Bank Reconciliation

1.In the Bank Account field select the account you wish to reconcile from the Accounts Available list.

2.In the Bank Statement Balance field enter the closing balance that appears on the statement your bank sent you.

3.In the Bank Statement as at field enter the closing date that appears on your bank statement.  Transactions for this account recorded in Dealerlogic on or prior to this date will be displayed.

4.When a transaction is located on your bank statement, mark  the corresponding transaction in Dealerlogic software as presented by putting a ‘tick’ in the Presented check box. The selected line is highlighted and the amounts in the Expected Bank Statement Balance and Variance fields will be updated.

Tip:  Use the Tick All and Untick All buttons to make the reconciliation easier.

5.Transactions appearing on the Reconciliation screen can be opened by simply ‘double-clicking’ on the line item.  Changes can also be made depending on the type of transaction.  Any changes made will automatically update the reconciliation screen.

Tip:  Clicking into the column headings allow sorting by each column.  This can help you find transactions if you are reconciling a large amount of data at one time.

6.Transactions appearing on your bank statement that are not entered in Dealerlogic will need to be entered manually.  These can be entered without closing the Reconciliation.  Simply open the required screen ‘over the top’ of the Reconciliation and enter as required.  The Reconciliation screen will automatically refresh with all the newly entered transactions.

7.Once all transactions have been entered and marked as Presented, the Variance field should be $0.00.

8.Once the Variance is at $0.00, click the Process button.  A Reconciliation Report will be printed and the Presented items removed from the next reconciliation.

9.The Reconciliation Report automatically saves into the Reprint Catalogue for future reference.

10.The Reconciliation Report can be exported to file from the Print Dialog box if desired.  From the Print Preview, press Print, then use the “Print to File” check box and specify the path and file name.

You can download instructions here

If there is variance check for the following:

1.That the correct closing bank statement balance has been entered.

2.That you have ticked all the transactions that appear on the bank statement?  If not, some transactions might not have been accounted for.

3.Transactions not actually appearing on the bank statement have been incorrectly marked as ‘Presented’.

Tip:  Check the statement date.  Transactions may have been recorded in Dealerlogic with the incorrect date causing them not to be listed on the Reconciliation window.

4.Have you deleted a transaction that was reconciled on a previous Bank statement?  Identify these using the Show Deleted button.   If so, re-enter the transaction and tick it as reconciled.

If you have reconciled a transaction in error or deleted a previously reconciled transaction, you can undo the previous account reconciliation.  When you undo a reconciliation, all transactions for that period return to an unreconciled status.

If necessary you can undo several reconciliations, and you can also undo a single reconciliation that is not the most recent one.

When you undo a reconciliation you will need to reconcile each transaction again and reprint your reconciliation reports.

You can download instructions here

When you open a transaction that has been reconciled you will be notified by a screen prompt.  If you need to delete that transaction to fix a mistake it must be entered again.  The best thing to do is to enter it again and then immediately reconcile again to your most recent bank statement.  The only transaction you will need to tick is the one that replaces the  deleted transaction, and the bank reconciliation should then match your last bank statement.