17 Nov Month End Checklist for Bank Reconciliation
To help you eliminate the possibility of problems in the future, the following steps are recommended following the bank reconciliation function each month.
|Bank Reconciliation Checklist||Completed|
|1||Complete the bank reconciliation function. When the difference is zero (and only when it is zero) click Reconcile Now. Choose to print the full reconciliation report with the end of the month date.|
|2||Open the bank account register (Lists > Chart of Accounts > Double click on the appropriate account name) and print a report for the month by choosing File > Print Register. You may find it helpful to print from the 15th of the previous month to the current date just to provide some overlap in case you would ever need to find a variance. If you have not been printing the register monthly, it is recommended that you print the full register (i.e. from the beginning of time) the first month to ensure a level of security should you ever need to use it. Printing a General Ledger report provides the same detail and running balance information.|
|3||Change the date through which the books are closed. This will keep you from accidentally changing any transactions in the register that may effect a future reconciliation. To change the date, choose Company > Setup Users > Closing Date. It is also recommended that only the Admin password have the ability to change transactions prior to the closing date. This forces an extra step of logging in with the Admin password to further eliminate any accidental changes.|
|4||Create a backup diskette by choosing File > Backup. Save the file on a floppy diskette and store in a safe place, preferably off-site. Some typical off-site storage suggestions: at your home or send it off to your accountant|
TIP: Confirm that bank reconciliation is being done each month through the system.
TIP: Review the bank reconciliation report for any old or unusual amounts that may need to be corrected.
TRICK: Enter a deposit for interest income and a check for bank fees if you are using job costing and/or the class function.