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What is the process of Bank Reconciliation in Marg Software ?

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Overview/Introduction to Bank Reconciliation in Marg Software

Process of Bank Reconciliation in Marg Software

Process to View clear Cheques in Marg Software

Process to View unclear Cheques in Marg Software

OVERVIEW/INTRODUCTION TO BANK RECONCILIATION IN MARG SOFTWARE

Bank Reconciliation Statement

Bank Reconciliation Statement is a statement prepared to reconcile and explain the causes of difference between the bank balance as per cash book and the same as per pass book as on a particular date

Objectives of Bank Reconciliation

The main objectives of preparation of bank reconciliation statement are –

To determine that all payments made by the bank are properly charged to the bank account

To ascertain that all amounts deposited are properly credited by the bank

To make certain that opening and closing balances carried by the bank are correctly computed

To verify periodically the accuracy of the firm’s own computation of bank balances

Know more about Bank Reconciliation?

  • It highlights the causes of difference between bank balance as per cash book and bank balance as per bank statement. Necessary adjustments or corrections can therefore be made at the earliest
  • It reduces the chances of fraud by the staff, handling cash
  • There is a moral check on the staff to keep the cash records always up-to-date

  • Cheques issued but not yet presented for payment
  • Cheques deposited into bank but not yet cleared
  • Cheques received and entered in the bank column of the cash book but omitted to be deposited into bank
  • Interest on deposit credited in the bank statement but not entered in the cash book
  • Bank charges and interest on overdraft debited in the bank statement but not yet recorded in the cash book
  • Dishonoured cheques debited in the bank statement but not yet recorded in the cash book
  • Amounts directly deposited into bank by debtors and not entered in the cash book
  • Payments by bank under standing order not recorded in the cash book
  • Incomes collected by bank under standing order not recorded in cash book

PROCESS OF BANK RECONCILIATION IN MARG SOFTWARE

Once the user has passed all the entries related to Bank after that Bank reconciliation process will be start. Through this process user can put a clearance date as per the Bank Statement so that user can confirm in the record that the cheques which it has deposited or Issued to any party will be cleared as per the bank records.

Although if any charges charged by the bank Eg; Bank Charges, Bank Interest etc for that the user can also pass the fresh entries.

  • Books > Bank Reconciliation.

  • On Bank Interest/Reconciliation window, the user will select the Bank with whom needs to do the reconciliation.
  • Suppose select ‘Bank of Baroda’ for reconciliation.

  • In 'Account No.' field, the user needs to fill bank account number .

  • In ‘Report’ field, the user will select ‘Reconciliation’. Press 'Enter' twice.

  • Now select 'Reconciliation' to reconcile accounts.

  • Now the list of all the cheques that have been deposited in the bank will get displayed.
  • Thereafter mention the date of clearance of the cheque to make the cheque clear in the records.
  • Suppose, mention 30-11-2020.

  • Now in ‘Whole Slip’ select ‘Yes/No’ as per the requirement.

Note: Whole slip option is used to make the all cheque clear of same slip number on the same date.

  • Suppose, select ‘Yes’.

  • Now after selecting ‘Yes’ in ‘Whole Slip’ option the software will automatically pick the date in all the cheques mentioned in the same slip no.

PROCESS TO VIEW CLEAR CHEQUES IN MARG SOFTWARE

  • Now to view the clear cheques.
  • Firstly click on ‘Cleared’ tab. Press 'Enter'.

  • Now mention the date range i.e. the date from which to which date the cleared cheques needs to be viewed.

  • Now all the cleared cheques will get appeared.

Note : if iser has mistakenly cleared the cheque in the accounts then can simply unclear it by removing the date from the field of ‘Clear Dt’.

PROCESS TO VIEW UNCLEAR CHEQUES IN MARG SOFTWARE  

  • Now to view the unclear cheques.
  • Firstly click on ‘Uncleared’ tab. Press 'Enter'.

  • Now mention the date range i.e. the date from which to which date the uncleared cheques needs to be viewed.

  • Now all the uncleared cheques will get appeared.

Note : if user need to clear the unclear cheque then can simply clear it by mention the date in the field of ‘Clear Dt’.

After following the above steps, the user can do Bank Reconciliation in Marg Software.

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