Bank reconciliation
Bring the bank and the books together.
Match each line the bank reports to the movement in your books, until the difference is zero.
Starting
Know the gap before you begin.
Enter the closing balance the bank reported and its date. The book balance comes from the account itself.
The bank’s side
The statement, line by line.
Enter each line of the bank statement for the account: the date, a description, the bank’s reference, and money in or money out, never both. A running balance and totals of money in and out keep you honest as you go.
Fix a line before it is matched. Open a statement line to correct it, or delete it.
Matching
Pick one from each side.
Select a bank line and a book line to pair them. The summary updates with every match.
Mismatches pointed out. If a pair’s amounts differ, SMS says so before you match them.
Done means balanced. A reconciliation can only be completed once the adjusted balances agree.
Undo a pair. Unmatch a pair you joined by mistake and pick again.
Finished
A reconciliation statement you can show.
A completed reconciliation is kept read-only: what was matched, what was left over on each side, and how the bank and book balances were brought together.
Unfinished ones are flagged. Catch Up on the dashboard reminds the people who keep the books of reconciliations left open.
Statement lines are entered by hand in SMS.
The list leads with each reconciliation’s difference. Anything not at zero has not reconciled.
Reconcile your accounts in Academium SMS.
Download Academium SMS and set up your school, try a demo, or start in free mode.