How do I reconcile bank accounts?

 

aACE provides a bank reconciliation tool for easy account balancing.

Navigation: Accounting > Bank Reconciliation.

Reconciliation Step-by-Step:

  1. Start by clicking the New button on the aACE menu bar.
  2. When the new reconciliation screen appears, do the following (see sample below):

    Bank_Recon_setup.png

    * Select the account you wish to reconcile.
    * Enter the statement date as shown on the statement (format as mm/dd/yyyy).
    * Enter the ending balance shown on the bank statement.
    * Click the link on the screen to "Build/Refresh Statement Items".
     
  3. Reconcile the items displayed on the screen against the items appearing on the bank statement. Clear the items listed on the screen by clicking the check box in the Cleared column.
  4. Click the blue Totals button (at the botton of the list) to calculate / recalculate the totals shown on the screen.

    Bank_Recon_Balanced.png


  5. Review the reconciliation totals shown in the box at the bottom of the screen. Your account is in balance when the Reconciliation Error shows zero.
     
    Note: You can create additional transactions such as general journal entries during the balancing process, if necessary. When you return to the bank reconciliation, click "Build/Refresh Statement Items" to refresh the screen and show the new entries.  
  6. Click Save to save your work.  A dialog box appears.

    Dialog_Clear_Statement.png  
  7. Click Not Yet to save your work but leave the reconciliation in pending state.  Click Clear to complete the reconciliation process.

 

Additional Tasks

Print reconciled statement reports

Navigate to the reconciliation detail screen for the report you wish to print, then click the Print button on the aACE menu bar. 

Edit pending statement

Navigate to the reconciliation detail screen for the report you wish to edit, then click the Edit button on the aACE menu bar. 

Note: Only pending reconciliations can be edited.

Void a cleared statement

Navigate to the reconciliation detail screen for the report you wish to void, then click the Actions menu on the aACE menu bar and select Void

Note: Only pending reconciliations can be voided.

Delete a pending statement

Navigate to the reconciliation detail screen for the statement you wish to delete, then click the Delete button on the aACE menu bar. 

Note: Only pending statements can be deleted.

 

Automating Bank Reconciliation

aACE does not support automatic bank reconciliation out-of-the-box due to the complexity and range of digitized bank feeds originating from banking institutions. If your bank does offer an API that aACE could potentially integrate with, please consult your aACE programmer.

Alternatively, if your bank offers a digitized bank statement you can use the bank statement import feature by selecting "Import Bank Statement" from the Actions menu while in edit mode.

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