Reconciliation

Reconciliation Page shows the current situation of the trust account, allows you to set/modify trust account statement balance, and reconcile the trust account to see if it is matching ledger balances. This is a vital process for the trust accountant to make sure the system matches the bank statement.

The left sidebar shows a detailed summary and statement balance reconciliation part. On the right side, there are adjustment tabs such as Add Payments & Charges, Add Receipts, Less Payments, Less Deposits.

The left sidebar shows the bank statement that is set last, with the particular date and the amount set on that date. Also, it displays information regarding the total values of adjustment items. And at the bottom, it shows ledger, cashbook and reconciled bank statement balances.

Ledger balance – This is the consolidated balance of all entities in our system.

Cashbook balance – This is the consolidated balance of all transactions entered into our system. Ledger balance and cashbook balance must always match.

Reconciled bank statement balance – This shows the statement balance after it is reconciled. It should be matching ledger balances once relevant adjustment items are created.

Ноw to create Reconciliation adjustment items

To create a new item, we will select the date and the amount of the adjustment value, with the details as necessary.

Reconciliation adjustments

The menubar enables choosing adjustments that are going to be accounted for the reconciliation.

Add Payments & Charges – allows adding payments and charges that are not yet accounted for in Ledger.

Add Receipts – allows adding receipts that have not yet been credited by the bank.

Less Payments- displays payments are not yet debited by the bank. These adjustments show the money leaving our Trust account based on the disbursements. After checking which payments have left the bank, they should be removed by the user by presenting them.

Less Deposits- shows the deposits that are not yet accounted for in Ledger.