Reconciling a Bank Statement Manually

Learn how to reconcile your period end bank statement with your Spectrum records.

Bank statements can also be reconciled using a Reconciling a Bank Statement Using a Cleared Check File.

  1. On the Site Map screen, click Cash Management > Data Entry > Bank Reconciliation.
  2. In the Bank account field, enter the primary bank account number. If there is more than one checking account, verify that you entered the correct account code.
  3. In the G/L date field, enter the General Ledger date, which is the last day of the period.
  4. In the Statement date field, enter the date of the bank statement.
  5. In the Opening balance field, enter the opening balance from the bank statement. IMPORTANT: Perform this step only during the initial reconciliation setup.
  6. In the Ending balance field, enter the account's ending balance as it's stated on the bank statement.
  7. Click the Adjustments button.
  8. In the Transactions to be recorded window, enter any increases or decreases that are on the bank statement but have not been posted to General Ledger.Note: These items may include interest earned, bank fees, and so forth.
  9. Click the Update button and then Preview the Transaction G/L Update Report.
  10. On the Bank Reconciliation Transaction Update screen, select Continue.
  11. Complete the Bank account, GL date, Statement date, and Ending balance fields, or press Enter to accept the software defaults.
  12. Click the Deposits button. Information about funds deposited into the selected bank account display in the details portion of the screen.
  13. To reconcile deposits one at a time, select the check box next to each deposit that you want to reconcile.
    Tip: To reconcile all deposits at once, click the red check mark button adjacent to the Deposits button. In the Select Items window, complete the Beginning date, Ending date, and Check number fields. In the Options section, select Reconcile and then click OK. On the Bank Reconciliation Entry screen, clear the check boxes next to any deposits that you do not want to reconcile.
  14. Click the Checks button and select the check box next to each check that you want to reconcile.
    Tip: To reconcile a range of checks at once, click the red check mark icon adjacent to the Deposits button. In the Select Items window, complete the Beginning date, Ending date, and Check number fields. In the Options section, select Reconcile and then click OK. On the Bank Reconciliation Entry screen, clear the check boxes next to any checks that you do not want to reconcile.
  15. At this point, the Difference fields in the Statement Recon and G/L Recon sections should show $0.00. (If this is not the case, further investigation is required to determine the cause of the imbalance.) If both Difference fields are $0.00, click OK until the Listing button displays.
  16. Click the Listing button and Preview the Bank Reconciliation Summary Listing. Keep the listings with the bank records.
  17. Click the Update button.
  18. On the Bank Reconciliation Update screen, complete the Bank account code field, and select Continue.