When changing change to Jim2 there may be some un-presented cheques and outstanding deposits that need to be reconciled at a later date.
To enter these into Jim2 you will need to follow these steps:
Scenario
Bank Balance as per bank statement (excluding un-presented items) |
Bank balance as at 18/4/19 |
$12,000.00 |
Un-presented cheques |
Dated 1/4/19 |
$6,000.00 |
Dated 7/4/19 |
$1,000.00 |
|
Outstanding deposit |
Dated 29/3/19 |
$3,000.00 |
Previous system account balance |
Figure obtained after final bank reconciliation in previous system |
$8,000.00 |
1.Enter opening balance in cheque account ($8,000).
2.Using your own company card code, add two cheques (1 x $6000 and 1 x $1000) from and to the same cheque account, using tax code X, and set status to Finish – this will create two transactions which have equal debits and credits for the same cheque account, and therefore will not change the balance.
3.Using your own company card code, add one deposit (1 x $3000) from and to the the same cheque account, using tax code X, and set status to Finish – this will create a transaction which will have equal debits and credits for this same cheque account, and therefore will not change the balance.
4.Now open Bank Reconciliation:
▪Select your cheque account.
▪Enter the bank statement date at the first day of your conversion month
▪Enter the statement closing balance as at your last bank statement – 30 April balance ($12000.00).
▪Tick the Reconcile box for the deposit side of each un-presented cheque
▪Tick the Reconcile box for the withdrawal side of each outstanding deposit. The bank reconciliation will now show:
–Statement closing balance = $12000.00
–Last reconciled balance = $8,000.00 (the amount you entered as an opening balance)
–Reconciled = $4000.00 (the entires you just ticked)
–Out of balance = $0.00
5.Click Reconcile.
Further information: