Bank Reconciliation

With Eclipse you can complete your bank reconciliation by uploading your statement directly from the bank. It will then automatically tag all presented cheques. Any unreconciled items are transferred to the adjustment tab, where you can create a journal which appears in Journal Entry. This option is used to flag cheques as presented, flag posted journals and add bank adjustments to balance the GL Bank Account to the bank statement.

Before you reconcile your Bank, the golden rule to remember is to check that it still balances from your last reconciliation. It is also a good idea to make sure that all cheques, deposits, bank fees, journal entries, etc, that will affect this reconciliation are entered into the system and posted. If they are not you can still reconcile the bank by entering these as adjustments which you can then create an automatic journal from.

Important:

Make sure the bank is in balance before reconciling any new items. Both figures at the bottom of the screen should match.
If importing bank transactions, before reconciling make sure the bank transactions total at the bottom matches the bank balance. It will not import any transactions with the same date description and amount, so it may omit a transaction. If so, slightly change the description and paste back in.
If importing transactions, it is a good idea to change the description of a transfer to the cheque number or transfer id. That way auto will reconcile these items.

Bank - If you have more than one bank account, only select the correct one.
Statement Balance - Ending balance of the bank statement.
Presented Date - Date the cheque was banked on statement. This date will appear in invoice inquiry and cheque history.
Bank Balance - Total in bank control account code (total in bank).
Show - Unpresented: All cheques that have been Cheque Register Posted.
Presented: All cheques that have been tagged in Unpresented and not yet posted.
Cancelled: All cheques that have been cancelled through cheque history/cancel, re-issue

Cheques Tab

This tab lists all un-presented cheques. Any cheques that do not appear here but are on your bank statement is a reminder that you have probably not processed and posted these cheques or entered manual cheques

Journal Tab

This tab lists all journals that have a credit entry against Bank Control Account. From here highlight journal entries that have been presented as in Cheque Tab.

Adjustments Tab
Use this tab to balance bank statement. Manually enter any bank fees or cheques that have not been entered or posted in system. If you are using Bank Transaction file all entries on bank statement that do not have a cheque number or cheques that are not posted in the system will be uploaded into this tab.

Create Journal - This button automatically creates journals in Journal Entry from items selected. You can individually select entries, then post them through, entering in code to which entries will be debited to.

Bank Transactions Tab

Entries will only appear in this tab if you do an upload from the bank. To automatically do Bank Reconciliation click the Reconcile button. This will flag all presented cheques and copy all other entries into Adjustment Tab.

Manually Reconciling Bank

1. Select the correct bank account from the Bank drop-down menu.

2. Enter the statement balance

3. Double-click each transaction applicable to the statement, this will create a tick mark to include the record in the reconciliation. Use the tabs to find the transactions under their appropriate category (i.e. cheques, journal, adjustments). While the transaction is highlighted you can also change the presented date if necessary.

4. Once you have ticked all the transactions, the Variance should equal zero. If it does not, double check all of your work.

5. Run any necessary Reports

6. Post the reconciliation

Uploading transactions from the Bank

1. First you will need to download the bank statement in an excel or csv file. Please consult the bank for instructions on how to do so. The file needs to contain at least 3 columns (date, description and amount). If you have the CHQ number followed by a "-" it auto reconciles with that CHQ number. The Cheque number will have to be listed in front of the description.
Note: The maximum lines that can be pasted at a time is 150

2. In the Excel file, highlight the data you would like to copy.

3. In Eclipse from the main menu bar select Accounts Payable > Bank Reconciliation, then select the Bank Transactions tab.

4. Select the correct bank from the drop-down menu. Then right-click in the white area of the window and select Paste.

5. Once the transactions are in, the Statement Balance should be changed to what shows on the bank statement or bank at the end of the day.

6. The Variance is the difference between the Bank Transactions total and the Statement Balance. Should be zero before reconciling.

7. Then by clicking the Reconcile button, the CHQ numbers on Cheque tab will be automatically updated with the bank transactions if they match. All non-matching will go to Bank Adjustments tab where they can be matched by ticking the Presented button.

If a transaction appears in the Bank Adjustments tab but is already in the Cheques tab it can be deleted from there. In this instance you would return to the Cheques or Journal tab and manually tick the item as reconciled to net the two entries to zero.