Bank Reconciliation Procedure Checklist   

Assuming that you have already attempted to reconcile your Bank Reconciliation please continue with the following steps to try to help you reconcile.

  • Have ready your most recent Bank Statement or Bank Account Transaction Report showing the closing balance of the trust account.
  • Check that the Bank Statement page numbers are sequential (if using Bank Statements rather than transaction reports), ensure that no bank statement pages are missing.
  • Select Cashbook > Bank Reconciliation from the REST Professional menu.
  • If you are reconciling a previous period, select the month from the ‘Previous Months’ drop down list.
  • If you have posted any transactions since your previous bank reconciliation, REST will prompt you to press the <recalculate/F2> button to ensure that the correct figures are calculated for the month. This will show the current period in the top left hand corner and the date will default to the actual date on your PC. If you are reconciling daily and you do not want to include any of today’s receipts, enter yesterday’s date in the recalculate to field.
  • Select <Unpresented Cheques-F5>.
  • Present all the cheques that appear on your Bank Statement by placing a tick in the presented box or entering the cheque number and verifying the amount of the cheque. Once complete, press <Save> or <F12> and exit from the Unpresented Cheques screen.
  • Check to see if any adjustments on the last Bank Reconciliation Report have been corrected on the Bank Statement or in REST Professional and should be deleted from the Adjustments screen in REST Professional. Select <Adjustments–F4> from the bank reconciliation to add, delete or change adjustments.
  • Check the Bank Statement to see if there are any new adjustments that need to be entered (e.g. bank fees or charges debited in error, dishonoured tenant cheques etc.)
  • If there are any tenant dishonoured payments on the bank statement, post them as receipt reversals in REST Professional.
  • Enter the closing balance from your bank statement and the date of the bank statement in the appropriate fields.
  • Enter the total of any outstanding deposits not yet appearing on your Bank Statement in the appropriate field. These are bankings that have been posted in REST Professional but not yet presented on the Bank Statement and if you are recalculating to today, any receipted amounts not yet banked.
  • Enter the Total deposits banked not posted in the appropriate field – i.e. deposited funds not yet entered into REST Professional – (E.g. Sales deposits, tenants rent).
  • If this shows a Reconciliation Successful this means that you balanced and do not need to continue following this information sheet. <Save and Print - F3> the Bank Reconciliation report when it has balanced staple this report the Unpresented Cheques Report and the Trial balance together and file in date & time order.
  • If this shows a Reconciliation Balance Error then this means you are out of balance by the amount showing.
    • If the reconciliation Balance error shows a positive amount then this means that you have more money in REST Professional than you do in the bank.
Tick Things to Check
                         STEP 1 - Print an Unpresented Cheque list and check to see if any cheques
that appear on the report have been presented on the bank statement. If so
then present that cheque in Rest by selecting <Unpresented Cheques-F5>.
STEP 2 - Check that all the Adjustments in the <Adjustments-F4> screen
are correct and have been entered with the correct amount (check if they
should be negative or Positive) REMEMBER - if more money is in Rest
compared to the bank amount then this is entered as a Positive (+) if less
money in Rest than to bank amount is entered as a negative (-).
STEP 3 – Print your Cashbook receipts report.  Go to Cashbook > Cashbook
Receipts for selected range and tick off all receipts manually one-by-one
against the bank statement and note any funds that have been receipted in
Rest but not yet banked (i.e. Daily Banking) - this amount is to be entered in
Total Outstanding Deposits.
REMEMBER to include all transactions since last reconciled date.
STEP 4 - Check that the total Outstanding Deposit amount on the Bank
Reconciliation screen is correct. If amount is incorrect then alter it. This
amount should be taken from Step 4

  • If the Reconciliation Balance error shows a negative amount this means that you have more money in the bank then you have entered in REST Professional.
Tick Things to Check
                          STEP 1 - Check that you have not presented any cheques or Auto Deposits
in error. Print the Presented Cheques List and check against the bank
statement.
STEP 2 - Check that all the adjustments in the <Adjustments-F4> screen
are correct and have been entered with the correct amount. Check if they
should be negative or Positive.
STEP 3 - Check that you have processed any Auto Deposit EFT payments
match amounts debited on bank statement.
STEP 4 - Print your Cashbook receipts report Cashbook> Cashbook Receipts
for selected range and tick off all receipts manually one-by-one against the
bank statement and note any funds that have been banked but have not yet
been receipted in Rest (i.e. Tenants rent who pay directly through bank
account) - this amount is to be entered in Total Deposits Banked not posted.
REMEMBER to include all transactions since last reconciled date.
STEP 5 - Check that the total ‘Deposits banked not posted’ amount on the
Bank Reconciliation screen is correct. If the amount is incorrect then alter it.
This amount should be taken from Step 4

Common Balancing Problems

  • Bank Statement balance amount entered in REST Professional is incorrect.
  • Funds that have been deposited into the Bank Account but have not yet been receipted in REST Professional (e.g. tenant rent or owner auto deposits returned to bank).
  • Funds that have been receipted in REST Professional but have not yet been banked.
  • Receipts have or have not been cancelled: check the receipt entries report for receipts which have been cancelled and the Bank Statement for dishonoured cheques.
  • Cheques or EFT’s have not been posted or posted with incorrect amounts; check the Cashbook Payments Report against the Bank Statement or the cheque book.
  • Cheques or EFT’s have not been presented; check the Unpresented Cheque List for any cheques that may be presented or vice versa.
  • Make sure that all adjustments are entered correctly.
  • Mark sure there are no unreconciled 999 999 quick disbursements, print Cashbook > Cashbook Payments Report, Report Order> cheque number.
  • Run a transaction search for the error amount, Cashbook> Transaction Search.

Entering Common Adjustments

Problem Enter as amount as
A cheque posted to REST Professional for a greater amount than the
amount presented.
Negative
A cheque posted to REST Professional for a lesser amount than the
amount presented.
Positive
A receipt posted to REST for a greater amount than the
amount presented.
Positive
A receipt posted to REST for a lesser amount than the amount
presented.
Negative
A dishonoured receipt not cancelled in REST Professional. Positive Positive
A receipt cancelled in REST Professional but not cancelled on the bank
statement.
Negative
Auto Deposit (EFT) Amount not on bank statement. Negative Negative

17/07/2017 12:05 pm AEST

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