This article explains how to complete the bank reconciliation process in SchoolFunds Online using the Bank Recon tool.
Bank Reconciliation Overview
Navigation path: Bank Recon > Bank Recon
Note
All transactions for the month must be posted before beginning the reconciliation process. This includes checks, receipts, purchase orders, and journal entries such as bank interest, charges, returned checks, and re-deposits.
The Bank Reconciliation includes seven steps to guide you through the process. Each step has an on-screen link for additional help. When you complete a step, calculations automatically update on the right side of the screen.
Step 1: Confirm the Statement Ending Date
- Always leave this date as the last calendar day of the month.
Step 2: Enter the Statement Ending Balance
This is the balance as shown on your bank statement. Click Next Step to continue.
Step 3: Select Cleared Deposits
Compare deposits in the system to your bank statement and select the ones that cleared. Click Next Step when done.
Step 4: Select Cleared Checks
Compare checks in the system to the bank statement and select the ones that cleared. You can also clear any old outstanding checks. Click Next Step when finished.
Step 5: Enter Non-Posted Items
Use this step to record additions or deductions not yet posted, such as errors. Add a description and amount, then click Next Step.
Step 6: Review Other Asset Accounts
For schools with investments, savings, or money market accounts, review descriptions and balances of Other Asset accounts, then click Next Step.
Step 7: Final Balance Check
This step verifies if you are in balance. If so, a Congratulations message appears. Follow its instructions to complete the process.
- If Step 7 says You are not in balance, review the Bank Recon Out of Balance Suggestions.
To complete the reconciliation, follow the Congratulations message. Generate and print the following reports:
- Generate All Recon Reports to preview and print: Main Bank Reconciliation Report, Deposits in Transit, Cleared Deposits, Outstanding Checks, and Cleared Checks
- If you already printed reports in Steps 3 and 4, use Generate Recon Report to print only the Main Bank Reconciliation Report.
Note
Remember to click the button after printing the reports.