Question

how to make general ledger, bank reconciliation

Answer 1

Bank reconciliation steps

1. Get bank records. You need a list of transactions from the bank. ...
2. Get business records. Open your ledger of income and outgoings. ...
3. Find your starting point. ...
4. Run through bank deposits. ...
5. Check the income on your books. ...
6. Run through bank withdrawals. ...
7. Check the expenses on your books. ...
8. End balance.

How Do I Create a General Ledger?

1. Create the chart of accounts. Most accounting systems have five sections for the chart of accounts. Asset accounts begin with a "1," liabilities start with "2," owner's equity starts with "3," revenues are "4" and expenses are "5." For example, the account Cash could be assigned 101, accounts payable 202, retained earnings, 301. Smaller businesses start with 100, while larger businesses and corporations generally use 1000 as their starting account numbers.

2. Create an entry for each account created in Step 1. Each account identified in the chart of accounts should have its own page for transactions. Giving each account a separate page makes adding and deleting accounts easier. The accounts should be entered into the ledger in the same numerical order assigned in the chart of accounts.

How to make general ledger, bank reconciliation

Quick Steps. Create GL entries for any bank fees or other charges that are included in the bank statement but not previously entered in Unanet. This must be completed before reconciling the statement. Navigate to Financials > General Ledger > Bank Reconciliation > +Bank Reconciliation Icon.

Reconciling Bank Accounts in General Ledger

Reconciling the bank account by comparing your bank statement to the General Ledger accounts ensures the account is in balance for the reconciliation period. You can enter and post service charges or interest while reconciling transactions, and you can reconcile the bank account at any time. To sort the reconciliation window based on a particular column, click the column header.

If you have used the ACS Bank Reconciliation feature, the Reconcile from date and Previous Stmt Bal fields are already completed (If this is your first time reconciling, be sure to enter the Last Statement Balance in Define Lists).

When reconciling, you'll print the bank reconciliation report, which you can store with your bank files. This report displays the total withdrawals and deposits, and you can include cleared or uncleared transactions on the report. If you include both cleared and uncleared transactions, the transactions for each are listed separately with their own totals.

You can also print all cleared and uncleared items together by clearing the Page Break on Transaction Status option. If you want to compare reports or see differences, you can also print the Bank Account Journal in General Ledger Reports.

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