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

Step 1 Additional Information

  • 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 2 Additional Information

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 3 Additional Information

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 4 Additional Information

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 5 Additional Information

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 6 Additional Information

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.

Step 7 Additional Information

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.

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