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Enter Bank Presented Items and Reconcile

This topic explains how to enter bank presented items so the account balance in the present items form matches the balance on the bank statement.

Before you start:

  1. Enter Direct Debit or Credit Items from the bank statement.
  2. Complete the End-of-Day process.

 To enter Bank Reconciliation Presented Items:

  1. In the transactions menu, click bank reconciliation.
  2. The present items form displays, click the reconcile tab.
  3. Click the ellipsis and select the bank number where transactions were recorded.
  4. Work through your bank statement reconciling items individually or in bulk, for help see Reconcile Items in bulk or individually.
    Note: For help completing the field, see Table 8: Reconcile items form field explained (Below).
    Note: For help with invalid entries, see Bank Reconciliation errors.
  5. When you have completed the fields, do one of the following to save the form entries:
    1. Click apply to add the item to the reconciled items grid as reconciled. If the item is a cheque, LawMaster locates the cheque file, flags it as reconciled, and updates the "reconciled" and "running bank balance" displayed on the form.
    2. Click OK to add the item directly to the bank reconciliation without reviewing in the reconciled items grid. The status bar confirms the item is reconciled.
      Note: LawMaster highlights any invalid form entries with a red exclamation mark. Place your mouse over the exclamation mark to see an explanation. Correct any invalid entries and retry.

Next you can:

Run Bank Reconciliation Reports. 

Table 8: Reconcile Items form field explained.

Field Description
Bank Select the bank number where transactions were recorded.
Statement Balance Automatically populated from the last processed bank statement.
Reconciled Total Automatically populated from the sum of previously entered reconciled items.
Balance Automatically populated from the statement balance and reconciled totals. Check the balance is the same as the opening balance on the bank statement
Reconciled Items Displays the individual list of previously reconciled items.
Reconciled Reference Enter a bank reference number. Usually the date and page number of the bank statement.
Item No.

Click the ellipsis and select an item reference number. It can be either a cheque number (leading zeroes not required), a deposit number e.g. "CS00123", a direct debit or credit number e.g. "DD0063", a receipt number, or a partial reference number. This identifier is the audit report number on which the relevant cash receipt transactions are listed.

Notes:

  • LawMaster highlights any invalid entries with a red exclamation mark. Place your mouse over the exclamation mark to see an explanation. Correct any invalid entries and retry.
  • If the entry is valid, LawMaster generates the date, details, and amount.
  • You can enter an item number directly into the field.
Date Automatically populated from the Item No.
Details Automatically populated from the Item No.
Amount Automatically populated from the Item No.
You can also: enter a bank reconciliation transaction from the Main Menu > Accounting > Bank Reconciliation > Present Items.

Updated