Issue/Symptom/Question

How do I perform the Bank Reconciliation Process?

Applies To

PENTA Web > Accounting Module > Bank Reconciliation

PENTA version 21.2 and up

Note: Microsoft is ending Internet Explorer, therefore the IE Web Browser is not supported

Resolution/Fix/Answer

Prerequisites:

• The Bank Reconciliation Initialization has occurred: Bank Reconciliation Initialization Steps
• The Bank Accounts are configured configured Configuring PENTA to use the Bank Reconciliation Module

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1. Select the Bank Reconciliation feature from the Accounting PENTA Web Module
2. Select the Bank Account to reconcile
3. Click the Button to Add the Bank Rec to open the Create pop
   
4. Enter the Statement Date from the Bank Statement received that is to be reconciled
5. Enter the Ending Balance on the Bank Statement received to be reconciled
6. Click the Create button to begin reconciling
   
   
   If you would like to learn more about loading a Bank File speed up the bank reconciliation, see Processing a Bank Rec with a Bank File to Auto Match
   
   
7. Go through the PENTA Transactions and check the box for the transactions that appear on the bank statement to reconcile
8. Once everything on the bank statement has been identified and checked, the difference between Bank Adj. Balance and PENTA Balance should be zero
   1. If an entry on the bank statement (fees, interest, etc.) is not available to check, make the entry in PENTA and refresh
   2. The Post Adjustments button can be used to navigate to the appropriate module (Cash Receipts or Journal Entry for interest earned, etc.) to make the entry
9. Use the Add drop down arrow on the Adjustments Tab to move all unreconciled transactions and identify them as Deposit in Transit, Outstanding Check, etc.
   1. The Add button (the drop down arrow) allows for a unique Other Adjustment to be entered, if needed, to force the reconciliation 
   2. Note: once a transaction has been flagged as an adjustment, it has to be deleted/removed from the Adjustments Tab using the trash can icon to make it available to be reconciled again
      1. With that said, it is best to work on Adjustments last, instead of as they are identified using the + symbol transaction by transaction, because the identification of Adjustments is automated:
         1. Withdawals with a Check # are marked as Outstanding 
         2.  Deposits are marked as In Transit
   When the bank reconciliation is complete, generate the Recon Statement by clicking the button
   1. The button creates the Summary and Detail Reconciliation Reports as one file, print or save to a file location if desired
10. Use the Mark as Complete button to complete the Reconciliation Process and mark the transaction records as reconciled
    
    

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Tips:

• The Search boxes can be used to quickly limit the list
• The columns can be click sorted
• The Grid Filters button can be used to limit the transactions that show

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• • Reconciled Items unchecked will hide the rows that have already been checked to shrink the list as you work through the reconciliation process.
  • Deposits can be removed if there is a desire to focus on the Withdrawals only
  • Withdrawals can be limited to Checks or Electronic
    
    

You can click the Close button to leave a reconciliation in progress and finish later.  Select by clicking on the row from the list to open up the reconciliation again and continue.