Bank Reconciliation Report

Bank Reconciliation Report
Contents
About the Bank Reconciliation Report
Producing Bank Reconciliation Reports
The Bank Statement Reconciliation Section
The Bank Journal Reconciliation Section
The Outstanding Items List
About the Bank Reconciliation Report
Bank Reconciliation is the method used to reconcile your bank statement within PCLaw. The Bank
Reconciliation module assists you in reconciling your bank statements to your PCLaw bank journals.
This document describes the components of the Bank Reconciliation report and explains how the report
totals are derived. It is the fifth in a series of documents for Bank Reconciliation. Refer to the Practice
Management Document Library in the Support Center for additional documentation.
Producing Bank Reconciliation Reports
Print the Bank Reconciliation report prior to saving the bank reconciliation and proceeding to the next
period. It is not possible to reprint the Bank Reconciliation report for the reconciled period, after moving
forward to the next period, unless you reopen the previous bank reconciliation.
The Bank Reconciliation report can only be created from within the Bank Reconciliation module, and
only for the active session of the reconciled account.
PCLaw prompts you, when saving a reconciled account, to print the report for the current period. Ensure
you have the most up to date report before proceeding.
1.
In the Mark Items window, click the Report button to display the Reconciliation Report window:
2.
Select one of the following sort parameters in the Sort By area. To sort by:
•
item date, select Date.
•
check or receipt number, select Check Number.
•
paid to or received from information, select Paid To/Received From.
•
item amount, select Amount.

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3.
Print a list of outstanding items by select Print Separate Outstanding Items List.
4.
Create a report without item details by selecting Totals Only.
5.
Select one or more of the following options in the Output area:
•
print a hard copy of the report by selecting Printer.
•
view the report on the screen by selecting select Screen.
•
attach the report in one of text, rich text ,or portable document format to an e-mail by selecting
E-mail.
•
produce the report in text, rich text format, or portable document format by selecting Editor.
6.
Load settings from when the report was last generated by clicking Load Last.
7.
Click OK to display the Bank Reconciliation report in three sections:
•
bank statement reconciliation
•
bank journal reconciliation
•
outstanding items (if the report option is selected).
The Bank Statement Reconciliation Section
The statement reconciliation section compares the sum of marked items against the bank statement
balance. The bank statement values are entered in the Select Account window or carried over from the
previous bank reconciliation.
The Bank Statement Reconciliation section displays all marked checks, marked receipts, and New Errors
entered for the period.
Exhibit 1. The Bank Reconciliation report displaying the Bank Statement Reconciliation section
Calculated Statement Balance: The sum of the bank statement opening balance as entered or displayed in
the Select Account window, marked receipts, and New Errors, less marked checks.
Bank Statement: The balance corresponds to the closing balance entered in the Select Account window.
Difference:
Represents the difference between the calculated Marked Items balance and the actual
balance of the bank statement. A difference of zero indicates the bank is reconciled to
the statement. A positive or negative difference indicates an imbalance with the
reconciliation that has occurred in the current period.
Tip: If there is a non-zero difference, confirm all checks and receipts are correctly
marked or unmarked. All bank debit and credit memos are properly accounted for in
PCLaw. All errors on the current bank statement are properly recorded.
Bank Reconciliation Report
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Bank Journal Reconciliation Section
The Bank Journal Reconciliation section calculates a balance for the bank journal from information on the
reconciliation and compares that to the actual bank journal balance. The bank journal values are pulled
from the bank journal for the end date of the reconciliation as entered in the Select Account window.
Exhibit 2. The Bank Reconciliation report displaying the Bank Journal Reconciliation section
The Bank Journal Reconciliation displays all outstanding checks and receipts as of the end date of the
reconciliation period, as well as outstanding bank errors. New errors entered in the current period are
displayed the opposite of how they appear in the bank statement.
Calculated Bank Journal Balance: The sum of the bank statement closing balance as entered or displayed
in the Select Account window plus outstanding receipts and bank errors and less
outstanding checks.
Actual Bank Journal Balance: The closing balance on the bank journal for the end date of the
reconciliation period as entered in the Select Account window.
Difference:
Represents the difference between the calculated and actual balance of the bank
journal. A difference of zero indicates the bank is reconciled to the journal. A positive
or negative difference indicates an imbalance with prior items listed or not listed in the
current period.
Tip: If there is a non-zero difference, confirm there are no entries dated prior to the
current period, that did not appear as outstanding on the previous reconciliation. Run a
bank journal for the prior reconciliation period and compare the closing balance of the
journal to the Actual Bank Journal Balance on the previous period’s Bank
Reconciliation report. If the two balances are not the same, then one or more back-
dated entries may have occurred or the bank journal balance needs to be verified.
If a check or receipt has been outstanding for two years, that entry may have been
summarized during the last month end. Call PCLaw Technical Support at 1-800-387-
9785 for assistance with this issue.
For first time reconciliations, confirm the bank journal opening balance is correct and
all prior checks and receipts have been included on the Prior Items window.
Outstanding Items List
The Outstanding Items section displays a list of all outstanding checks, receipts, and errors. The list
provides a sub-total for each category, as well as a Total Outstanding Items balance for all outstanding
items.
Exhibit 3. The Bank Reconciliation report displaying the Outstanding Items List
The Outstanding Items section is an optional section on the Bank Reconciliation report.
Bank Reconciliation Report
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