red balance means we are not reconciled. As we present our transactions off in Palace, this balance will change
7. To successfully reconcile we need to match off what we have done in Palace to what has happened in your bank account. You would present off all receipts and payments here that show on your bank statement. Select all the receipts in the list
8. All of these receipts show on my bank statement, and there are no payments. Select Present to present off these transactions
9. You will now see that the difference is $0 and we have successfully reconciled for the 19th. It's best practice to enter your receipts and reconcile every day. The longer you leave between reconciliations, the more chance of coming across issues
10. Now that we have reconciled we can print or download a bank rec report. Click Reports
11. You can print the bank rec reports that you prefer. We recommend producing the Daily Summary each time that you reconcile during the month to show that you have successfully reconciled for that day. Click Bank Reconciliation Daily Summary
12. Click to change the date which we are reconciling to
13. In this instance we are reconciling to the 19th
14. Click generate
15. This report shows us key information such as transactions numbers and dates, unpresented totals (if any), our opening balance that we started off with, as well as our current balance. Most importantly it shows us that the System is in Balance
16. You can print or download this report with these icons, or you can also right click on the screen to save or print
17. Click to close out of this report
18. and Cancel to close out of the report screen
19. That's it! We've successfully reconciled.
If you need to find your reconciled transactions at any stage, you can find them by clicking on the presented tab
20. This will show you all of the different days you have completed a reconciliation. To see a breakdown of transactions for a certain date, click on the arrow. This is helpful if you present a transaction accidentally and need to unpresent it.
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