Starting a new bank reconciliation balance

The steps below show how to start fresh with your Bank Reconciliation.

If you are unable to reconcile entries on CFPwinMan with your bank statement, this normally indicates one of the following:

• Entries that have occurred in your bank have not been put on CFPwinMan
• Entries have been put on CFPwinMan when they have not occurred in your bank

The only way to reconcile is to check the specific records for Landlords, Tenancies, Contractors, and Tenant, and correct the incorrect entries.
For more information on Bank reconciliation discrepancies, click here

This article includes: 

• Staring a fresh bank reconciliation balance
• Correct the statement balance
• Write off suspense account balance

Starting a fresh bank reconciliation balance

There are occasions when an agent may want to draw a line under historic transactions from a specific date and start again with the current balance of the bank statement.

This enables you to reconcile from a specific point on your bank statement and gives you time to investigate the historic differences.

To do this on CFPwinMan you must first do the following:

1. Decide on the cut off date
2. Update all transactions in the Pay In Slip
   1. Click Postings on the main toolbar
   2. Click Pay In Slip from the dropdown menu
   3. Click Select All
   4. Click Update
3. Update all transactions in the AutoBanking report
   1. Click Miscellaneous on the main toolbar
   2. Click Print Auto Banking Report from the dropdown menu
   3. Click Select All
   4. Click Update
   5. Click Yes to all messages
4. Update all the Bank Reconciliation records
   1. Click Postings on the main toolbar
   2. Click Bank Reconciliation from the dropdown menu
   3. Select the correct bank account
   4. Click Tag All, up to and including the day prior to the fresh start date
   5. Click Update. These items are not fully reconciled, only cleared down for the fresh start
5. The Statement Balance B/fwd figure will increase
6. On your bank statement, ascertain the balance brought forward figure
7. Ascertain the actual bank statement balance

Correct the statement balance

Correct the statement balance in CFPwinMan with the actual bank statement balance.

For example:

If the Statement Balance B/fwd figure was £15,000 and the actual bank balance was £10,000, this would indicate that there is £5,000 too much within CFPwinMan and this balance needs to be reduced to £10,000 to match the actual bank balance.

Therefore, the Statement Balance B/fwd needs to be reduced by putting a negative receipt against a Suspense Landlord.

1. Create a new Landlord called Suspense
2. Click Invoice and add a Miscellaneous Invoice for -£5,000
3. Click Update
4. Click Receipt
5. Receipt in -£5000 as Standing Order
6. Click Update
7. Tick the receipt entry in the Debit column on the bank reconciliation
8. Click Update
9. Once this debit is reconciled, this balance brought forward figure is reduced

If the CFPwinMan balance is less than the actual bank balance, you will need a credit on the bank reconciliation. This can be achieved by posting a positive receipt on the Suspense Landlord record.

• If the Balance B/fwd figure is higher than your real life bank account, post a negative figure
• If the Balance B/fwd figure is lower than your real life bank account, post a positive figure

It is your responsibility to account for and reconcile all transactions through your actual bank account. You may find that as entries appear, you can slowly reduce the Suspense account figure.

Write off suspense account balance

If you decide to write off the balance of your Suspense account completely, you will need to do this in discussion with your Accountant as this may fall under any restrictions from any governing body you are associated with such as ARLA or RICS etc.

If the Suspense balance is a negative figure, you are required to find the money and transfer it from your relevant bank account.

• To record this in CFPwinMan, raise an invoice and receipt money into the Suspense Landlord record
• This will show a Credit on the Bank Reconciliation to match your credit entry on your bank statement

If the Suspense balance is a positive figure, this indicates you have excess money in your bank account. You may wish to transfer this out to keep your client account in order.

• To record this in CFPwinMan, make a payment out from the Suspense Landlord record
• This will put a Debit on the Bank Reconciliation to match your debit entry on your bank statement

This is designed to help you clear down the bank reconciliation in CFPwinMan, and is only a temporary solution to enable you to continue with your day to day reconciliation. If you cannot find the transactions that caused the shortfall, money in real life may be required to amend your bank accounts.