How to Setup the Bank Balance in Jewelry Shopkeeper
*) Make sure that all your outstanding checks and deposits and bank charges
are recorded in the checkbook file. ["outstanding" for here means trans-
actions that have never appeared on a monthly statement you've received -
even if you know they've cleared the bank since the last statement.]
*) Make sure that transactions that have previously appeared on a statement
are marked as cleared. If you have some that need to be cleared - you can
do this from option 5,5,A,2- "clear checks". For this time, when you go
into clear checks, you can ignore the balances just mark the items cleared.
*) Now if you run a reconciliation report - option 5,7,B - that should
list all the outstanding transactions - and only the outstanding
transactions. At the bottom will be a total - the total will be negative
if you have more outstanding deposits than outstanding checks, or positive
if more checks.
*) You need to correct the Shopkeeper bank balance to equal your last
statements closing balance minus this total.
e.g. If your last statement balance was 5,600 and the report total is 500,
then the current bank balance must be fixed to read 5,100. If the report
total is -1,200, then the bank balance must be 6,800.
*) Fix the bank balance from "Initialize Bank Account..." (choice 5,5,A,3)
*) Rerun the reconciliation report and at the bottom, it should indicate
what the last statement balance should read and it should be fixed.
*) You can run the reconciliation report any time during the month and it
should balance to the last statement.