QUESTION:
How do you complete the bank reconciliation process in SchoolFunds Online?
PROCESS:
From Bank Recon > Bank Recon
Before beginning the bank reconciliation process, all transactions for the month, including checks, receipts, purchase orders, and journal entries (bank interest, bank charges, returned checks and re-deposits) must be posted.
The Bank Reconciliation has 7 “step questions” that will guide you through the process. This article gives you an overview of each step. Additional information about each step is available by clicking on the links at each step.
As each “step question” is answered, the numbers automatically calculate and display in the blue and white grid 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 – the checking account balance as it appears on the bank statement and click Next Step to continue.
Step 3: Compare these Deposits with the deposits listed on the bank statement and select the “cleared deposits”. After selecting all the cleared deposits, click Next Step.
Step 4: Compare these Checks with the checks listed on the bank statement and select the “cleared checks”. You may also clear “Old Outstanding Checks” from this step. After selecting all the cleared checks, click Next Step.
Step 5: This step allows you to enter Non-Posted Items – Other Additions (Add) or Other Deductions (Less) to the reconciliation. Type in the Description and enter the Amount of the error on the appropriate add or less line and click Next Step.
Step 6: This step is for schools with investment, money market, savings accounts, etc. Verify the Other Asset account description(s) and their account balance(s) and click Next Step.
Step 7: The final step that confirms whether or not you’re in balance. If the totals agree on Step #7, a Congratulations message will display.
- If Step 7 says “You are not in balance”, see the Related Article – Bank Recon Out of Balance Suggestions.
To complete the reconciliation process, follow the instructions in the Step #7 Congratulations message.
- Click on the Generate All Recon Reports button and scroll down on the screen to preview and print the Main Bank Reconciliation Report, Deposits in Transit, Cleared Deposits, Outstanding Checks, and Cleared Checks reports.
- If you printed these reports on Step # 3 & 4 click on Generate Recon Report to print only the Main Bank Reconciliation report.
IMPORTANT: Remember to click the 
button after printing the recon reports.
Related Articles
Reprinting Bank Reconciliation Reports
Bank Recon Out of Balance – Suggestions and Help