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Big Red Book Accounts v5

Preparing to do a Bank Reconciliation

When you receive a bank statement and prior to starting the reconciliation you should:

1. Ensure that your have entered into the Cash Payments Book the details of all lodgements made, and

that your have entered into the Cheques Journal details of all cheques etc. written. Normally the sources

for these entries should be your lodgement slips and cheque stubs rather than the bank statement itself.

The reason for this is that your records should represent, as far as is possible, an independent check of

items that appear on the statement.

2. Scan through the bank statement to identify items which are not likely to already be in your records.

Details of bank fees and charges and possibly direct debits are typical examples. Update your records

with the necessary information e.g. details of bank fees and charges should be entered into the

Cheques Journal.

Ticking Items Cleared Through the Bank

The first task in actually doing a bank reconciliation is to identify outstanding items, i.e. transactions you

have entered in your records but which have not yet appeared on a bank statement. The importance of this

lies in the fact the difference between our balance and the statement balance should equal the total amount

of outstanding items. The simplest way to do this is to mark-off or “tick” those entries that do appear on the

bank statement.

1 Select Lookup/Bank Account or Setup/Bank Account

2 Highlight the

bank account required and double click, click on the

Ledger

button, or press Alt-L to

select.

3 The screen you should be looking at will be similar to this:

Note the following:



The

Balance

figure, near the bottom-right, represents the bank balance according to your records.

It is calculated as the opening balance, plus all lodgements entered, minus all cheques etc. entered.

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Red.com V5.1 Betriebsanweisung Seite 98