Bank Reconciliation:
To reconcile your chapters bank statement on greekbill you will need to review and check the cleared and pending transactions from your chapter's monthly bank statement as reported by your chapters bank account and compare it to the chapters Checks, Deposit, Journal Entries, and Payments posted on Greekbill.
Successful chapters maintain a personal record of the chapter's Income and Expenses from month to month. You can easily do this on greekbill. Your Income is automatically tracked when you assign any charges to members and code them to an Income "Chart of Account". Utilizing the greekbill banking module such as Bank Sync, Checks and Deposits module, and using the Purchase Card program. You will be able to easily track your chapter's Expenses by coding them to Expense "Chart of Accounts". This will help give you clarity on your chapter's available cash Vs. the chapter bank balance.
Similarly, the bank keeps an account for every finical transaction AKA your chapter's Bank statement- you can find this on our chapter's bank account. The bank statements will track your chapter's full account history such as the deposits and transactions for the credit and debits on your account.
Sometimes these balances do not match. The chapter needs to identify the reasons for the discrepancy and reconcile the differences. This is done to confirm every item is accounted for and that the ending balances match.
To do this, a reconciliation statement known as the bank reconciliation statement is prepared.