Reconcile the Check Register (AV 2017 and later)

When you receive, or download, your account statement from your bank you can use the Reconcile function to compare the Bank Statement (bank balance) with your checking account in AcctVantage (book balance) and update your records accordingly.

 

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Download the AV 2017 Check Reconcile Report/Export from the link below.

Install via the Action Menu on the Administration > Scripts screen while logged in as Administrator.

1. Open the Check Reconciliation window

Navigate to Accounts Payable ➤ Reconcile. (In the next window you'll be prompted to enter a Statement Date and select the checking account to Reconcile.)

Open the Check Reconciliation window

2. Select the Account to Reconcile

General Ledger accounts designated with the "A - Checking" Setup Type will be available for reconcile via this process.  To reconcile any other GL account, please go to General Ledger > Reconcile

Select the Account to Reconcile

3. Reconciliation Window

In the Reconciliation window you will see only transactions (e.g. Checks, Deposits and Journal Entries) that affect the selected bank account.

Note: This is different from the Check Register where you see transactions that affect all bank accounts.

 

Posted Balance reflects the General Ledger Account balance

Real-Time Balance reflects all Check Register entries, without regard to Posting.

For example, an AR Receipt that has been posted, but not yet included in a batch deposit would result in the GL Balance being higher than the Real-Time Balance.  Once the Batch Deposit is created, a Register entry is made and the Real-Time Balance is updated.

Another example woud be a Quick Check that has been entered on the Register but not yet posted. This would cause the Real-Time and Posted balances to differ.

4. Mark Transactions as Cleared - Manual Process

Compare the items from your Bank Statement (checks/withdrawals/other debits and deposits/other credits) to the list on your Reconciliation screen.

  1. Before clearing items, you must first enter the Statement Date and Statement Balance. This can come from your bank statement, or can refer to whatever date you are reconciling to.  Many AV users choose to reconcile their accounts more frequently than their monthly statements.
  2. Select the transactions that have cleared the bank by clicking on them to highlight.
    • Pro tip: Check the Single-Click to Clear box to automatically mark selected items as cleared, then you can skip step 3!
  3. Once you have highlighted items to clear, click the Clear Selected button.
  4. When items are marked as cleared, the total Deposits, Withdrawals and Cleared Balance values will be updated.  The Difference value represents the amount needed to reconcile to match your statement.  If Difference is $0.00, then your cleared balance and statement balance agree.

4.1. Importing QFX File

Many bank websites provide an option to download a QFX file for import into accounting systems.  If your bank allows it, this can save considerable time in processing your reconciliation.  Follow this link to review the QFX import process.

5. Unmark Transactions as Cleared

If you make a mistake in marking transactions as Cleared, you will want to remove the Cleared status prior to reconciling.

  1. Highlight the transaction(s) that need to be Unmarked as Cleared.
  2. Select the Unclear Selected button.
  3. All values for the session will be updated at this point.

6. Saving an In-Process Reconcile Session

Depending on your preferences or workflow, you may wish to mark items as cleared but not yet reconciled.  You can save a reconcile session by clicking the DONE button.  AcctVantage will automatically load an in-process session (Current Session) when you return to the Reconcile screen.  In this manner, you may "clear" items throughout the month, and then reconcile once the statement arrives.

7. Reconcile and Update Statement Balance.

When your DIFFERENCE is $0.00 and you wish to update your Last Reconciled Balance (statement balance), simply click on the Reconcile button.  AcctVantage will save the reconcile session, updating the Last Reconciled Date and Balance.

8. Reviewing a Previous Session

If you have a need to review a previous statement or reconcile session, use the pull down menu in the Previous Reconcile Sessions area.  Once selected, AcctVantage will load the items that were marked as cleared during that session.  The Last Rec. Date, Balance, Cleared Balance, etc. will all reflect the data for the chosen session.  (Note: AV will begin recording sessions in version 2017, reconciliations entered prior to this release are not available.)

Reviewing a Previous Session

9. Correcting or Deleting a Reconcile Session

If a mistake has been made while reconciling, you can easily Undo Last Reconcile to make a correction.

In the Previous Reconcile Sessions area, use the pull down menu to select the most recent session (you can only undo the most recent, but you CAN undo several sessions in sequence!). Once selected, AcctVantage will load the details of the session for review. If you wish to roll back that reconciliation, simply click the Undo Last Reconcile button.  AcctVantage will reset the Last Rec. Date and Balance, Cleared Balance and Difference values.  At that point, you can recreate your reconciliation as if it had never happened.

 

Correcting or Deleting a Reconcile Session