A Cash Reconciliation is simply to check that the Cash on Hand per your Records equals the Actual Balance of Cash on Hand, in the “Cash” Account of your file. This can be done as often as you wish. The Cash on Hand per your Records automatically calculates from the Opening Cash Balance which transfers from the previous month, the cash Receipts entries in your Money In Record and the Total Cash Payments in your Money Out Record.
Step 1: Enter Current Amount of Cash On Hand & Match Cash Receipts against your Cash Records.
Type your Current Amount of Cash on Hand in the box provided.
Match the Cash Receipts, entered into your Money In section, and shown in the window provided, against your cash records. Tick these entries off in the Amount column.
Once you finish, click [Next].
Step 2: Add any Cash Receipts not in your Money In section.
Add any Cash Receipts that were found in your Cash Records, not entered into the Money In section, using the [Add Record] option.
Once you finish, click [Next].
Step 3: Match the Cash Payments against your Cash Records.
Match the Cash Payments, entered into your Money Out section, and shown in the window provided, against your cash records. Tick these entries off in the Amount column.
Once you finish, click [Next].
Step 4: Add any Cash Payments not in your Money Out section
Add any Cash Payments that were found in your Cash Records, not entered into the Money Out section, using the Add Record option.
Once you finish, click [Next].
If you reconcile then the Cash Balance and the Actual Cash On Hand will agree.
Click on the [Complete] button.
Your reconciliation will now be 'locked'.
If you need to unlock your records for any reason such as changing an allocation, go to the [Complete] section of the Reconciliation screen and click on the [Unlock] button.