Before beginning your bank reconciliation, go to GL>>Processing>>Post the General Ledger
Enter Ending Date equal to the last day of the month you are about to reconcile
Click Show Exceptions button
If there are exceptions they will be noted in a grid at the bottom of the screen and you will need to fix the exceptions before proceeding with a bank reconciliation.
If there are no exceptions you will receive the following message:
If no exceptions are detected, proceed with bank reconciliation by going to Bank>>Processing>>Bank Reconciliation
Select the appropriate Cash Acct from the dropdown list.
Enter the Retrieve Through date that corresponds to the ending date of your current bank statement.
If the ending date of the bank statement is not the last day of the month, we recommend that you enter the last day of the month. Constellation1 Accounting allows edits to the Processing For date making it possible for transactions to be entered on any day of the month; not just business days. Retrieving all records through the last day of the month will ensure that all applicable transactions are included.
Click Retrieve New button. This will bring in all transactions that affect the cash account since the last reconciliation, up to and including the date you enter.
The Prior Reconciled Bal. and the New Reconciled Bal. are the ending balance from your last bank statement. These fields are not editable.
Enter the New Bank Balance and ending date from the bank statement; in the as of field.
Occasionally the ending date of the bank statement may not be the last day of the month. For accurate reconciliation to the general ledger account balance, you should always enter the last day of the month for the as of date.
The first time a transaction is retrieved into the reconciliation, you will see a check mark in the New? column.
Practice sorting and filtering the data; it will make the reconciliation process much easier.
To filter for all deposits, enter “>0” in the filter.
To filter for all checks, enter “<0” in the filter.
You can sort each column by clicking on the column label; it will toggle between ascending and descending order.
Mark off the items that have cleared the bank by putting a check mark in the Cleared column.
Ultimately, the New Reconciled Bal. should equal the New Bank Balance; resulting with a $0.00 (zero) difference.
Click Preview Worksheet button
Verify the Bank Recon to GL Balance Difference on the last page of the worksheet is $0.00. Any differences should be researched and corrected before hitting the RECONCILE button.
When finished click RECONCILE button.