We highly recommend that you take advantage of our bank reconciliation tool. By reconciling your bank account, you can compare your record of transactions and balances on greekbill to your monthly bank statement.
This can help your chapter identify any unusual transactions that may be caused by incorrect charges or possible accounting errors. For budgeting purposes, bank reconciliation can also provide your chapter with accurate financial information on resources and future spending.
After performing a bank reconciliation, you will have a full reconcile report that you can download for your own recordkeeping.
Before we begin, please note that In order to properly reconcile for your bank account, you will need to have your monthly bank statement available for comparisons.
How to Reconcile your Bank Account
1. From yourAdmin Dashboard,click onBankingon the left sidebar to go to theBanking Overview
2. Scroll down to theBank Reconciliationtile and clickManage
3. Select and enter in yourBank Account Details
- Select yourBank Accountfrom the drop down list
- Select yourStatement Ending Date
- Enter in yourBank’s Ending Balance
Note :For an accurate bank reconciliation report, please enter in the statement ending date and ending balance as they appear on your bank statement.
4. Your Report will include a simple chart of numbers at the top, which includes your Beginning Balance, your Statement Ending Balance, and the difference between the two
5. You can filter through your transaction types for
- All will include all of your transactions
- Payments, which is money going out
- Deposits, which are money that your chapter has collected
6. To reconcile, select the appropriate transaction by checking off the box near the transaction name. As you begin to mark a transaction, you will notice that the numbers will start to change at the top of the screen.
Note: You can make changes to a charge amount (payment or charge) by simply clicking on Edit.You may edit the Check Number, Vendor or Charge Description. Click Update to save your changes.
7. Once you have selected all of your transactions, click Reviewto continue
8. Your number of both Payments and Charges will be displayed here. Click on View Allto view all of your specified transaction types. To make any final revisions, you may click on editto do so.
9. Once you are satisfied, click the Submit button