The purpose of completing a bank/trust reconciliation is to ensure that all transactions that appear in your trust account (visible on your bank statement) are also appearing in Vault.
It is recommended that you reconcile your transactions daily so you are always aware of any differences/variances in the balances as they occur.
This article explains the basic process of reconciling your trust account transactions in Vault using the new feature.
Contents:
Related Articles:
Completing a Daily Bank/Trust Reconciliation incl a Daily Statement Reconciliation
The purpose of producing a Daily Statement Reconciliation is so you have a statement showing reconciled transactions for that specific day without closing off the bank reconciliation and producing all of your audit reports. Audit reports are only produced when completing a Month End Reconciliation
1. Click on Start Reconciliation
2. Add the date and bank statement balance
3. Reconcile transactions as per your bank statement
4. Click on Reconcile Now
5. A popup will appear advising a Statement Reconciliation has been created, you can Close.
6. To view the statement click on Past Reconciliations (Daily) > Reports
Completing an End of Month Bank/Trust Reconciliation
The purpose of completing an End of Month Reconciliation is so you produce your audit reports and close off the bank/trust reconciliation for that specific month. This is a legislative requirement for all states.
Prior to completing the Month End Reconciliation, you must ensure you have completed at least one daily bank reconciliation eg to the last day of the month. See the article Completing a Daily Bank/Trust Reconciliation
1. Once you have completed your daily bank reconciliation to the last day of the month, click on Month End Reconciliation
2. In the dropdown, select the date you wish to close your trust reconciliation to. This should be the last day of the month eg 31st July
3. Click on Reconcile Now to produce audit reports and close the accounting month/period.
4. You will have a screen appear allowing you to View/Print All audit reports
5. To view the statement click on Past Reconciliations (Month End) > Reports
