Bank reconciliation

The basic principle of the Bank Reconciliation is for all receipts, transfers and payments carried out in your CFPwinMan software, to correspond with those same entries as they appear on your client account bank statement.

In the steps below, you'll be shown how to:

• Update the pay in slip so the entries for cash, cheques and card payments appear on your bank reconciliation
• Understand the fields on the bank reconciliation to help ensure your records are correct before you update 
• Carry out the process of reconciling the entries you have made in the software with those in your client account
• Save and retrieve files after they have been updated

If you have a discrepancy between the entries on your software, to those on your bank statement, then a data input error or a bank error has occurred.
For more information on Bank reconciliation discrepancies, click here

If you need to find out if and when a transaction was reconciled, click here for more information on How can I find out if a transaction has already been reconciled.

This article includes: 

• Update the pay in slip
• Understanding the bank reconciliation
• Reconcile with the entries on your bank statement
• Other features of the bank reconciliation

Update the pay in slip

Any cash, cheques, or card payments paid into the bank by your agency will need to be recorded as received in the bank. This is so the transaction is replicated in your CFPwinMan software and can be reconciled to match with what is in the bank.

1. Click Postings on the main toolbar
2. Click Print Pay In Slip on the dropdown menu
3. Paid in Date - Edit this to the correct date so it corresponds to the entry on your bank statement
4. Batch Number - The next batch number will be allocated on Update 
5. Pay In Branch - If your agency has the multi office function switched on, select the branch accordingly
6. Click to tick and select or deselect items in the list that correspond to those appearing on your bank statement
7. Amount Paying - The total amount of money paid into your bank as it appears on your bank statement
8. Print Report - If this is ticked, it will remain ticked the next time you enter this screen. You can untick it, if required
9. A message appears stating Do you want to update the accounts now. Click Yes
10. Click Update
11. Click Close

If you have incorrectly updated a Print Pay In Slip record, click here

Understanding the bank reconciliation

1. Click Postings on the main toolbar
2. Click Bank Reconciliation on the dropdown menu
3. Search for and select the bank account which you are to reconcile
4. The Bank Reconciliation displays
   1. Reconcile balances at - The date at which you are reconciling and which corresponds to the last entry date on your bank statement
   2. Statement balance B/fwd - The first reconciliation will be zero, thereafter it will be the total from the last bank statement to which you reconciled
   3. Statement balance C/fwd - This is your target figure. As you tick items off the list which match your bank statement, the figure should get closer to that of your balance at the bank. If all items were ticked, the total should equal that on your statement
   4. Date of Last Reconciliation - The date the last bank reconciliation was completed
   5. Cash Balance - The total of all monies in the system at the displayed date
   6. Un-cleared items - The total of all items that have not yet appeared on the bank statement, and unticked items in your list
   7. You can re-order the list if you click on the top of each column. You can either organise it by number or in alphabetical order

Each line is a record for an individual receipt, payment and batched item from the paying in slips and AutoBanking reports.

Reconcile with the entries on your bank statement

1. Click Postings on the main toolbar
2. Click Bank Reconciliation on the dropdown menu
3. Search for and select the bank account which you are to reconcile
4. The Bank Reconciliation displays. Click in Include to place a tick against an entry that also appears on your bank statement
5. Once the Statement balance C/fwd matches that of the bank statement balance which you are reconciling, click Update

Other features of the bank reconciliation 

• Best fit/Reset columns - These change the view of the grid. Click them again to return to the full view
• Description Filter - If you type part of a description into the filter and press Enter on your keyboard, any matches appear in green at the top of the list
• Tag and Un-Tag All - This option allows you to tick or untick all entries shown in the main list
• Un-Tag previous update & Batch - This option allows you to unreconcile previous updated entries. Select the required batch number and click the button to undo the last bank reconciliation
• Create PDF - Tick for a copy of the bank reconciliation to be saved to your server
• Bank Transfer - Opens up Bank Transfer
  For more information on How do I transfer money between bank accounts, click here
• View - Allows you to preview the printed report. You can also print it from this screen
• Update - Updates all ticked entries and allocates the next available batch number to the update
• The Statement balance C/fwd will become your Statement balance B/fwd balance ready for the next occasion you carry out a bank reconciliation
• Filed Copies - Bank reconciliations created as a .pdf's. Click to view files stored in date order 
• Refresh Info - Refreshes the screen
• When you close the bank reconciliation screen, all changes to entries will be saved when closed