Lesson 39-Auto Bank Reconciliation

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Auto Bank Reconciliation in
Tally.ERP9 Release 3.61 onwards
For
the benefit of business entities and users, Tally.ERP 9 has provided the
facility of selecting the formats which include configurations and output file
type for printing the cheques. Currently the formats of many banks with
supporting file types – Excel, CSV
and MT940 are made available. Depending on the formats
pre-filled in the ledger master of the bank selected in payment/contra voucher
and the output file types supported for it, the cheques can be printed. In
Tally.ERP 9, Bank Reconciliation capability is enhanced to view,
import the e-Bank Statements and to Auto
Reconcile the transactions. For Auto Bank Reconciliation (importing Bank
Statement), valid Tally.NET Subscription and Internet Connectivity are required
for performing auto reconciliation.
To
view, import and auto reconcile the e-banking transactions:
Go
to Gateway of Tally > Banking > Bank Reconciliation >
select the Bank > Bank
Reconciliation Statement appears

For
banks enabled with the feature of auto reconciliation in ledger master, the
buttons:
·        
B: Bank Statement and R: Reconcile Unlinked appear on the right
side button bar.
·        
D: Delete Unlinked button appears on the button bar above Info Panel.
Note:  The facility to Import and View Bank Statements
will get enabled only for banks enabled with auto reconciliation feature in
bank ledger creation / alteration mode.

Bank Statement

Bank
Statement button with the facility to view and import is provided to meet the
customers requirement. There could be cases where the user just want to view it
and not import the statement directly or wants to view it before it is
imported, mainly to confirm that it’s the same file that has to be imported.

Reconcile
Unlinked

Once the
transactions are imported and reconciled, if there are any entries appearing
under the section Amount not reflected in Company Books
the Reconcile Unlinked button needs to be used to reconcile it.

Delete
Unlinked

Delete
Unlinked button is provided to delete the unlinked vouchers.

View Bank Statement

Tally.ERP
9 makes it possible for the user to view the Excel, MT940 or .CSV files in a
readable format, with an option of choosing to import or not to.
Click
on B: Bank Statement button or press Alt+B
key.
On
pressing the button, the Bank Statement File screen
displays the Directory which was specified as the Location of Bank Statements in F12:
Configuration > Banking Configuration. Select the required file
format in File Type field based on the format of bank
statement being imported.
In
File Name filed, a list of Excel files
will get displayed. To view the Bank Statement which
would be imported, click the button I:
With View or press Alt+I.
Press
F12: Configure. The option Show
Imported Bank Statement will be displayed and set to Yes
by default. Using this option, the bank statement which is already imported can
be selected again for import. The files will be listed in alphabetical order
with details of file type and import status (showing whether it is already imported
or not).
The
Bank Statement appears as shown:
·        
Users can either import the
statement using Import button or Quit
the Bank Statement screen by
pressing Escape key or click on Ctrl+Q:
Quit button (where the user is not intending to import
the file).

Import Bank Statement

In
the Bank Statement screen which is previewed press I: Import button. Users must ensure that the bank statements
being imported haven’t been edited or altered in any way. If any changes are
made, the error message – Not a valid format will be
displayed while importing the statement.
During
import, the Import progress bar gets displayed followed
by the Success message with count of
Total Entries in Bank Statement, transactions Reconciled and Additional Bank Entries.
The
Bank Reconciliation Statement with Imported Bank Statement details appears as
shown:
The
Reconciliation found at the bottom of the screen shows:
o       
Balance as per Company Books
o       
Amounts not reflected in Bank
o       
Amount not reflected in Company
Books
o       
Balance as per Bank
The
Balance as per Company Books reflects the balance as on
the last date (in the example, it is 30th April).
The
Amounts not reflected in Bank are the debit and credit
sums of all those vouchers, whose Bank Date is either BLANK,
or LATER than 30-Apr (i.e. these vouchers have not yet
been reflected in the bank statement).
The
Amount not reflected in Company Books are entries which
are present in the bank statement but are not recorded in company’s books.
The
Balance as per Bank is the net effect of the Book
Balance offset by the amounts not reflected in the Bank – which must be equal
to the balance in the bank statement.
Note: Some discrepancies may persist due to entries made in
the bank statement, which may not have been entered in the books of accounts.

Auto Reconciliation of e-Banking Transactions

After
Importing the file, the bank dates will get filled in Bank
Dates field automatically in Bank
Reconciliation screen.

However, there may be transactions which have been executed
at the bank’s end (example, bank charges, interest credit etc.) but not yet
reflected in the books of accounts. Such transactions will appear under the Amount Not Reflected in Company Books in BRS statement with
the required details.

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User
can either Reconcile Unlinked
transactions to existing transactions
or create a new voucher (to
create vouchers click on C: Create
Vouchers button or press Alt+C key) using this
information or delete them.
Note: It is suggested to save the Bank Reconciliation before reconciling the Unlinked Transactions to avoid mistakes.
1. Reconcile Unlinked
In
this example, there is a withdrawal of 2,500 on 23-4-2012 which is not
reconciled. To reconcile the transaction select the transaction displayed under
Amount Not Reflected in Company Books and click on R: Reconcile Unlinked button or press
Alt+R.
Application
will display the transaction(s) matching the Transaction amount for selection.
Select the appropriate transaction using spacebar and press Enter. The Status
will be displayed as Reconciled Successfully.
2. Create a New Voucher
If
there are any transaction which is not reflected in books of accounts, click on
C: Create Voucher button or
press Alt+C key to navigate to Voucher
Creation screen.
On
recording the transaction against the Amount Not Reflected in
Company Books, the details displayed will be removed from the Amount Not Reflected in Company Books section indicating that
the corresponding entry is found in the books of accounts.
3. Error on re-importing the Excel/csv file
While
selecting the bank statement for importing, the statement which is already
imported will also appear. To hide the imported statement, click S: Hide
Imported button. On using this button only the statement which is not yet
imported gets displayed. The Hide Imported is a toggle
button which can also be used to Show Imported
statements.
In
cases where the user has already imported an Excel/csv file
and tries to re-import it by mistake, an error message will be displayed
indicating that Bank Details are reflected in your books of accounts.
4. View Difference in Bank Balance
To
view difference in Bank Balance click on F12: Configure
and the option Show
Difference in Bank Balance
to Yes.
The
difference in Bank Balance (difference in Balance as per Bank
and Balance as per Imported Bank Statement) will be
shown in Bank Reconciliation Statement. In the Bank Reconciliation screen, the Balance as per Imported Bank Statement refers to the balance
displayed on importing the bank statement for reconciliation.

You can see the Balance as per Books & Balance as per Bank is same.

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