Bank reconciliation is part of life as a small business owner. It keeps your bookkeeping accurate, alert you to fraud, and allow you to track cash flows. So how do you do it?
1. Get bank record You need bank transactions from the bank. You could get that from a statement, from online banking, or by having the bank send data straight to your accounting software.
2. Get your record: Open your banking transactions from Quickmas bank ledger. Here show all unreconciled mark as unrealize and uncleare
3. Reconcile all deposited: Your bank ledger shows unreconciled deposited transactions with a button Realize? or Bounce? find those entries from bank statement and click the realize button to realized amount. If can't found, customer payment might have bounced so confirm the bounced from bank info and click the Bounce button to update the bounced record in your ledger.
4. Reconcile all withdrawals: Your bank ledger shows uncleared withdrawal transactions with a button Clear? or Bounce? find those entries from bank statement and click the Clear button to clear the amount. If can't found, it might have bounced so confirm the bounced from bank info and click the Bounce button to update the bounced record in your ledger.
5. If both statement are not balanced: After reconciled all entries if you see both statement are not balanced, you may see bank fees are shows in the bank statement which you might not have accounted for yet. record immediately as payment for bank expense.