Overview of Bank Reconciliation

This function allows you to compare your company's bank statement to the records (ledgers) in AstraERP, ensuring that all transactions are accounted for. Bank reconciliation is a tool used by businesses and accountants to identify fraud, omissions, and mistakes in financial accounts. Reconciliation statements, when regularly completed, assist businesses in finding cash flow problems, giving investors accurate information, and accurately planning and paying taxes. Companies and individuals should reconcile their bank statements on a monthly basis. Additionally, they can be completed on a daily or weekly basis, depending on how often statements are created.

To successfully complete your bank reconciliation in AstraERP, you'll need to format and upload your bank statements in AstraERP. Find the template for the Bank statement upload here.

How to upload your Bank Statement

1. Complete the Bank Statement Upload Template
2. Navigate to Banking
3. Select Bank Statement Upload
4. Select Bank Account
5. Click on Choose file to select the bank statement upload template you just completed.
6. Click on upload to complete the process.
7. You can view the list of the transactions that were successfully uploaded and those that failed.

How to do Bank Reconciliation

1. Navigate to Banking
2. Select Bank Reconciliation
3. Click on Select Account to select the bank account you are about to reconcile.
4. Click on New Recon
5. Select Start and End Date
6. Enter the Bank Recon Start balance & End Balance as showed in the bank reconciliation statement you just uploaded
7. Click on Start Recon
8. On your left is Unreconciled Transactions Records & On your right is Unreconciled Ledger Records
9. Pick a transaction in the Unreconciled Transactions Records and find its corresponding transaction in the Unreconciled Ledger Records
10. If both transactions match, Click on Match Records
11. Go through all the transactions in order to find the those that match.
12. View Reconciliation Details.
13. Click the End Recon to end the process for the month or the selected period.
14. Repeat the steps if you want to start a new bank recon for a new month