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Bank Reconciliations

Overview

Bank reconciliation should be performed for all bank accounts before you close a month. By default, all Bank Reconciliations are performed using the GL Ledger’s Base Currency Code.

If a Bank Account has Foreign Currency Code populated, then by default, you will perform Bank Reconciliations for that Bank Account using the Foreign Currency Amount. Read Foreign Currency Bank/Credit Card Accounts for more details.

Procedures

To create a new bank reconciliation, navigate to the Bank Reconciliation tab, then click New.

  1. Select a Bank Account.

  2. GoldFinch defaults the End Date to the last date of the previous month. You can update the End Date.

  3. You may edit the Statement Beginning Balance if needed. GoldFinch will automatically populate the Statement Beginning Balance using the Statement Ending Balance from the previous Bank Reconciliation.

  4. Enter the Statement Ending Balance.

GoldFinch allows only one bank reconciliation per bank account, with Document Status = Open. You should complete and post the “open” bank reconciliation before you try to reconcile another period.

  1. Enter Bank Rec Adjustments for the entries that are typically not posted to General Ledger before you do a Bank Reconciliation.

    1. Enter a negative amount for income and a positive amount for expense.

  2. Then click Reconcile.

Bank Rec Adjustments are included in Cleared Deposits and Cleared Payments automatically.

GoldFinch displays the first 1000 bank GL Entries that have not been cleared.

  1. You can filter the bank GL Entries by various criteria.

  2. Select entries to clear, or unclear.

  3. You can also choose to Clear All or Unclear All.

  4. When the difference is 0, you will see the success icon.

Once a Customer Receipt, Vendor Payment, Bank Deposit or General Journal is selected on a Bank Reconciliation to clear, they can no longer be unposted. You must unclear them on the Bank Reconciliation first.

By default, correction GL Entries will not appear on the Bank Reconciliation.

You can choose to delete the Bank Reconciliation to unclear all bank GL Entries associated with it.

Close the Bank Reconciliation window after you finish reconciling.

Click the Post button to post the Bank Reconciliation.

  1. GL Entries will be created for Bank Rec Adjustments if there are any.

  2. The Document Status of the Bank Reconciliation will be changed to Posted.

On the Bank Reconciliation page, you will see new GL Entries posted and GL Entries that are cleared.

Deleting Bank Reconciliations

Once a Bank Reconciliation is posted, you can no longer delete it. You must unpost it first.

When deleting a Bank Reconciliation, Bank GL Entries will be uncleared automatically.

Create PDF Summary

Once a Bank Reconciliation is posted, you can click Create PDF Summary to create a PDF report and to export the bank reconciliation data.

If the Document Status is not posted, you will receive an error message and the Create PDF Summary button will be disabled.

If the Document Status is posted, the Create PDF Summary button will be enabled.

After you click the Create PDF Summary button, wait for a few moments, then refresh the page, you should see two files generated and attached to the Notes & Attachments related list.

Sample PDF summary report:

Sample CSV export data file:

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