Reconcile Bank Accounts

The Bank Reconciliation tool within Infinity is designed so that you can compare Infinity’s balances to a statement from the bank for your checking account.  This ensures that all transactions that are coming from Infinity are contained correctly within your checking account.  It can help identify offending transactions that are either posted in the wrong month, posted to the wrong account, or should not exist entirely.

This page explains how to:

  1. Access Bank Reconciliation Tool
  2. Reconcile your checking account
  3. Finalize
  4. Open Doc(-)
  5. Flag Checks

Access Bank Reconciliation Tool

Click (04) Reconcile Bank Accounts from the Accounting menu tree.

 

 

 

This will open Check Register- – window:

 

Reconcile your checking account

  1. Pick your checking account from the left-hand side of the screen. (you can reconcile each checking account separately)
  2. Enter the date from the Bank Statement. 
  3. Enter the Amount on the Bank Statement. 
  4. Go through the Bank Statement and “Clear” the items that are on the Check Register by checking the……….

will be your Current Balance within the Infinity Accounting module for your selected checking account.

are all items listed in the bottom window pane that hasn’t been cleared. Note that all items to hit your checking account will be listed here, regardless of date.

is a simple addition/subtraction of the two fields previously mentioned.

will either limit or show checks, depending upon the date you use.

 

Finalize

When you have the bank reconciliation ready to be completed, click the Finalize button at the bottom.  This will post to accounting and open reports for you to print your “Check Reconciliation Report”.

To Finalize and Save a bank reconciliation, the “Amount your statement is out of balance” needs to be $0.00.

 

Open Doc(-)

You may use the Open Doc (-)  button in case you need to identify where the specific transaction is coming from within Infinity.

Flag Checks

The Flag Checks button will allow you to flag a range of checks specified by check number. This allows you to quickly clear many checks rather than go through and click the “Cleared” box manually.