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Reconciling Accounts

Accounts reconciliation is one of the most important, yet least used, features of any accounting system. Account reconciliation allows you to see what entries were missed, have unexpected differences, or not captured correctly (capture errors) inside Palladium. Without account reconciliation, you most likely will never find these missed transactions and this could cost you money in the long run. Each account you plan to reconcile must be setup for reconciliation inside the account itself. If this is not setup correctly, you will not be able to select the account in the reconciliation window. Please note: you can only reconcile asset and liability accounts. SETUP ACCOUNTS FOR RECONCILIATION Enter the account you wish to setup for reconciliation and then check the "save transactions for account reconciliation" check box. At this time you would set the accounts to use for interest income and interest expenses. Press OK when finished to compete the setup procedure. Once the account has been setup for reconciliation, Palladium Accounting will save all transactions that go into that account for reconciliation.

PERFORMING RECONCILIATION Enter the accounts reconciliation function by going to the general ledger tab and clicking on the reconciliation icon. The following window will appear:

Select the account you wish to reconcile at the top of the window by clicking on the find button and selecting it. Note: if you don't see your account there, it is not setup. Please follow the instructions above for setting up accounts. The first time you reconcile an account you must enter the statement start date and opening balance. If you have reconciled this account before, this information is populated automatically for you. The next step is to enter your statement ending date. Once you do that, verify that the ledger balance looks correct. You then enter…...

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