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Fields in Reconcile Account

 

 

 

 

                                                                                          

1.Account: This is previously selected Account. However, user may still choose another account manually. 

2.Last Reconcile Date:  This is the last Reconciled Bank statement Date

3.Bank Statement Date: The date stated on current bank statement, which should be after the pre-set Opening Balance Date and after Last Reconciled Date. Otherwise, reminder of “Your Bank statement Date must no early than your Opening Balance Date”

4.Closing Statement Balance: This field will default as the current balance of selected account. However, user may need to amend it manually based on the actual reconciled Calculated Statement Balance to ensure zero Out of Balance.

5.Calculated Statement Balance: Equation of Calculated Statement Balance is Total Opening Balance + Total reconciled Debit of Selected Account - Total reconciled Credit of Selected Account. It has been defaulted as zero initially, and then calculated after user selected transactions to be reconciled. 

6.Out Of Balance needs to be zero balance which is equal to Closing Statement Balance minus Calculated Statement Balance. Otherwise, reminder of “Your Bank statement’s Balance and your statement balance is out of balance!” 

7.Reference No: This is a system auto-signed and read-only number for current reconciliation transaction.

8.Reference No. in the table: Unique reference number assigned to each transaction by system.

9.Date: Transaction date as it is.

10.Memo: This is the memo stored in each transaction.

11.Deposits: All Debit transactions in selected account would be included under Deposits column.

12.Withdrawals: All Credit transactions in selected account would be included under Withdrawals column.

13.If user has deleted or modified reconciled transaction, this transaction will be changed back to unreconciled, and the previous reconcile history will eliminate the modified transaction record and balanced itself.

14.User needs to select at least one transaction to conduct Reconcile Account, with reminder of “You at least need to select one transaction for this reconcile!”

 

 

 

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