When the bank statement is received, you will find that the bank cost (and interest if you have an overdrawn cheque account) is debited, and the interest that you have received on a positive bank balance is credited on your bank account. These transactions appearing on your bank statement does not appear in your cash book. The same applies for debit orders and electronic payments as well as moneys paid directly into your bank account by your customers or other parties. The bank reconciliation helps you to identify these transactions and enter them into your cash book.
You may receive a bank statement by fetching it from the bank or by post. TurboCASH also has an Online Banking feature, which are available on the Tools - Plug-ins - Bank Online menu option, which are available if you have installed the Plug-ins from the TurboCASH.Seven Installation CD. This Online Banking feature allows you to view bank statements in a electronic format, which you may obtain as follows:
You need to import a bank statement from a valid existing file format on your system.
TurboCASH allows you to reconcile your Bank Accounts before you update or post your Payments and Receipts Journals to the ledger. This will allow you to easily correct any errors found (edit transactions, insert transactions which is omitted, delete transactions which is entered twice, reverse all the transactions if entered on the incorrect side, etc., when doing the bank reconciliation. You may also enter any transactions (such as bank charges and interest), which is listed in your bank statement but does not appear in your cash book. You may post or update your batches after your reconciliation is completed, unless you are working on a "Client Machine" in a network environment.