Reconciling a Bank Account

aACE provides a bank reconciliation tool for easy account balancing.

  1. Navigate to Accounting > Bank Reconciliation.
  2. In the menu bar, click New.
  3. Enter the following details:
    • Select the account you wish to reconcile.
    • Enter the statement date as shown on the bank statement (format mm/dd/yy).
    • Enter the ending balance shown on the bank statement.
    • Click the link to Build/Refresh Statement Items.
  4. Reconcile the items displayed on the screen against the items appearing on the bank statement — for each match, mark the Cleared flag.
    Note: You can create additional transactions (e.g. general journal entries), if necessary, using the Quick Links. When you return to the bank reconciliation, click Build/Refresh Statement Items again to display the new entries.  
  5. Click the green Totals () icon to calculate / recalculate the totals shown on the screen.
  6. Review the reconciliation totals shown in the lower-right — Reconciliation Error should show zero.
  7. Click Save.
  8. At the confirmation dialog, click Clear.
    You can leave the reconciliation in pending state by clicking Not Yet.