Free Accounting Software + Tax Returns, BAS, Bookkeeping and Payroll from Free Accounting Pty Ltd

Free Accounting Software Forum - Bank Reconciliation

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01/02/2012
I was wondering if there was the facility for the banking side of things in your program. I cant seem to find anything that will allow me to record deposits or do a bank rec.
01/02/2012
There is a bank reconciliation. Click on "Balance Sheet" then click on "Cash". You can then reconcile the account.

It's a good accounting practice to reconcile all balance sheet accounts. All balance sheet accounts can be reconciled in the same way. One method for all reconciliations is simpler I think.

The basic principle is to select amounts that add up to zero or balance to a statement amount. In the case of the bank rec you are balancing with a bank statement so you enter the statement date and balance at the top.

If you do it right the reconciled transactions are hidden. They can be displayed by setting the "from date" at the top.

Historical reconciliations are retained so that if you extract your cash account as at a year ago you will see the reconciliation as at that time.

Reconciling all balance sheet accounts will mean that when you click on balance sheet accounts like Plant and Equipment you don't, by default, see every piece of equipment you have ever bought and sold, you just see what you currently own.
 

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