Bank Reconciliation Procedure
The Big Business Bank Reconciliation feature is versatile and user-friendly provided you know what you're doing. This solution teaches you how to:
-Reconcile a Bank Account in Big Business.
-Save a reconciliation in progress, so that you can enter missing transactions and return to complete your reconciliation.
-Verify that your reconciliation is complete.
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Before proceeding with a reconciliation, open the last reconciliation posted and verify that it balanced (e.g. Difference is zero). NOTE: Creating a new reconciliation locks the previous reconciliation. If you later discover a reconciliation that didn't balance, you will need to delete all subsequent reconciliations in order to fix it.
Open the Reconciliation tool from the Banking Toolbar. If this is your first reconciliation you will prompted for a Beginning Balance, which should be zero. Subsequent reconciliations use the last ending balance as their beginning balance.
Enter the Ending Balance and Bank Fees or Interest from your bank statement and begin selecting the items that your statement lists as having cleared.
Use the Transaction button in the upper left corner of the transaction list to open a selected item for review or modification.
If you need to exit an incomplete Reconciliation at any time (to enter a missing check, for example) you can save your work in progress by clicking the OK Button and opting to Create an Entry. You can later return and complete the Reconciliation.
NOTE: Close the Bank Card whenever you save a reconciliation so that it will update with your new reconciliation. A common mistake is to save the reconciliation and not close the Bank Card, then accidentally open the previous reconciliation because it is last in the list (which hasn't been updated because the Bank Card is open).
A reconciliation is complete when it balances (e.g. Difference is equal to zero). If this requires a Balance Adjustment see the Solution for making a Balance Adjustment to a Bank Account.
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