Accounting - Trust Accounting - Reconcile Bank Accounts

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Reconcile Trust Accounts

Reconcile bank account statements to identify (1) any items that RDP does not know about (bank fees, interest, etc.), and (2) any items the bank does not know about (outstanding checks, outstanding deposits, etc.) as of the bank statement date, as well as (3) discover any errors made by the property or the bank. When monthly bank account statements are received, click Reconcile Bank Accounts from the Accounting | Trust Account submenu to compare the property's account records to the bank's.

Statement Information Bank Account: Select the bank account to be compared, CASH2 (Checking Account Ledger) or CASH3 (Money Market Account), from the drop-down list.
Statement Dates (Start and End): Enter the starting and ending dates from the official bank statement.
Statement Starting Balance: Enter the Starting Balance from the official bank statement.
Statement Ending Balance: Enter the Ending Balance from the official bank statement.
Display: Click Display to view all unreconciled transactions for the selected account. Double-click any deposit to view the individual transactions that make up the deposit. For example, Friday deposit $852. There were 5 reservations that totaled that amount. Click the $852 deposit record on this screen to view the 5 reservations that made up that amount. Check each transaction to be reconciled.
Bank Statement Ending Balance: The Bank Statement Ending Balance at the bottom of the screen represents the Statement Starting Balance plus the amount of selected transactions in the grid to be reconciled. The two balances should match. If not, the statement and the account cannot be reconciled.
Out of Balance By: When the Statement Ending Balance (top) does not match the "Balance in RDP as of ...", the difference is displayed. The account cannot be reconciled until "Out of Balance By" equals zero.

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