Reconcile the Bank
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Bank Reconciliation is used to agree the transactions that appear on your bank statement against the transactions that have been posted to the bank account nominal code in the nominal ledger.  To be able to do a bank reconciliation, you must first set up the bank account details against the nominal account code that represents this bank account.  This chapter describes the normal process for bank reconciliation.  If you have never used bank reconciliation before, or are not up to date with it, you may need to refer to the instructions at the bottom of the page for clearing old transactions in order to begin using bank reconciliation from a recent statement. 

1.    Select Gx Nominal in the toolbar.
2.   Hold the cursor over Cash Book on the menu.
3.   Choose Reconcile Bank Account from the second menu. 
4.   Nominal Code - select the nominal code for this bank account from the drop-down menu.
5.   Enter the Statement Number you want to reconcile. 
6.   The Previous Statement Balance is already filled in, showing the last balance you reconciled up to.  This should be the balance at the beginning of the statement you are reconciling now. 
7.   Enter the Current Statement Balance shown at the end of the statement or the balance after the last transaction you are reconciling up to. 
8.   The unreconciled transactions posted to this nominal account code are listed on the bottom left of the screen.  Click the check-box (or use the space bar) in the On Statement column to tick any transactions that appear on your bank statement.  The Reconciled Balance will automatically update.  Hint: to help match items on the system to your bank statement, you can look up the sales ledger batch enquiry and purchase ledger batch enquiry using the batch number in the reference column and view details of the items in the batch such as the customer or supplier name.  It is also helpful where items have been consolidated and posted to the nominal ledger bank account as one sum but appear as individual items on your statement. The batch enquiry will help you match the bank statement items to the amount on the system. Use the Find facility to locate a specific reference, date or amount.  To further assist you there is a Reconcile by Date button that will tick the On Statement column for all rows that fall within the date range input on the screen.
9.   If there are any transactions on the statement that do not appear on the system, you can either save your work so far , post the items onto the system, then carry on with the saved bank reconciliation , or you can use enter these items manually to make the bank reconciliation balance. However, these items will need reversed when they have been posted on the system as they will then be on the system but not on your bank statement since you have already reconciled them. 
10.      When the Reconciled Balance equals the Current Statement Balance , you can Save and update the bank reconciliation, moving the ticked transactions off the list. 
11.      Chose where you want to Send Report To .  (more info)
12.      Click Ok.  This will produce a report of the transactions you have just reconciled.
13.      Power-Gx then displays a message asking whether you want to print a report of the transactions that have not been reconciled.  If you choose Yes a second report is produced, showing the unreconciled transactions. 

Click here to view the Bank Reconciliation screen.

Enter Statement Transactions Not Posted to the Nominal Ledger
1.   Enter the Date of the transaction on the bank statement.
2.   Enter the transaction Reference on the statement.
3.   Enter a Description of the statement entry.
4.   Enter the transaction Value on the statement.  Use a negative value to post amounts taken out of the bank.

Note: You may automatically match a transaction in the "Statement Transactions not posted to Nominal" section with a transaction in the "Nominal Transactions not Reconciled" section by dragging it from one to the other. 

Import a Bank Statement
Some banks offer the facility to export your bank statement to a file from their website, this import function enables you to import these transactions and automatically reconcile them with transactions on the nominal ledger. The file containing the bank statement must be in either comma separated (.csv) or tab delimited (.txt) format and must contain at least date and transaction value information in 2 columns. A further 2 columns are optional for transaction reference and description.
1.   Click the Import button, a window will appear presenting you with options for the format of the file. Click here to view the Bank Statement Import screen.
2.   Select the column number on the file that contains the transaction Date, the date must be in the format dd/mm/yy, dd/mm/yyyy, dd-mm-yy or dd-mm-yyyy.
3.   Select the column number that contains the transaction Value.
4.   Select the column number that contains the Transaction Reference and the Transaction Description, these 2 columns are optional.
5.   Select the File Type, either Comma Separated or Tab Delimited.
6.   Select whether the first row of the file contains column headers or not.
7.   Select the file you wish to import using the file browser button, alternatively type in the file Pathname.
8.   Click the Test File button, this will parse the data in the file to check that the format is correct. If the check is successful a sample of the data will be displayed in the grid at the foot of the window. If the data appears correct click on the Import button, otherwise click Cancel as you may wish to amend some of the import options.
9.   As the Bank Statement is imported it will try to match the date, value, reference and description (if relevant) of the transaction on the bank statement with an unreconciled transaction in the Nominal Ledger. Where the match has been successful a tick will be placed in the On Statement column, those transactions that are not matched are added to the Statement transactions not posted to the Nominal list.

Save the Bank Reconciliation
1.   Click the Save button.
2.   You will be warned if the Reconciled Balance does not match the Current Statement Balance.  Click Ok to save your work so far.  You can carry on with the bank reconciliation later. 

Continue With a Saved Bank Reconciliation
1.   Select Gx Nominal in the toolbar.
2.   Hold the cursor over Cash Book on the menu.
3.   Choose Reconcile Bank Account from the second menu. 
4.   Nominal Code - select the nominal code for this bank account from the drop-down menu.
5.   You will be warned that you have already started to reconciled this bank account.  Choose Yes to continue where you left off. 

Clearing Old Transactions Before Using Bank Reconciliation 
If you are doing your first bank reconciliation on Power-Gx, or if you are not up to date with it, there may be old transactions on the system from bank statements you no longer have to hand.  The unreconciled transactions may also include an opening balance transferred from your previous system.   It is best to presume these old transactions have been reconciled and clear them from the unreconciled transactions.  This allows you to begin using bank reconciliation properly from a recent statement. 

1.   Pick the bank statement from which you want to begin using the bank reconciliation program.  You can use nominal account enquiry to make sure the transactions on the statement are on the system. 
2.   Select Gx Nominal in the toolbar.
3.   Hold the cursor over Cash Book on the menu.
4.   Choose Reconcile Bank Account from the second menu. 
5.   Nominal Code - select the nominal code for this bank account from the drop-down menu.
6.   Statement Number - you can leave this blank or use the statement number prior to the one you are going to begin from.
7.   Current Statement Balance - enter the balance at the beginning of the first statement you are going to start using bank reconciliation for.
8.   Tick off all the old transactions up to the first one you want to start using bank reconciliation from, i.e. any transactions with an earlier date.  You should assume these old transactions have already cleared through the bank. 
9.   The Reconciliation Balance shown on the right of the screen must equal the Current Statement Balance in order to save the bank reconciliation and clear these old transactions.  Therefore you will need to post an entry in the Statement Transactions Not Posted To Nominal section of the screen to make these figures agree.   Subtract the reconciled figure from the current balance to calculate the amount you need to post. 
10.      Save the bank reconciliation program with the Reconciliation Balance equaling the Current Statement Balance.  This will clear the old transactions from the unreconciled transactions list so you can begin using bank reconciliation properly from your chosen recent statement. 
11.      On your first proper bank reconciliation after clearing the old transactions, enter the actual bank Statement Number and the actual Current Statement Balance shown at the end of the bank statement. The Previous Statement Balance will already be displayed and should correctly show the balance at the beginning of the statement since this is the balance you reconciled up to when you cleared the old transactions. Follow the instructions above for proceeding as normal with the bank reconciliation .