Bank reconciliation

Bank reconciliation

Ensuring that the finance company bank accounts are reconciled to the bank control accounts in Clearmatch is an important function to ensure that all transactions are processed and accounted for. It is important that all transactions that appear in the banks statements also appear in Clearmatch and visa versa.

1. Sign into Clearmatch Fusion.

2. Navigate to the bank reconciliation menu under "Banking":

 

3. The bank details will only appear on the page once the appropriate warehousing entity that the bank account belongs has been selected:



4. Select the "Bank Reconciliation" sub menu under "Lists" to see all the available bank reconciliations that have been performed:

 

5. The list will contain all the bank reconciliations that have been performed. The columns values which need to be noted include:

 
Theoretical Balance - Balance of the bank control account plus unmatched DD's and unmatched DC's and unmatched cheques and unmatched BPAY transaction and unmatched cash teller transactions.

Actual Bank Balance - Balance of bank account bank control account.  This amount should be checked to make sure it is the same as the physical bank account balance at the bank.

Difference - The difference between the theoretical  bank balance and the actual bank balance. It is important that this be zero prior to any DD files, DC files, Cheques, BPAY transactions or cash transactions being processed for the day.

Unmatched Direct Debits - It is important that this be zero.   All transactions that appear in the direct debit control account and have not appeared in the bank statements. The direct debit control account contains all direct debit transactions that were sent to the bank via the DD files.

Unmatched Direct Credits - It is important that this be zero.   All transactions that appear in the direct credit control account and have not appeared in the bank statements. The direct credit control account contains all direct credit transactions that were sent to the bank via the DC files.

Unmatched Cheques - It is important that this be zero.   All transactions that appear in the cheque control account due to cheques being issued and have not appeared in the bank statements.

Unmatched BPAYs- It is important that this be zero.   All transactions that appear in the BPAY control account and have not appeared in the bank statements.

Unmatched Batches - It is important that this be zero.   All transactions that appear in the batch control account for teller cash transactions and have not appeared in the bank statements.

6. In order to create a new bank reconciliation select the create icon 

If any of the columns do not contain values as highlighted in table above investigation will need to be performed as it is very important that the balances are correct. In most case the balances are out due to a value that has been incorrectly matched to the wrong account during bank statement matching and posting. It is very important that the bank balance on this page is the same as the physical bank account balance.

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