Reconciling Your Account
Reconcile helps to reconcile your BackOffice Financial Register to your Bank Account. By comparing your Bank Account Statement to your Financial Register on a regular basis you will be able to catch various errors (such as duplicated contribution entries) immediately before they become a problem in FEC Reporting.
How do I Reconcile my Bank Account to my BackOffice Financial Register?
Go to Financial à Reconcile:
Select the bank account you wish to reconcile (if you have more than one) from the Bank Account drop down menu or leave the tab on All Accounts if you want to reconcile all accounts in your Financial Register
Enter your bank account Statement Balance. This gives the Reconcile manager a target sum to match to the total of the uncleared contributions.
Enter in the date of your bank statement in Statement Date. All uncleared transactions will be listed thru the date given here. If you want to reconcile to an older bank statement simply enter the date on the bank statement here to exclude more recent uncleared transactions.
Click the Reconcile button.
You should now see a report listing uncleared items on the left side and a Reconciliation Summary statement on the right. You may wish to reorganize the items listed to more closely match your bank statement. Simply click on the hyperlink for Check #, Date, Name or Amount to re-sort. The arrow will tell you how it is being sort.
Compare the transactions in the Uncleared listing against the ones on your bank statement. Click the check box next to the items when you locate them on your Bank Statement. This marks that specific item as cleared.
On the right you should see the Reconciliation Summary. As you check off items as cleared, there will be various changes in this information.
Bank Account: Lists the account currently being reconciled
Statement Date:Lists the date of the statement being compared.
Register Total: Lists the total amount of funds in the Financial Register at the given date. This is the total amount that should match your Bank Statement at the end of the reconcile.
UnclearedTotal: This lists the total amount of Uncleared transactions. As you check off items as Reconciled items in the left hand reconciled this number will adjust. When all the items are marked as clear this total will be 0.
Previously Cleared Total: This lists the Previously Cleared Total in the Reconcile Report. (the difference between the Register Total and the Uncleared Total) This shows you the total amount of transactions that have already been cleared in your Financial Register.
Newly Cleared Total: This lists the Total of items currently being reconciled.
Total Cleared: Lists the Total Reconciled amount between Previously Cleared and Newly Cleared Items. When all the items have been cleared this total will match your Register Total.
Statement Balance: Lists the current amount on your statement balance to be matched.
Difference: Lists the difference between the Statement balance and the items cleared. This is the amount of discrepancy between your Bank Account and your Financial Register as of the date listed in Statement Date.
When you are finished, click the Reconcile button at the bottom of the page. This will list those specific items as reconciled permanently so be careful not to check off transactions which you have not found on your Bank Statement.
If the Difference total is 0 and all items are cleared you know your Financial Register is reconciled to your bank statement.
When a bank reconciliation is complete, a black reconciliation line is added in the register, so that when viewing the register you would know when the last reconciliation was run.
Ack! My Difference isn’t Zero! What do I do?!?
If there total is not zero when all items are cleared there is a discrepancy between your Financial Register and your bank statement. Most likely a transaction was not entered. Check your bank statement for deposits or expenses that weren’t entered into BackOffice.
If there are remaining transactions Currently Uncleared after clearing all transactions in from the Bank Account statement, check if Difference in the Reconciliation Summary is Zero. If the Difference in the Reconciliation Summary is zero, then the remaining transactions are most likely errors that need to be removed from the system.