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What is bank reconciliation ?

Income entries are being captured in Income Tracker and cheque / cash gets deposited in Bank Account. Expenses are being captured in Expense Tracker and cheques are written to withdraw money.

How do you ensure that all the entries are correct and same amount was cleared in bank?

Bank & Cash Reconciliation is the solution. We recommend doing reconciliation on a monthly basis.

Pull up the Bank Account Statement from your Bank, choose the same time period for that Bank Account in Bank & Cash. Select all and Reconcile.

The number on ADDA and on your Bank might not tally. Here are some of the reasons.

1. A cheque would have bounced. Find the cheque No. on ADDA, flat number will be displayed there – go to that flat and reverse that entry.

2. A cheque / Net banking transaction would have been deposited in the bank but does not show up in ADDA. If you know the Flat No. who gave the cheque/Net Banking transaction no. – post it to that flat as per the cheque / Net banking date. Otherwise post it under Unidentified Credits – and publish this report to your members – so they can help identify their transaction.

3. A cheque was withdrawn from bank, but not captured in ADDA. This means an Expense has happened, but was not recorded on ADDA. Consult the cheque book and pass this entry

4. Petty Cash was withdrawn, or a FD was made from the Savings Account. Go to Bank & Cash > Transfer and capture this transaction.

5. A cheque was deposited on 30th of previous month and has got cleared on 3rd of this month. You can pull up that transaction and put the reconciliation date as 3rd.

6. Interest has come from Savings Account, FDs. Capture these entries in Income Tracker > Non-Member Income.

Timely reconciliation ensures that the Bank Balance on ADDA and Physical Bank Balance are in sync. Come March 31,20xx – and your Auditing is 99% complete 🙂

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