Today’s post is by Technical Support Specialist and accounting guru Andrea Whitney.
After the post I wrote a few weeks ago about how to do Bank Recon in COATSsql, I started getting emails from Standard customers who wanted to know how to accomplish this super-fun task. I’m happy to help!
The setup is the same as it is for COATSsql, in that you will chose the statement end date. From there, here are the steps to follow:
- Enter the ending balance in the Statement Balance field.
- If you have any interest or service charges, enter those amounts in the appropriate fields:
- Right-click on the white field next to Acct and select the Income account for interest earned.
- Right-click on the white field next to Acct and select the Bank Charge Expense account for service charges.
- Review all the deposits on your bank statement and compare them to the deposits shown on the screen. Check “OK” next to each deposit that matches until “Marked Cleared” matches your statement.
- Then, review your checks and debits. Check “OK” next to each check or deposit until “Marked Cleared” matches the statement.
- Remember: You have the ability to clear a check range. Just click the Clear Range button, enter in the starting and ending check numbers, click Continue, then click OK. (You can use this process to un-clear a range, too!)
- Click “Summary” and make sure your balance matches your statement.
- And you’re done!
I’m never going to claim that Bank Recon is enjoyable, but hopefully this post will make it a little easier.