How to Perform Bank Reconciliation in GoFreight
Introduction
Bank reconciliation helps verify the consistency between your bank balance and your book balance. This process ensures that all payments and deposits are accurately recorded. Follow the steps below to perform a bank reconciliation for your account in GoFreight.
Which Role Can Access by Default
- General Manager
- Accounting Manager
- Accounting
Where to Use
This feature is located in:
- Accounting → Bank → Bank Reconciliation
Step-by-Step Instructions
1. Accessing Bank Reconciliation
- Navigate to Accounting → Bank → Bank Reconciliation.
- Select the bank account you want to reconcile (e.g., Bank of America 1).
- Choose the time period for the reconciliation (e.g., February 2023 or Last month).
- Click Calculate to begin the reconciliation process.
2. Reviewing the Reconciliation Results
You will see three sections displaying the reconciliation results:
- Statement Balance: The final balance as reported by your bank.
- Book Balance: The final balance recorded in your books.
- Outstanding: The discrepancy between your bank and book balances, which reflects payments that have not yet been deposited or cleared in the bank.
3. Printing the Reconciliation Result
- To print the results, click the Print button in the upper right corner.
4. Viewing Outstanding Details
Scroll down to see Outstanding Details, which lists each payment that causes the balance discrepancy between your bank and book. The details are divided into:
- Deposit & Credit: Payments pending deposit into your bank account.
- Checks & Debit: Payments scheduled to be paid out from your bank.
5. Understanding Discrepancies
If a payment is listed as outstanding even though it has been deposited or cleared, check the payment post date and deposit date. For example:
- If a payment post date is February 24th but the deposit occurred on March 6th, the deposit falls outside the defined period. This discrepancy should be considered based on your defined period.
6. Reviewing and Adjusting Payments
- To adjust a payment, click the total amount (in blue) to access its details.
7. Downloading Outstanding Details
- You can download the outstanding details in an Excel format by clicking the Excel button.
For a visual guide on using this feature, please refer to the following video: