Prepare to reconcile your bank statement for the first time.
To reconcile bank statements you’ll need to choose a point in time to begin. For example, you may want to start with your first statement of the fiscal year, or with your current bank statement. Once you’ve picked a date, you’ll mark as reconciled any items in Procare that have previously been reconciled. Lastly, you will enter any new outstanding transactions to prepare for your first reconciliation. If you are catching up entries for the year see: Enter Previous Transactions.
Allow Extra Time
Depending on how far back you are entering detailed transactions, balancing your account the first time may take some extra time because transactions that appeared on your prior bank statements may not yet be recorded in Procare. After you enter those transactions and reconcile them, reconciling your account each month will be easier.
If you have deposits, checks, or other items (like EFT transfers, etc.) you have already reconciled outside of Procare, you’ll want to mark those old transactions as reconciled before reconciling your current bank statement. See: Using Edit Register to Mark Old Items Reconciled
Before you reconcile your current statement you may need to enter outstanding transactions, those that have occurred but have not yet been reconciled.
- Be sure that all expense and transfer transactions are entered in Procare. Include all Payroll Checks and Vendor Checks you’ve written, plus any ATM transactions or electronic payments / transfers recorded either as checks or Journal Entries.
Note: Interest and bank fees, on your current statement, may be entered at the time you reconcile so may be excluded from this process.
- If necessary, enter any deposits not yet reconciled. Normally this is done by recording the individual payments on each Family Ledger Card and then closing a Deposit Report. Another option would be to make a Journal Entry for each outstanding deposit.
- When ready, go to Reconcile Bank Accounts to reconcile the current statement.
- Pick a date when you’d like to start.
- Enter all transactions as described above for Outstanding Transactions.
- Pick the statement you would like to reconcile first, such as January. In this example the December statement would be the ‘last’ statement and the January would be the ‘current’ statement.
- Reconcile Previous Items, all items already reconciled from the prior year, in our example.
- Enter any new transactions as needed.
- When ready, go to Reconcile Bank Accounts to reconcile one month at a time, until you are caught up.