ConnectNow Bank Reconciliation

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ConnectNow Bank Reconciliation


    1.    When doing really large bank reconciliations, it can be time consuming to have ConnectNow Accounting automatically recalculate the entire bank reconciliation every time you clear off an item. Fortunately there is an option to prevent ConnectNow Accounting from automatically recalculating the entire bank reconciliation every time you clear an item. To turn on this option, go to Setup > User Options; and check the box for Add Recalculate Button to Bank Reconciliation and click on Submit to save the changes.
Once this option is activated, ConnectNow Accounting will no longer automatically calculate the bank reconciliation when you clear off items. Instead there will be a Recalculate button shown under the bank reconciliation summary that will recalculate the bank reconciliation when clicked. Having this option turned on, will help you to reduce the amount of time it takes to create bank reconciliations in ConnectNow Accounting since you won’t be waiting for the page to reload every time you clear an item.

2.      Clicking on the Cleared checkbox for each item on bank reconciliations can be very time consuming if there are a large number of items to clear off. A quicker way to clear items is to use the Tab key and Spacebar. If you click the Cleared checkbox on the first item and then press the Tab key, the cursor will advance to the next checkbox, and then press the Spacebar to check or uncheck the Cleared checkbox. Working through the bank reconciliation this way is much faster than having to click the checkbox to clear each item.

3.      ConnectNow Accounting will handle any service charges (i.e. bank fees) or interest income for you once it is setup correctly for your bank accounts. When you create a new bank account, there is an additional asset information section that asks you for a service charge expense and interest income account. The accounts that you fill in here are going to be where ConnectNow Accounting posts the service charge and/or interest income from the bank reconciliation process.  

Once you have the service charge and interest income accounts setup for this bank account, when you go to do a bank reconciliation that has interest or service charges on it; you can simply enter those numbers in the appropriate fields when setting up the bank reconciliation.

So for example, if this month’s bank statement has $20.00 service fee and $0.10 interest, you would enter those amounts into the service charge field and the interest income field on the bank reconciliation screen. Then when you reconcile, ConnectNow Accounting will automatically create a journal entry that posts the service charge and interest income to the correct accounts.

4.      If you notice errors in the bank reconciliation information such as the date is wrong or the selected bank account is incorrect, you can simply delete this bank reconciliation as long as you haven’t submitted it in a reconciled state.

Then after deleting the bank reconciliation, you can go back into the bank reconciliation process and create a new one with the correct information. However any items that were previously cleared will need to be re-cleared on the new bank reconciliation



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Last Modified:Tuesday, August 28, 2012
Last Modified By: lloesche
Type: Information Article
Level: Novice
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