Reconciling Your Bank Accounts with Patriot Software
As an Accounting Premium customer, you can reconcile your bank statements with Patriot Software. Ideally, your balances in Patriot Software should agree with your bank account balances, so that you are fully tracking all of your transactions.
You can also connect your bank or credit card accounts so transactions automatically import into Patriot. For more details on this feature, see Managing Your Imported Bank Transactions.
Reconciling Your Bank Accounts in Patriot Software
When your bank statement cycle is complete and ready for your review, first, go to your bank’s website and find the following:
- Your bank statement date
- Your bank statement balance
In Patriot Software, go to Accounting > Financial Tasks > Reconcile Bank Account
Enter Your Bank Statement Details
- Choose your Bank Account. All Asset Accounts with the Sub Account Type of “Bank Account” in your Chart of Accounts will appear in this list.
- Enter the Statement Date
- Enter the Statement Balance
- Click “Continue”
Choose Transactions to Reconcile
On the next page, your Patriot balance for your bank account will appear. If you need to change your bank statement date or balance, click the “Change” link at the top of the page.
- Your “Bank Statement Balance” is the amount you entered from your bank statement.
- Your “Patriot Balance” is the total of all bank transactions in Patriot that fall on or before your Statement Date you entered above.
Below, all recorded transactions for that bank account in Patriot with dates that fall on or before your bank statement date will appear. Check the box next to each transaction that matches your bank statement. Leave any transactions unchecked that don’t appear on your bank statement. If there are transactions on your bank statement that are not yet recorded in Patriot, you will be able to enter more transactions on the next page.
You can click “Save Progress” to stop here and finish your reconciliation later. You can pick up where you left off under the Bank Reconciliations page.
Click “Continue” to manually add any transactions that appear on your bank statement, so that your Patriot Balance matches your Bank Statement Balance.
Add Deposits or Withdrawals
If your bank statement contains transactions that are not yet entered into Patriot, you will need to enter these missing deposits and withdrawals. If needed, you can click the “Back” link to review your transaction list again.
You will see four totals across the top:
- Bank Statement Balance: This is the amount you entered from your bank statement.
- Patriot Balance: The is the total of all bank transactions in Patriot that fall on or before your Statement Date you entered.
- Adjusted Bank Balance: This is your bank statement balance, not including your unchecked transactions recorded in Patriot
- Difference: This is the difference between your Patriot Balance and Adjusted Bank Balance. You will need to enter the missing deposits or withdrawals that are on your bank statement so the difference becomes $0. The difference must be $0 before you can continue from this page and finish your reconciliation.
Things to Note:
- When entering your Deposit or Withdrawal, be sure that your Post Date is on or before your bank statement date in order to be included.
- Your entered deposits and withdrawals will appear under your totals. If needed, you can void the transaction before finishing your reconciliation.
- Once the Difference total becomes $0, the “Continue” button will be clickable and you may finish your reconciliation.
Review Reconciliation Details
You will see a summary of your balance totals, a list of your reconciled transactions, and any unreconciled transactions. If everything looks good, click “Finish” at the bottom of the page.
Once you have finished the reconciliation, you can view a PDF summary for your records. You can find this report later under Reports > Accounting > Financial Reports > Bank Reconciliations. Find the reconciliation by your bank statement date, and click “View/Print” to download and view the PDF.