USAS Bank Reconciliation Steps

Reconciliation, on a regular basis of bank statements, is imperative for good financial management of a school district. One method for performing a bank statement reconciliation is outlined below.

• 1. Obtain Bank Statement(s) from your financial institution
• 2. To auto-reconcile checks with a file from the bank:

• • Go to Transactions/Disbursements and click on Auto-Reconcile
  • Enter Reconciliation Date for reconciliation
  • Select Auto-Rec Format
  • Select Bank Account
  • Choose file and click UPLOAD

• 3. To reconcile checks manually:

• • Go to Transactions/Disbursements
  • Use Grid to filter the status of “Outstanding”
  • Click the box next to the checks you want to reconcile
  • Click on Reconcile
  • A box will then pop up for you to enter a reconciliation date
  • If errors, Unreconcile any check by clicking the box for that check and then clicking on the Unreconcile button

• 4. To get list of outstanding checks:

• • Generate the Disbursement Summary Report
  • Enter a Status of 'Outstanding'
  • Leave the Transaction Start Date and Transaction End Date blank to select all checks through the current date.
  • Select desired report format options (i.e. PDF or EXCEL-data) and click GENERATE REPORT
  • The options selected on this report should show only those checks which are still outstanding, (i.e.-- checks issued, but not yet cleared through the banking institutions).

• 5. Generate a Cash Summary Report

• • Select desired report format and click on GENERATE REPORT 

• 6. Add to the fund balance from the Cash Summary Report, the total of the outstanding checks from the outstanding Disbursement Summary Report, (Step #4). Subtract from this total any deposits posted to the system that have not been credited to your account by the banking institution.

  This last item would typically be due to a deposit made late in the month that was posted on the computer, but was not posted by the bank on the current bank statement
• 7. Compute the total of all bank statements, change funds, petty cash funds, and investments.
• 8. Compare the total from Step #6 with the total from Step #7. If they are identical, the banks statements agree, (i.e.---are reconciled) to the financial statement from the computer system. If this is the case, you are finished with this procedure.

For reconciliation issues, please see the Identifying Reconciliation Errors.