Bank Reconciliations

Some users reconcile the bank account once a month. Generally, the Omni bank records are compared with the bank statement to ensure that all transactions are correct and that the Omni balance agrees with the balance on the bank statement. Allowance is made for any uncleared cheques or credits at the statement date.

The data on Bank Reconciliations is accessed from the ‘Reconciliation’ button on the main Bank Transactions screen.

There are separate reconciliation records for each bank account held by a scheme.

There is a need to allow for cheques that have been written and recorded in Omni but have not appeared on the bank statement yet – these amounts are stored in the ‘Cheques Unpaid’ field. Similarly, there is a field for ‘Credits (not yet received by bank)’ for credit cheques that are in the post etc.

Some users spread the workload over the month by reconciling some accounts as at 7th, some as at 14^th, 21^st and some at the end of month. To allow for this, Omni will soon have an extra field ‘a bank reconciliation day’ on the ‘Bank Account’ screen (any number between 1 and 31).

There will also be a field to show whether statements are received monthly or less frequently.

In due course, it is planned to add additional functionality to check whether the bank balances and help identify discrepancies if the account does not balance.

There is an XL report which shows all accounts where a reconciliation is due but it has not been done.