Bank Reconciliation

 
Welcome to AlignBooks. We are happy to have you on board. In this help studio tutorial, we will explore the Bank Reconciliation preparation options. 
 
Before we begin, let us understand about the need of Bank Reconciliation and the relevance of this particular activity.
 
Bank Reconciliation is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified.
 
There are two methods for Bank reconciliation :
1. Through Bank Statement
2. Manual
 
 
Let’s now understand how to make Bank Reconciliation Through Bank Statement in simple steps;
 
 
Bank Reconciliation
 
Let’s now check the option to reconcile - Through Bank Statement;
 
1

Bank Ledger

1. Bank Ledger : Select the Bank Ledger from the drop down list for which you want to reconcile.
2

Status

2. Status : Select from the drop down list to view uncleared or cleared transactions.
3

Branch

3. Branch : Select the Location / Branch from the drop down. 
4

From Date

4. From Date : Enter the Date from which you want to display the data for selected bank. By default, the system will take the current date. You can also pick a different date by just clicking on the calendar function.
5

To Date

5. To Date : Enter the Date up to which you want to display the data for selected bank. By default, the system will take the current date. You can also pick a different date by just clicking on the calendar function.
 
Click on the "OK" button will fill the data in below table to identify the Vouchers and existing Bank Statement data in respective columns.
 
6

Download Statement

6. Download Statement : Click on this button, if your bank ledger is integrated with ICICI Bank and Alignbooks will download your bank statement directly from ICICI Bank for the period selected.   
Note : Alignbooks will ask for One Time Password (OTP) to fetch the details from ICICI Bank.
7

Auto Reconcile

7. Auto Reconcile : Click here to auto reconcile the bank statement with the Alignbooks Bank Ledger based on the cheque number, Amount and reverse debit credit logic.
8

Delete Statement

8. Delete Statement : Click here to delete the Bank Statement for the selected period, which is already downloaded in Alignbooks.
Note: All reconciled for the selected period will get unclear again.
9

Upload Statement (Excel File)

9. Upload Statement (Excel File) : Click on this button to Import Data and select a file from which Data is to be imported. Click here “Import Utility”, to know more about this utility.
10

Detail Grid

10. Detail Grid : System will display all unclear voucher here.
11

AB Serial Number to reconcile

11. AB Serial Number to reconcile : Under this column, enter the serial number of the Detail Grid for the transaction which you want to reconcile from this bank statement entry. System will validate the cheque Number then Amount and reverse Debit Credit for the selected transactions in both grid.
All reconciled entries will be marked in "Red" color automatically.
12

Add Voucher to Books

12. Add Voucher to Books : Click on this button to create new voucher for this entry from the bank statement. System will open a separate window which
will appear like this;
You can select Location / Branch and Ledger in which this entry should be posted, Enter the remarks if any and click on OK button to save the details. System will post the entry and auto reconcile this new voucher.
13

Save

13. Save : Click on this button to save the Bank Reconciliation.
14

Clear

14. Clear : Click on this button to clear all values.
 
 
 
 
We hope you enjoyed this tutorial. Please give us a call for further help.  Happy Aligning!
 
 
 
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