The Summary tab includes three main sections. The left side contains information as it appears on the bank statement that is being reconciled. The sections on the right side provide a summary of your reconciliation. When you advance to the next period, the application automatically updates this summary information.
The Statement Summary section is meant to mimic the bank statement that is being reconciled. It, like most bank statements, has a section for deposits and other credits, and a section for checks and debits, with the amounts in these fields corresponding to the amounts on the bank statement. The Other bank items field allows for the entry of items that are not recorded as debits or credits on the bank statement. If all bank items have been recorded in the debits and credits sections, the Other bank items field should be left blank.
An X appears next to some fields when the amount displayed in the field matches the cleared amount on the appropriate tab.
The Unreconciled amount field displays the difference between the Adjusted Impound balance and the Bank balance reconciled. When the unreconciled amount is zero, an X will appear next to the field indicating that the bank account is in balance and the reconciliation is complete.
You can advance to the next period only when the account is in balance.
See also: Impound Bank Reconciliation Overview (diagram)
Fields & buttons
The fields in the Statement Summary group box display all of the basic summary information found on the bank statement.
Statement beginning date. Enter the statement beginning date. (Defaults to the day after the previous statement end date.)
Statement ending date. Enter the statement end date. (Defaults to one month after the previous statement end date.)
Beginning balance. For your first reconciliation for the impound checkbook, enter the opening balance shown on the statement. For each subsequent reconciliation, this field defaults to the ending balance of the most recently completed reconciliation for the checkbook.
Deposits & other credits. Enter the total amount of deposits and other credits as shown on the statement. When you have cleared the items for the exact amount of the bank statement, an X appears next to this field.
Checks & other debits. Enter the total amount of checks and other debits as shown on the statement. When you have cleared the items for the exact amount of the bank statement, an X appears next to this field.
Other bank items. Enter the total amount of other bank items. When you have cleared the items for the exact amount of the bank statement, an X appears next to this field.
Ending balance. The application automatically calculates the ending balance based on the above amounts.
The Bank Summary box displays information used in reconciling the bank balance with the impound balance for this checkbook. All of this data is calculated from the information on the other tabs in the Impound Bank Reconciliation dialog. If any of these amounts are incorrect, you must make your changes on the pertinent tab, not in this box.
Ending bank balance. The ending balance is calculated in the Statement Summary box, and flows automatically to this field.
Open deposits & credits. Displays the total of all deposits and credits that have been entered and have not been cleared.
Open checks & debits. Displays the total of all checks and debits that have been entered and have not been cleared.
Bank errors. Displays the total amount of any bank errors that have been recorded.
Note: To record a bank error in the reconciliation, go to the item in question on the relevant tab, enter the correct amount in the Clear for field, and select Bank Error from the bottom of the drop-down list in the GL account field. The adjustment amount for the bank error is not posted to the GL, and the bank error adjustment stays in the bank reconciliation as an uncleared item until the correction shows on the bank statement, at which point you can clear it.
Bank balance reconciled. Displays the total of the amounts above. The reconciled bank balance should equal the adjusted impound balance.
This box displays the summary information for impound amounts for this checkbook in the application. The Adjusted Impound balance should equal the amount of the reconciled bank balance.
Unadjusted impound balance. Displays what the application says you have in your impound account.
Adjustments. Displays the total amount of adjustments made in the current bank reconciliation.
Adjusted impound balance. Displays the adjusted total general ledger balance. This amount should equal the amount in the Bank balance reconciled field.
Displays the total unreconciled amount.
When this field goes to zero, the Advance to Next Statement button will be activated and a box will appear next to the Unreconciled Amount field signifying that the statement has been reconciled.
Advances the currently selected Impound checkbook to the next bank statement. This button is enabled only if the Unreconciled Amount field on the Summary tab is zero. (If this field is not zero, you must balance the reconciliation before you can continue.)
After you click the Advance to Next Statement button, the Recurring Adjustments dialog opens to allow you to add or edit any recurring adjustments. You can then enter the new statement information in the Statement Summary group box on the Summary tab.
Notes
- Prior to advancing to the next bank statement, you should (1) complete your current bank reconciliation, (2) print all necessary reports, and (3) export the GL transaction.
- Once you have advanced to the next statement, you cannot revert to a previous statement.
Related topics
The following special commands are available from the F3 or right-click context menu when the Summary tab of the Impound Bank Reconciliation dialog is active and are specific to the currently selected Impound checkbook only:
Bank Statement Import
Initial Open/Additional Items
Non-recurring Adjustments
Recurring Adjustments
View Worksheets
Delete Unadjusted GL Balance Override
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