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Your first bank reconciliation

To ensure the accuracy of your business records, you should ensure that the record of your bank account balances matches the amounts on your bank statements. This task is called reconciling accounts.

If your business traded prior to your conversion month and you have uncleared banking transactions as at the first day of your conversion month, you need to do an initial bank reconciliation. (The conversion month is the earliest month in the financial year for which you recorded transactions in AccountRight.)

Uncleared banking transactions are withdrawals and deposits that have not been cleared by your bank as at the start of your conversion month. They include unpresented cheques and credit card purchases yet to appear on your bank statement. Make sure you have entered your account opening balances before doing your initial bank reconciliation.

Do you need to complete this task?

The initial bank reconciliation procedure needs to be done for each bank account that had uncleared transactions as at the first day of your conversion month.

To do an initial bank reconciliation: