Reconciling Bank Accounts

A bank reconciliation should be completed at regular intervals for all your bank accounts to ensure that the company's cash records are correct. You do this by comparing and matching entries in your internal bank accounts with bank transactions at your bank, and then posting the balances to your internal bank accounts to make totals available to finance managers. Bank reconciliation is also a practical way to discover and resolve missing payments and bookkeeping errors.

You can perform the task on the Bank Acc. Reconciliation page where you match (reconcile) bank statement lines in the left-hand pane with your internal bank account ledger entries in the right-hand pane. Alternatively, you can perform this task on the Payment Reconciliation Journal page as part of processing the payments that are represented on a bank statement. On both pages, you can fill in the bank statement information by importing a file or feed and you can use automatic matching suggestions.

Note

In the North American versions, you can also perform bank reconciliation on the Bank Rec. Worksheet page, which is better suited for checks and deposits but does not offer import of bank statement files. To use this page instead of the Bank Acc. Reconciliation page, deselect the Bank Recon. with Auto. Match field on the General Ledger Setup page. For more information, see Reconcile Bank Accounts under United States Local Functionality.

Before you can manage your bank accounts within Business Central, you must set each bank account up as a bank account card. In addition, you must set up electronic services that you may use for bank statement import and payment file export. For more information, see Setting Up Banking.

The following table describes a sequence of tasks, with links to the topics that describe them.

To See
Reconcile bank accounts as a separate task on the Bank Acc. Reconciliation page. Reconcile Bank Accounts
Reconcile bank accounts in connection with payment processing on the Payment Reconciliation Journal page. Applying Payments Automatically and Reconciling Bank Accounts

Tip

Use bank reconciliation to help verify that your books are up-to-date, and do not post the reconciliation until you are satisfied with the reconciliation.

See Also

Setting Up Banking
Reconcile Bank Accounts
Applying Payments Automatically and Reconciling Bank Accounts
Transfer Bank Funds
Managing Receivables
Managing Payables
Working with Business Central
General Business Functionality

Note

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