Scroll

Bank Reconciliation

A Bank Reconciliation is a process of matching the balances in a company's accounting records with the corresponding bank statement. It's purpose is to detect any and all discrepancies between the company's accounting records and the bank's other than those due to timing differences.  It's extremely important to do bank reconciliation regularly to ensure recorded cash is correct, to avoid overdrawn fees, to keep a check on bounced, stolen or altered checks or any other fraudulent activities. With regular reconciliation, any unforeseen problem or error could be detected and resolved on time.

 

 

Download Bank Statement

To reconcile the bank statement in SlickPie, first, you have to download the bank statement from your bank. There are two ways to download bank statement:

  1. Link Bank
  2. Import Bank Statement

 

Click the respective links to see how you can get import the bank statements to your SlickPie account.

 

 

Bank Reconciliation

Once the bank statement is downloaded, you are ready to reconcile the bank statement.

 

1. Go to Accounts and click Bank Accounts.

 

 

 

2. Select the bank you are reconciling the statement for.

 

3. Click the Plus icon (+).

 

 

 

4. Go to Manage Account and click Bank Reconciliation.

 

 

1-final.jpg

 

5. As you click Bank Reconciliation, it will list the transactions into two sections:

  • Bank Statement Transactions - This is the transaction list downloaded from the bank statement.
  • SlickPie Transactions - This is the transaction list found in SlickPie against the bank statement transaction on the basis of amount, date and contact name.

 

6. To reconcile the transactions, click OK.

 

2-final.jpg

 

 

7. Once you click OK, it will reconcile the transaction and the transaction is moved from the list.

 

 

 

 

Find Transaction

If no match found for the transaction in SlickPie, you can search the transaction by entering the amount or the contact name in search field.

 

1. Click Search.

 

 

 

2. The system will try to locate all the transactions entered in SlickPie matching to the one as in Bank Statement.

 

 

 

3. Select the one that matches and click OK to reconcile.

 

 

 

4. Once you click OK, it will be reconciled and will automatically be moved to the reconciled list.

 

 

 

Reconciling multiple transactions

You can reconcile multiple transactions in SlickPie with single payment as it appears in bank statement. When reconciling to a single payment, simply select all the related transactions and once the amount matches, click OK.

 

 

 

Add Transaction

If you find no corresponding match in SlickPie after the search, you can add a new transaction.

 

1. Click Search.

 

 

 

2. Click Add Transaction.

 

3. Enter all the details as needed.

 

4. Once details entered are verified, click Save.

 

 

 

5. Once the transaction is saved, click OK to reconcile.

 

 

 

 

 

Make Adjustment

There could be times when you find a difference in amount between Bank Statement and Account Statement (SlickPie Transactions). The difference can be minor that could be adjusted while reconciliation.

 

1. Click Search.

 

 

 

2. Click Make Adjustment.

 

 

 

3. You will see the details including the difference in the amount, Reference, and Chart of Account. Click Adjust & Reconcile.

 

3-final.jpg

 

 

 

 

Incorrect search result

 

1. If you find the search result incorrect, click Search icon.

 

2. A message will pop up. Click OK.

 

4-final.jpg

 

 

3. The match will be removed and you can search the correct one by following the steps as mentioned in Transactions with no match.

 

5-final.jpg

 

 

Have more questions? Submit a request

Comments

Powered by Zendesk