A company’s general ledger contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company’s checking account when it processes the company’s checks, deposits, service charges, and other items. Soon after each month ends the bank usually mails a bank statement to the company. The bank statement lists the activity in the bank account during the recent month as well as the balance in the bank account.
When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company’s Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as Reconciliation .The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company’s books) is consistent with the amount of cash shown in the bank’s records.
Lite Edition
This functionality is applicable to only Premium & Enterprise Editions. You can contact our Sales Team on [email protected]  in case you are using the Free or Lite Edition and would like to upgrade it.
Premium Edition
Steps to Reconcile
- Login to Quick Cheque.
- Navigate to the Reconciliation screen by clicking Transactions → Reconciliation.
- Select the Bank Account from the Account # dropdown menu for which you want to perform the reconciliation. Once you select the Account #, the Bank Name, Holder Name and the Current Balance will be filled up automatically.
- Select the From & To Date to see the transactions during that date interval.
- Select the transactions that appear on your physical Bank Statement and update remarks in case required.
- Once done, click the Reconcile Button to save the changes.
Enterprise Edition
- Follow the same steps as for the Premium Edition.
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