Reconciling your bank account can play an important role in ensuring the transactions entered in Farmplan Business Cloud match the transactions that have happened in real life.
The bank reconciliation article gives an overview of where to find the bank rec button and some of the essentials on how it works, and this article aims to talk you through the users process for doing a bank reconciliation.
Reconciliation tools and tips!
You can filter to only show unpresented items:
You can re-order the transactions in date order, which can be useful if you are starting either at the beginning of your data entry or part way through using the system, so that you are either seeing the latest or oldest first. You can also choose to show 10, 25, 50 or 100 transactions at a time!
You can also use the search box to find descriptions or amounts to help you find transactions.
Starting reconciliation - the very first step
Bank Reconciliation in Farmplan Business Cloud can be seen as one continuous reconciliation, where users can still reconcile their physical statements individually however it appears as one continuous reconciliation in the system.
Because of this, the most important thing is to get your starting point opening balance entered correctly for whatever point you are going to be doing your reconciliation from.
This could be taken from your opening balances or by entering in an adjustment - information on how to do either can be found here.
Reconciling your first statement
Once you have your initial opening balance entered, within the bank reconciliation screen you can tick this entry off and will be your 'Reconciled total'.
You now have your starting point from which we can start to reconcile your transactions.
From here it is simply a case of working through and ticking off your bank transactions, working towards your physical statement closing balance which needs to match the 'Reconciled Total' within the bank reconciliation screen.
Once you have completed your reconciliation, or want to pause part way through, then click to 'Save all' so that the reconciliation is not lost.
Reconciling your bank account going forward
The key considerations when reconciling your transactions going forward are:
Ensure that when you go back into the bank reconciliation page to begin a new reconciliation, the 'Reconciled total' figure that you see before you tick off any new transactions matches your physical statement opening balance.
Editing of transactions which have been reconciled is limited so that the date, payment type, total amount and currency cannot be changed. You can simply un-reconcile the entry, make the required changes and then re-reconcile the amended transaction.
You are always working towards the 'Reconciled Total' matching your statement closing balance.
Reporting or saving reconciliations
As you are not entering individual statements, you are not able to export or print individual reconciliations from Farmplan Business Cloud.
However, each time you complete a reconciliation you could export this to excel and save, to give you an updated reconciliation along with any unpresented items, that could be shared with your accountant at year end if required.
If you aren't needing monthly reports then it may be worthwhile to do a year end export, which would show any unpresented items at your year end date.
Simply click the green excel icon to export once you have reconciled up to your required date.
