Accounting Periods

Accounting Periods

• An Accounting Period is a period of time that is used to synchronize external systems and BankRecon data

• These are usually based on monthly accounting periods

• To view the current account period status and period balances for the selected account, select Admin>Accounting Periods from the menu.

Create Accounting Periods

• If your period is a month, you don't have to do anything. Bank Recon will create the period when it is needed

• If you want something else you can add it on the Admin>Accounting Periods Maintenance screen.

Close Accounting Periods

• Closing an Accounting Period means you can no longer import data into that period

• It will also calculate the closing balance for that period for both the Bank and the Cashbook

  • The Period Opening Balance is the Closing Balance from the previous period

  • Closing Balance = Opening Balance + sum(Movement for the period)

• To close an accounting period select Admin>Current Accounting Periods from the menu

  • A list of Account Periods per Accounts and their statuses is displayed

  • Select the accounts you want to close then click the Close Accounting Period button to close the first open period for the selected accounts

Adjust Opening Balance

• Bank Recon allows you to "take-on" an existing Cashbook Balance if you are migrating from a different system or automating your Reconciliation process for the first time

• Your opening Bank Balance is gotten from the first statement you import into Bank Recon so should always be correct

• Navigate to Admin>Adjust Opening Balance

• Enter your take-on balance and click Recalculate Balances

  • This works by adding the amount you entered as the Opening Cashbook Balance to the opening and closing balances of every closed period and the opening balance of the first open period