Manual Bank Reconciliation

For manual bank reconciliation, you can access the Bank Reconciliation module from the following locations in LawMaster:

• Main Menu > Accounting > Bank Reconciliation
  OR
• Menu bar > Transactions > Bank Reconciliation

Step-by-step guide 

The basic process of the Manual Bank Reconciliation includes the following steps: 

1. Run End of Day to ensure that all the transactions entered during the day are posted to General Ledgers. 
2. Ensure that the opening balance on the bank statement is the same as the amount on Statement Balance on Present Items screen that can be accessed via Main Menu > Accounting > Bank Reconciliation > Present Items.
   
   Note: You may want to hit the Refresh button on the Present Items screen, after selecting the Bank to display the balances. 
   1. If you have adjustments in the system, you will need to look at the Adjustments tab and check that the Reconciled Balance Plus Adjustments figure matches the bank statement opening balance. 
   2. Click the Reconcile Items in Bulk tab, located at the bottom of the screen. Work through the process of reconciling items in bulk or individually. 
   3. For any difference in the balance due to missing receipts or payments and other unidentified transactions, do the following:
      1. Add Missing Receipts (through Cash Receipts Input)
      2. Add Missing Payments (through Input Payment Vouchers)
      3. Add Unidentified Transactions (through Adjustments tab on Present Items)
   4. On the Add Items tab, you can quickly enter the GST exclusive items that you find missing while performing the reconciliation. 
3. Before you finalise the reconciliation via the audit process, you must print a Bank Reconciliation Report for the bank for which you performed the reconciliation. You can print the report from Main Menu > Accounting > Bank Reconciliation > Print Bank Reconciliation Report.
4. List Reconciled Items. This should be exported to Excel and then saved in the relevant Reconciled Items Subject File using Floating (file note) from the Lawyers Toolbar. Subject files can be located from Main Menu > Records Management > Subject Files.
5. Unreconciled items (if required). 
6. Audit reconciled items for finalising the reconciliation, for example at the end of month. This stage of the bank reconciliation finalises the bank reconciliation by moving the closing balance to the opening statement balance, and clearing presented items from the current bank reconciliation. This will clear the reconciled Items list and mark the payments from Present Items and receipts as audited. 
7. If you had entered any adjustments on the Adjustments tab of the Present Items screen, and entered its reversal making the net entry value as 0, you will need to run Clear Adjustments from Main Menu > Accounting > Bank Reconciliation > Clear Adjustments. Do not run this process if you have entered any one part of the transaction. 
8. To post all the transactions to the general ledger, run the End of Day process from Periodic Processing > End of Day Run.