The Bank Reconciliation tool within Infinity is designed so that you can compare Infinity’s balances to a statement from the bank for your checking account. This ensures that all transactions that are coming from Infinity are contained correctly within your checking account. It can help identify offending transactions that are either posted in the wrong month, posted to the wrong account, or should not exist.
Access Bank Reconciliation Tool
- Open the Accounting module.
- Click (04) Reconcile Bank Accounts from the Accounting menu tree.
This will open Check Register window.
Reconcile Your Checking Account
- Pick your checking account from the left-hand side of the screen. (you can reconcile each checking account separately)
- Enter the date from the Bank Statement into the 'Enter the date you're reconciling through' date field.
- Enter the Amount on the Bank Statement into the 'Bank Statement Balance as of the date you're reconciling through' field.
- Go through the bank statement and “Clear” the items that are on the Check Register by checking the corresponding box.
- Current Balance through reconcile date will be your Current Balance within the Infinity Accounting module for your selected checking account.
- Outstanding Balance through reconcile date are all the items listed in the bottom window pane that have not been cleared. Note that all items that hit your checking account will be listed here, regardless of date.
- Current Balance Minus Outstanding Balance is a simple addition/subtraction of the two fields previously mentioned.
- Display checks marked cleared since this date-default is today will either limit or show checks, depending upon the date you use.
When you have the bank reconciliation ready to be completed, click the Finalize button at the bottom. This will post to accounting and open reports for you to print your “Check Reconciliation Report”.
Important Note: To finalize and save a bank reconciliation, the “Amount your statement is out of balance” needs to be $0.00.
Open Doc (-)
You may use the button in case you need to identify where the specific transaction is coming from within Infinity.
The button will allow you to flag a range of checks specified by check number. This allows you to quickly clear many checks rather than go through and click the “Cleared” box manually.