The Legal Office bank reconciliation module helps you manage your firm’s bank accounts. The app provides a reconciliation statement including a list of un-presented items and confirms the bank account is in balance with your firm’s cashbooks.
The app functions by comparing posted payment and receipt transactions to those that are shown on your bank statement. Bank statement items can be manually added or imported directly from your bank.
While it is recommended you complete reconciliations on a daily basis, the app allows a reconciliation to be completed for any period.
Screen Headings
On the header you will find;
Bank Account – this is the bank account being reconciled. LegalOffice supports multiple bank accounts, use the drop down menu to select the appropriate account.
Bank Statement Number – this is the statement page number and allows you to keep your LegalOffice reconciliation statements in sync with your physical bank statements. This reference can be set to match your first bank statement page number and will increment automatically as you add further statements.
Statement Date – the is the date of the bank statement your are reconciling. The app will only display cashbook transactions posted up to and including this date.
Opening Balance – this is the opening balance as displayed on your bank statement. The balance shown on the header is automatically carried forward from the previous days closing statement balance.
Closing Balance – this is the closing balance as displayed on your bank statement.
Un-reconciled amount – this is a control total showing you the difference between the statement closing balance any the bank statement items added into the app.
Reconciled tick box – used to indicate the reconciliation has been completed and restricts any further changes.
Print Bank Rec – prints the reconciliation report.
Creating a new reconciliation
Open the app to create the next reconciliation. The app will automatically display the next incremental statement with the opening balance brought forward from the last statement.
Add the reconciliation date which is the actual date of your bank statement.
Add the reconciliation closing balance which the actual closing balance on your bank statement.
All payment and receipt transactions that are available for matching on this statement will be displayed on the right hand panel of cashbook items.
Manual Reconciliation
To match cashbook items against presented statement items, double click on the cashbook record. This will add the item to the bank statement item list and mark the item as being presented.
Continue with this process until all items shown that are showing on your bank statement have been matched.
If there are items in your bank statement that are not displayed on the cashbook, you need to investigate and record these transactions. These transactions will then be available for matching on the reconciliation.
When you have matched all the statement items, the un-reconciled value displayed on the header should be zero. This means you have matched all items on the statement.
Use the Print Bank Rec button to print the bank reconciliation.
Review the report and if everything is in order tick the Reconciled box on the header. The reconciliation is now complete.
Load bank statement items from an electronic statement
Export your e-statement to an accessible location. Right click on the left hand bank statement panel and select Import from CSV file.
Select the template for your bank and the e-statement file to upload. Click Import and when the import is complete press Proceed
The Bank Reconciliation app will display with the statement items loaded.
When the statement item transaction type, reference and amount are the same as the cashbook item, the item will be automatically matched.
For items not matched you will need to determine the reason, make any necessary correction and match the item manually.
When you have matched all the statement items, the un-reconciled value displayed on the header should be zero. This means you have matched all items on the statement.
Use the Print Bank Rec button to print the bank reconciliation.
Review the report and if everything is in order tick the Reconciled box on the header. The reconciliation is now complete.