This video will focus on the process of reconciling your bank statements to the activity entered in OnTarget. This is an important accounting practice to ensure that your financial statements from the system are accurate and reflective of all activity flowing in and out of your bank accounts.

Start by navigating to the Reconciliation desktop.  If you don’t see the Reconciliation desktop, go to Configure→Security→Configure Roles→Select your role→Desktop Security tab→Reconciliation checkbox.

Select the Institution Account that you want to reconcile. Once selected, the Account Number and Associated GL Account will auto-populate.       

The Last Statement Date and Balance will also auto-populate as well as the ending Statement Date.  You can adjust the Ending Statement Date as necessary.

Enter the Statement Ending Balance and click on the arrow at the top to hide the institution info and start reconciling.

The Deposits tab includes any accounts receivables from both automatic and manual postings in the system.

Review the deposits listed and put a check mark beside any deposits that have cleared. 

As you work your way through the list, click the Save button to save your work.   

The Checks tab will show any checks generated from the payroll and AP modules in the bank statement period.

Review the checks listed and put a check mark beside any checks that have cleared. 

As you work your way through the list, click the Save button to save your work.  

The Other tab includes any GL entries that have been manually entered in the system. This would be any activity directly entered in the GL  Entries desktop.

Review any entries listed and put a check mark beside any that have cleared. 

save your work as you clear transactions.

Note that from any of these 3 tabs, you have the option to export the list by clicking on Export.     

Once you have marked all of the items that have cleared your bank statement, it is time to finalize the reconciliation.  Please note that in order to finalize the reconciliation, the Bank Activity and GL Activity Difference must balance to zero.

Click Finalize to complete the reconciliation.