Bank Reconciliation & Bank Reconciliation Summary
Silverfin uses a bank reconciliation account template to reconcile individual bank accounts on a client file. This will allow you to complete your bank reconciliations both efficiently and effectively by reconciling the relevant TB values, and attaching the necessary supporting documentation, etc.
Once all the bank accounts have been successfully reconciled, you can then view your 'bank reconciliation summary' working paper if you'd like to see a concise summary of the all important client bank accounts.
Although the bank reconciliation template is automatically assigned to the relevant accounts based on the mapping you have completed, if you find that the template has not been applied then you can quickly and easily do this yourself! See this article to find out how.
The Bank Reconciliation Account Template
1. Select the currency denomination on the account being reconciled.
2. Select the date at which the reconciliation is being prepared
3. Manually enter the balance per the bank statement. There is also the option to attach the bank statement and/or other supporting documentation.
4&5. Enter the details of any unrepresented payments and/or receipts which may be causing a variance between the TB and bank statement balance. There is the option of adding supporting documentation is required.
Note: You are able to enter as many unrepresented payments/receipts as required. A new line will automatically appear one you have entered details on a line and pressed Enter / saved. See below:
6. You are also able to enter the details of any overdraft facility on the account, if relevant.
If the account is reconciled at this stage, the green dot will appear.
Note: The 'green dot' will show as reconciled when the 'Total Balance' value is within £0.99/0.99 (other currency) under/over the TB value. A materiality factor of '0.99' of the relevant currency is applied by default.
E.g. if the TB value is £1500 then the account will show as reconciled when the 'Total Balance' is a value from £1499.01 - £1500.99.
'But what if my account is still not reconciled at this stage?' you ask anxiously. Don't worry, we have you covered!
An extra section appears on the account template (under 'Total Balance) until such time that the account has been fully reconciled. This is where you can enter the details of any additional unexplained differences.
Note: This section does not automatically assign a positive/negative so you will need to enter a minus/'-' where relevant.
Bank Reconciliation Summary
At the top of the bank reconciliation account template you will see a link to the 'Bank reconciliation summary' template. As the name suggests, this template shows a 'summary' of the 'bank reconciliations'...mind blowing, I know!
1. Pull in the bank accounts using the # functionality
2. This is the balance that appears on the relevant bank account template on the 'Total balance' line (i.e the balance per bank statements less unrepresented payments plus unrepresented receipts. No input is required, this will pull through automatically from the account template.
3. Difference between the TB amount and the amount per point 2 above. This is a calculated field, and no entry is required.
4. This point is to ensure that any differences have been explained. If there is a difference and it has been explained within the relevant bank account template, click the box to indicate this and the template will reconcile.
5. Attach any supporting documentation that is required.
6. Select this option if there are any bank covenants you need to provide details for.
As always, we are always happy to help if you need us!
Basically what we're saying is....you can bank on us ;)