Question

Manual Transaction Matching- Bank Reconciliation

  • 5 January 2023
  • 3 replies
  • 245 views
E
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How do I do Manual Transaction MAthng?

The company never used Bank Reconciliation  and we don’t have a Bank set up/linked to IFS.

We would love to do that soon, but first how do I reconcile just  by using Manual Transaction function.

I have cash transactions in there showing since 2019 but I only want to reconcile 2022. 

So i just take my bank statement and click boxes?  How do I get rid of all previous years’s data?

Also what do I enter as Reconciliation date? Do i enter month end for the period i want to reconcile - what is the function of that date?

 

Please Help???  thank you

 

3 replies

N
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Userlevel 7
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Hi @Emila75,

 

Please find the below steps for bank reconciliation (manual transaction matching).

  1. Open the ‘Manual Transaction Matching’ window.
  2. Select the account from the list for which you want to match transactions.
  3. Enter the ‘Reconciliation Date’ (Take the statement date as reconciliation date) and ‘Bank’ Balance (Closing balance on the statement)
  4. Look at the bank statement and select the ‘Match Transaction’ check box for each cash book transaction that matches a bank statement transaction and save the records.
  5. When all matching cash book transactions have been marked check the total amount of the ‘Unmatched cash transactions. This should be equal to the difference between the cash book balance and the bank balance (i.e., amount displayed in the ‘Difference’ field) once the bank reconciliation process is completed for the reconciliation date.

Hope these steps help you to perform the Bank reconciliation. I suggest you perform bank reconciliation for the previous years also. If not, you won’t be able to find the correct unmatched transactions.

 

Best Regards

Narmada

D
Rank
Badge +2

Hi @Emila75,

 

Please find the below steps for bank reconciliation (manual transaction matching).

  1. Open the ‘Manual Transaction Matching’ window.
  2. Select the account from the list for which you want to match transactions.
  3. Enter the ‘Reconciliation Date’ (Take the statement date as reconciliation date) and ‘Bank’ Balance (Closing balance on the statement)
  4. Look at the bank statement and select the ‘Match Transaction’ check box for each cash book transaction that matches a bank statement transaction and save the records.
  5. When all matching cash book transactions have been marked check the total amount of the ‘Unmatched cash transactions. This should be equal to the difference between the cash book balance and the bank balance (i.e., amount displayed in the ‘Difference’ field) once the bank reconciliation process is completed for the reconciliation date.

Hope these steps help you to perform the Bank reconciliation. I suggest you perform bank reconciliation for the previous years also. If not, you won’t be able to find the correct unmatched transactions.

 

Best Regards

Narmada

Hi Narmada, I have completed step 5 in these steps, but the reconciliation does not appear final as I do not see them in Cash Account Reconciled Transactions Analysis or Bank Statement Reconciled Transactions Analysis screens. Could you please advise how to finalize the reconcilation once the “difference” and “unmatched cash transactions” numbers equal each other? Thank you!

Neill M
Rank
Badge +2

Hi Emilia

You do also need to print the Bank Reconciliation reports, and with them being matched manually, then they appear in the Manually Matched Transaction Analysis screen.

Best Regards

Neil

 

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