Outstanding cheques are listed on the bank reconciliation report until they are reconciled.
To reconcile these cheques, you will need to match them with bank payments in a bank statement batch as they arise. This article will take you through the steps to do so!
You may utilise this feature of AccountsPrep if you have:
entered a cheques batch in the current period, or
there are outstanding cheques carried forward from the prior period.
Matching Bank Statement Data with Cheques
General order of entries:
Firstly, there may be outstanding cheques carried from the prior period (that will happen automatically).
If you are entering a cheque batch in the current period, you should do this next so they are available to match.
Upload bank statement data for the current period so you can match this data with unreconciled cheques from steps 1 and 2 above.
How to Match Bank Statement Payments with Unreconciled Cheques
Within the bank statement batch entry, check the box(es) of the payment(s) you want to match.
You can do this for a single payment line or multiple payment lines at once.
Then click the Cheques button beside Select & Match with as seen below:
Next, you'll get a cheque payment matching pop-up menu to match selections (see below).
Cheque Payment Matching Pop-up Explained
The cheque payment matching pop-up looks similar to this:
The left side (Date/Details/Reference/Amount) lists the details of the payment lines selected.
The right side (Cheque number/Amount) details the outstanding cheque you are matching with (sourced via Cheque Batches).
By clicking the drop-down arrow on the right, you will see a list of all available outstanding cheques to match with.
Between the left side and right side is the status column, which can say either:
Auto - this means the system automatically selected the most relevant match based on amount & cheque number.
Manual - this indicates where you have manually selected a cheque to match with.
No match - this indicates where no matching selection has been made (i.e. the right side is blank).
By selecting the expand (+) button on the left, you can see additional details (if some are partially hidden).
To undo a match, simply click the drop-down arrow on the right and click Select none.
Please note: Not all selections need to be matched to hit the Save button.
Demo of a single payment line being auto-matched with an outstanding cheque:
Demo showing how to undo the single cheque match made in the previous demo (above):
Demo of multiple payment lines (200+) being auto-matched with outstanding cheques: