At the end of each month, after you have received a statement from your bank(s), you can proceed to reconcile each statement with the data entered in SchoolInsight Financials.
The reconciliation process consists of four parts:
- Record the totals from the bank statement
- Clear transactions in SchoolInsight Financials
- Add missing transactions
- Mark reconciled
Create statement
The summary information from each bank statement must be recorded to create a point of comparison against the cleared transactions.
To create a new financial institution statement:
- Go to Financials Main > General Ledger > Financial Institution Statements
- Create Statement
- Select the Financial Institution Account
- Enter the start and end dates, which should encompass either a full month or a full quarter
- Enter the beginning balance and ending balance
- Enter the following subtotals from your bank statement:
- Checks
- Other debits (i.e. automatic and electronic withdrawals)
- Deposits
- Optionally, add a Memo and attach a copy of the bank statement or any other relevant files
- Save
Clear transactions
To reconcile, click Reconcile next to the appropriate statement. The reconciliation page displays all transactions that meet the following criteria:
- The transaction was created in the current fiscal year
- The transaction was not cleared on a prior reconciliation
- The transaction date falls on or before the statement end date
- The transaction affects an asset account matching the asset account on this financial institution account
Checks/Other Debits and Deposits appear in separate tabs. As you match each transaction on the bank statement to one in SchoolInsight Financials, check it off to mark it as cleared.
At the bottom of the page are summaries that allow you to compare the total amount cleared to the totals on the bank statement. At the end of reconciliation, all Differences should be $0.00 and there should be a green check mark next to the Calculated Balance.
Add transactions
If a statement appears on the bank statement but not in SchoolInsight Financials, you can create it from this page by using the blue plus sign in the upper-right corner.
If a check or other debit was created in the previous fiscal year but didn’t clear the bank until the new fiscal year, you should choose Create Uncleared Check. This allows you to create a placeholder that doesn’t affect any accounts but can be checked off during reconciliation. This placeholder mustn’t affect any accounts because these transactions were already accounted for during the starting balance rollover at the beginning of the fiscal year.
Mark reconciled
When the bank statement is wholly reconciled, the Mark Reconciled button at the bottom of the page will become green and clickable. Once it has been clicked, the status of the Financial Institution Statement page will change to Reconciled.