Table of Contents
Bank reconciliation ensures the financial records for cash account match the bank’s records. This process helps identify and resolve discrepancies, ensuring the accuracy and completeness of the financial statements.
Importation of Bank Reconciliation #
Getting started with imporating Bank Statement.
The following fields are the required fields to successfully import your file:
- Transaction Date-This should be in the YYYY-MM-DD format. (please refer to your spreadsheet program documentation on how to format this)
- Check number– The unique identifier assigned to each check issued by a bank.
- Description-the detailed explanation of what the account represents in the financial records.
- Income– Money received in exchange for providing goods, services, or as returns on investments.
- Expense– Cost incurred by a business to earn revenue or operate
Steps in Importing Bank Statement.
- From Dashboard, click on the side bar and select Bank Reconciliation.
- Select Reconciliation Date and Bank account.
- Download the Import Template. Fill-up the import template by clicking on the browse button to look for the filled-up template.
- Provide the Ending Bank Balance, then click the “Upload” Button.
Bank Reconciliation: Tag and Match #
After uploading the bank statement. You be transferred to the “TAG and MATCH” tab to finalize the bank reconciliation. Please see the steps below:
- Go to the “Bank Statement List”.
- Review the transaction date, account nature, check number and the amount. Then click the “Match” Button.
- Find the match of the in either Journal voucher or Receipt voucher, then select the “Match” Button to confirm. Further, if the transaction cannot be determined in the listed transactions, you may proceed to the unrecorded deposit.
- Go to the Oojeema Transactions tab.
- Check the document Date, voucher number, account nature, check number and amount to match. The click the “Match button” to proceed.
- Find the match, then click the “Match” Button or the “Outstanding Check” Button.
- Go to “Automatically Matched Records” tab. Review the list of transaction provided, then you may confirm the match and remove the transactions.
- Review the Reconciliation Summary. Click “Finalize Bank Reconciliation” to complete.
