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BANK ACCOUNTS
BANK RECONCILIATION USING A BANK STATEMENT FILE
  
To use this facility, the View all bank statements option on the Setup - Preferences - Data Parameters menu option must be selected.

If the View all bank statements option on the Setup - Preferences - Data Parameters menu option is not selected, the Batch Entry Mode for the Bank Reconciliation will be displayed.
Once your receipt transactions have been entered in the Receipts Journal or batch and the payment transactions have been entered in the Payments Journal or batch, for a specific month or period, you may reconcile your cash book (payments and receipts batches) with the bank statement.

If you are registered for online banking, you may download a bank statement from your bank or financial institution or import a bank statement, which is saved in a valid file format on your system. It is important to select the correct dates to include transactions (the dates must correspond with those dates for which you need to do the bank reconciliation) when you save the bank statement transactions as a file. If you reconcile the bank statement, in the Input - Reconcile Bank menu option, you may then select to display the bank statement transactions to reconcile with the unreconciled items for the receipts and payments batches. If you wish to reconcile your cash book with a printed bank statement which, is received by post or fetched from your bank or financial institution, click here.

 

If you have any repeating entries setup for your receipts batch and payments batch in the Edit - Repeating Entries menu option, you need to copy them to the normal batch as they will not reflect in the Cash Book for a specific period when doing the Bank reconciliation. Examples of such entries in the receipts batch would be amounts (debit orders) paid into your bank account on a monthly basis). Examples for the payments batch would be amounts (debit orders) paid out of your bank account on a monthly basis).

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.

To do a Bank Reconciliation Using a Bank Statement File:
Import the Bank Statement or Download the Bank Statement from your bank or financial institution in the Tools - Bank Online menu option for the bank account you need to reconcile. The following is an imported or downloaded Bank Statement:

The selected transaction will be indicated.Date of the transaction as on the Bank Statement file.The references as allocated to the Bank Statement transactions.This is the description of the transactions as on the Memo field of the Bank Statement file.The transaction amount as per Bank Statement.If not selected it is an Unreconciled item and if selected, the item is reconciled with the cash book.
Close or exit the Online Banking screen.
Click on the speed button or icon or click on the Input - Reconcile Bank menu option. You may also press the and keys or the and and keys on your keyboard. The Reconcile Bank Account screen will be displayed.

Title bar.Close button - click to close or exit this screen.Click on the down-arrow to select a Bank Account to reconcile.Enter or select the last day until which you need to reconcile the bank account.Enter the closing balance for the selected date as on the Bank Statement.Click to import the Receipts and Payments batches. Click to cancel and close or exit this screen.
Select and enter the following:

Option Description
Bank Account Select the Cash Book you wish to reconcile.
Include Items Until Enter or select the date until which you would like to include Cash Book transactions to be reconciled with your Bank Statement.
Bank Balance Enter the closing balance of your bank statement.


Click on the button and the Reconcile Bank Account screen displaying the name of your current account will be displayed listing all the transactions Receipts and Payments Journals or batch for the selected Cash Book for the selected period i.e. These entries represent your unreconciled items.

Minimise button - inactive.Close button - Click to close or exit this screen.Title bar - display the Name and Number of the selected Bank Account. Double-click to display the screen in full size or to return to the normal size.Restore button - click to display this screen to full size and click again to restore it to its original size.Click to consolidate or group items (transactions) with the same reference number.Click to show the Bank Statement File. To use this option you need to have imported a Bank Statement File.Click to Reconcile transactions by date or reference number.Click to Unreconcile transactions by date or reference number.Select to search for items by Reference Number, Amount or Date.Click to remove all items marked Reconciled from the list.An arrow pointer will indicate the selected transaction.Batch Type indicates if the transaction is in the Payments or the Receipts journal of the cash book.The deposit or cheque numbers as entered in the Payments or the Receipts journalDate, Account and Description of the items in the Cash book (Payments and Receipts batches)Transaction amounts - Payments are displayed in a Red font colour and Receipts are displayed in a Black font colour.Select if an item is displayed correctly on the bank statement. Vertical scroll bar - move up or down to view more transactions.Transactions with the same reference number is consolidated or grouped, if the Consolidate balancing option is selected.Indicates if a selected transaction is posted to the ledger or not. If the transaction is already posted, it will display posted item.The amount of the selected item. If the consolidate option is selected, it will display the total amount of all items with the same reference number.Enter a Reference number to search for a specific item.Enter an Amount to search for a specific item.Enter a valid date or select a date to search for a specific item.The closing balance of the bank statement.The total amount of the transactions in the Receipts batch.The total amount of the transactions in the Payments batch.This amount is updated if an item is marked as reconciled.This total is the net difference of the total amounts of the Receipts and the Payments batches.If all the items are reconciled, this must reflect a nil balance. If there is still a difference, you need to find and fix the errors.Batch Type indicates if the transaction is in the Payments or the Receipts journal of the cash book.The deposit or cheque numbers as entered in the Payments or the Receipts journal.Date, Account and Description of the items in the Cash book (Payments and Receipts batches).Transaction amounts - Payments are displayed in a Red font colour and Receipts are displayed in a Black font colour.Click to generate a bank reconciliation report.

If you have more than one transaction with the same reference number (deposit or cheque number), you may click on the Consolidate speed button or icon.
Click on the speed button or icon to display the bank statement transactions. The screen will split in 2 sections. The top section will display the details of the Receipts and Payments batches while the bottom half of this screen will display the details of the transactions displaying on the bank statement.

Minimise button - inactive.Close button - Click to close or exit this screen.Title bar - display the Name and Number of the selected Bank Account. Double-click to display the screen in full size or to return to the normal size.Restore button - click to display this screen to full size and click again to restore it to its original size.Click to consolidate or group items (transactions) with the same reference number.Click to show the Bank Statement File. To use this option you need to have Imported a Bank Statement File.Click to Reconcile transactions by date or reference number.Click to Unreconcile transactions by date or reference number.Select to search for items by Reference Number, Amount or Date.Click to remove all items marked Reconciled from the list.An arrow pointer will indicate the selected transaction.Batch Type indicates if the transaction is in the Payments or the Receipts journal of the cash book.The deposit or cheque numbers as entered in the Payments or the Receipts journalDate, Account and Description of the items in the Cash book (Payments and Receipts batches)Transaction amounts - Payments are displayed in a Red font colour and Receipts are displayed in a Black font colour.Select if an item is displayed correctly on the Bank Statement section (bottom half of this screen).Vertical scroll bar - move up or down to view more transactions.Indicates if a selected transaction is posted to the ledger or not. If the transaction is already posted, it will display posted item.The amount of the selected item. If the consolidate option is selected, it will display the total amount of all items with the same reference number.The closing balance of the bank statement.The total amount of the transactions in the Receipts batch.The total amount of the transactions in the Payments batch.This amount is updated if an item is marked as reconciled.This total is the net difference of the total amounts of the Receipts and the Payments batches.If all the items are reconciled, this must reflect a nil balance. If there is still a difference, you need to find and fix the errors.The selected transaction will be indicated.The references as allocated to the Bank Statement transactions.Date of the transaction as on the Bank Statement file.This is the description of the transactions as on the Memo field of the Bank Statement file.The transaction amount as per Bank Statement.Select if an item is displayed correctly in the Cash book section (top half of this screen).Vertical scroll bar - move up or down to view more transactions.Bank Statements transactions - (as listed on a valid Bank Statement file) is listed in the first section of this screen.Cash book transactions - (Receipts and Payments Journals) is listed in the first section of this screen. Enter a Reference number to search for a specific item.Enter an Amount to search for a specific item.Enter a valid date or select a date to search for a specific item.Click to generate a bank reconciliation report.
You need to select the items and transactions appearing the top half of this screen with the bank statement transactions in the bottom half of this screen. To do this you need to select the item and click on the reconciled field. You may also use the Up or down arrows and the space bar on your keyboard to mark an item or transaction as reconciled or not.
Click on the speed button or icon. The reconciled transactions on this screen will be removed and only the transactions or unreconciled items will be displayed.

Minimise button - inactive.Close button - Click to close or exit this screen.Title bar - display the Name and Number of the selected Bank Account. Double-click to display the screen in full size or to return to the normal size.Restore button - click to display this screen to full size and click again to restore it to its original size.Click to consolidate or group items (transactions) with the same reference number.Click to show the Bank Statement File. To use this option you need to have Imported a Bank Statement File.Click to Reconcile transactions by date or reference number.Click to Unreconcile transactions by date or reference number.Select to search for items by Reference Number, Amount or Date.Click to remove all items marked Reconciled from the list.Vertical scroll bar - move up or down to view more transactions.Indicates if a selected transaction is posted to the ledger or not. If the transaction is already posted, it will display posted item.The amount of the selected item. If the consolidate option is selected, it will display the total amount of all items with the same reference number.The closing balance of the bank statement.The total amount of the transactions in the Receipts batch.The total amount of the transactions in the Payments batch.This amount is updated if an item is marked as reconciled.This total is the net difference of the total amounts of the Receipts and the Payments batches.This amount still need to be entered in the Payments journal (or Receipts journal if a receipt item). Thereafter this must reflect a nil balance. If there is still a difference, you need to find and fix the errors.Any items not selected as reconciled needs to be entered in the cash book. Items displayed in a Red font colour in the Payments Journal and Items in a Black font colour in the Receipts Journal.Vertical scroll bar - move up or down to view more transactions.Bank Statements transactions - (as listed on a valid Bank Statement file) is listed in the first section of this screen.Cash book transactions - (Receipts and Payments Journals) is listed in the first section of this screen. The outstanding payment and receipt items will be reported in the bank reconciliation statement.Enter a Reference number to search for a specific item.Enter an Amount to search for a specific item.Enter a valid date or select a date to search for a specific item.Click to transfer the selected tranaction in the receipts journal.Click to generate a bank reconciliation report.

If any unreconciled items or transactions on this Reconcile Bank Account screen transactions or items are as follows: Bank Statement Transactions (Bottom half of this screen): - These unmarked transactions are not yet entered in your cash book (receipts or payments journal or batch). You need to exit this screen and enter the unmarked items or bank statement transactions in the cash book as follows:
  • Debits - amounts displayed in red font colour enter these transactions in the payments journal or batch .

  • Credits - amounts displayed in black font colour - enter the transactions in the receipts journal or batch.

  • Once all these transactions are entered or if any errors are found at this stage and it is corrected, you need to access the Reconcile Bank Account screen again and select or mark any corresponding transactions. Once this is done, no differences should be displayed on the bottom right-hand corner of this screen.
The closing balance of the bank statement.The total amount of the transactions in the Receipts batch not on the Bank Statement.The total amount of the transactions in the Payments batch not on the Bank Statement.This amount is updated if an item is marked as reconciled.This total is the net difference of the total amounts of reconciled items in the Receipts and the Payments batches.If all the items are reconciled, this must reflect a nil balance. If there is still a difference, you need to find and fix the errors.  No difference should be displayed on the bottom right-hand corner of the Reconcile Bank Account screen. If any differences are displayed, you need to find these differences and correct them. Reconcile Bank Account screen (Top Half of this screen): - These unmarked items or transactions, which is not selected, represent outstanding deposits (receipts) and outstanding cheques (payments). These transactions will be reported in the bank reconciliation statement and should be displayed on the next bank statement. Click on the close button to close or exit the Bank Reconciliation screen.
Click on the Reports - Bank Reconciliation menu option to generate a bank reconciliation report. This report will reflect the deposits and payments (cheques) and will reflect if there are any differences. If this report does not reflect any differences between the Cash Book and the Bank balance is in balance as at a specified date. This report will also enable you to determine whether bank charges and other debits or credits appearing on you bank statement are recorded in your cash book for the selected period.

If you return to the receipts and payments journal to add or to edit any transactions, the transactions, (which is marked or selected as reconciled items or transactions), will be displayed in a blue font colour.

The following speed buttons are available to help you to reconcile or unreconcile your cash book with the bank statement.

Icon Description
If you click on this icon or speed button, it will consolidate all entries in the selected Cash Book with the same reference number. If an entry is selected for which other entries exists with the same reference number, all these entries will be displayed in a different colour (blue). The total amount of all these entries with the same reference number, will be displayed as a Posted Payments item or Unposted Payments item or Posted Receipts item or an Unposted Receipts item.

If you click on this icon or speed button again to set it off, all entries will be listed as individual entries with the same reference number will not be consolidated.
This option will automatically reconcile all payments and receipts for a specified period.

Title bar - double-click to display the screen in full size or to return to the normal size.Minimise button - click to minimise this screen.Restore button - click to display this screen to full size and click again to restore it to its original size.Close button - Click to close or exit this screen.Select and enter or select dates from and until which you need to Reconcile items. If the Reconcile by reference option is selected, the date fields will be inactive.Select and enter a reference number of an item which you need to Reconcile items. If the Reconcile by date option is selected, the reference field will be inactive.Click to Reconcile the Unreconciled items .Click to cancel and close or exit this screen.

If you select the Reconcile by Reference field, you will not be able to select the date from and to.
This option will automatically unreconcile all reconciled payments and receipts for a specified period.

Title bar - double-click to display the screen in full size or to return to the normal size.Minimise button - click to minimise this screen.Restore button - click to display this screen to full size and click again to restore it to its original size.Close button - Click to close or exit this screen.Select and enter or select dates from and until which you need to Unreconcile items. If the Unreconcile by reference option is selected, the date fields will be inactive.Select and enter a reference number of an item which you need to Unreconcile items. If the Unreconcile by date option is selected, the reference field will be inactive.Click to Unreconcile the reconciled items .Click to cancel and close or exit this screen.

If you select the UnReconcile by Reference field, you will not be able to select the date from and to.
This option allows you to search for transactions by reference, amount and date. If you click on this icon or speed button, a screen where you may enter any of the following to search for an item, will be displayed on the bottom of the reconciliation screen:

Enter a Reference number to search for a specific item.Enter an Amount to search for a specific item.Enter a valid date or select a date to search for a specific item.
  • Search by Reference - You need to enter a valid reference number. The date and amount for the specific transaction will be displayed.

  • Search by Amount - You need to enter the amount and the entry will be displayed. The reference and date for the specific transaction will be displayed.

  • Search by Date - You need to enter a valid date within the periods and the entry will be displayed. The reference and date for the specific transaction will be displayed.
If you click on this icon or speed button, the Bank Account Recon Options screen will be displayed on which you may generate a bank reconciliation report. The Bank Account Recon Options screen may also be accessed on the Reports - Reconciliation menu option.


If you have imported a bank statement or downloaded a bank statement, and you click on the speed button or icon, the Bank Statement Transactions as is displayed on the bank statement will be displayed on the bottom half of the Reconcile Bank Account screen. You may click on any of the following column headings to sort the transactions in a descending or ascending format:

 - Sort the reference descending from the last number or last alphabetic character to the first.

 - Sort the reference ascending from the first number or last alphabetic character to the last.

 - Sort the dates descending from the first date to the last date in the selected period.

 - Sort the dates ascending from the last date to the first date in the selected period.

 - Sort the description descending from the first to the last.

 - Sort the description ascending from the last to the first.

- Sort the description descending from the smallest amount to the highest amount.

 - Sort the description ascending from the highest amount to the smallest amount.

 - Lists the unreconciled items first and then the reconciled items.

- Lists the reconciled items first and then the unreconciled items.

If you click and on any of these column headings, you may drag it to the left or the right of the adjacent columns.