Reconcile Bank Accounts (Part 1)
This topic will help you learn to use Total Office Manager’s bank and credit card reconcile feature.
Note: This utility (form) is where you pay your credit card statement.
This feature reconciles your Total Office Manager bank and credit card transactions against the actual statements that are sent to you.
- From the main menu click Banking | Reconcile Account.
- Account – Select the account you want to reconcile. The balance for this account appears in the Beginning Balance field.
- Statement Date – This is the date of the bank or credit card statement – the date printed on it.
- Last Reconciled – This field indicates the date you last reconciled your account (if any). You can’t change this field directly.
- Beginning Balance – The ending balance of your last statement. If you have never performed a reconcile, this will be $0.00 (zero).
- Ending Balance – The balance as shown on your statement. Enter the ending (last) $ balance shown on your bank account, or credit card statement.
- Create Check For Payment Now – Creates a check to pay this statement. For credit card only.
- Enter Bill for Payment Later – Creates a bill to pay this statement. You will write the check later. For credit card only.
- Service Charge, Date, and Account – Fees and charges you were hit with. If your statement shows fees or service charges that you haven’t yet entered into Total Office Manager, enter that amount in the Service Charge field. Next enter the date of the service charge and the expense account you use to track service charges. When you finish reconciling, Total Office Manager adds the service charge into expenses. The date is usually the same as the statement date. In the Account field, select the account you wish to show the expense in. This might be Bank Fees.
- Finance Charge, Date, and Account – This is usually used for credit cards only. If the statement shows a finance charge that you haven’t yet entered into your Total Office Manager records, enter the amount in the Finance Charges field. Then enter the date and your finance charge expense account. The date is usually the same as the statement date. In the Account field, select the account you wish to show the expense in. This might be Interest Charges.
- Cancel – This button closes the form and no changes are made to Total Office Manager.
- Continue – This button Saves your changes and continues to the next form.
- Open the form as outlined above.
- Enter information and make the various selections as needed. See Fields Defined above for a complete explanation of what they mean.
- Double check your work and click the Continue button.