Learn how to run bank reconciliations in your SFM

How do I process a bank reconciliation?

Learn how to run a bank reconciliation in SFM in the video below. You can also refer to the instructions written below the video.



Starting the bank reconciliation process

To begin the bank reconciliation process, click on the Bank Reconciliation button in the menu, and then choose the bank account that you we want to reconcile.




Hit the Tab key on your keyboard to move to the next field. Next, choose the date of the bank statement. It is important to consider the date of your last successful reconciliation for the bank account. 

Then, enter the amount that is listed on the bank statement. Note that if you have an overdrawn balance, you can enter a negative amount here. Just add a minus sign before the amount. 




Finally, hit Tab again, or Enter, and SFM will pull up all entries in your system that have yet to be reconciled for the chosen bank account.



Tagging entries for bank reconciliation in SFM

To start, cross examine values written on the bank statement with data in your SFM system; verify that the previous balance on your bank statement matches the Statement Running Balance in SFM.

Using the arrow keys, you can scroll down to the first entry from your bank statement in SFM. Tap the Spacebar to tag the entry.

After each and every tagging, check that the running balance in SFM matches the balance values on your bank statements. Once we have done that, cross off the entry in the bank statement, and move to the next entry.

Do this until all entries in the bank statement are tagged in the bank reconciliation window.

In the end, you should find that the difference is at zero. 




Printing and archiving the reconciliation statement

To print your bank reconciliation statement, click on Print in the bank reconciliation window, and then Reconciliation Statement. 




To archive the bank reconciliation statement, click on the Archive button in the bottom-right corner of the window. SFM will archive the statement and remove the tagged entries. Your archived bank statements are found in Archive > Nominal > Bank Reconciliation.




Helpful tips:

  1. To perform a bank reconciliation in SFM, it is highly recommend for you to have the actual bank statement in your hand. Without one, it can be easy to skip an entry or to tag the wrong ones in your system.
  2. To minimize mistakes and to avoid a situation where the difference in the end does not balance to zero, it is highly suggested for you to simultaneously mark off entries on the statement and in your SFM system.
  3. Before tagging entries, it is helpful to know that if you start tagging and then exit out of the system before finishing, SFM will hold your place and you can continue where you left off the next time you log in.
  4. Remember that you can review the details of the entry by first selecting it and then typing Ctrl + D on your keyboard. This is helpful to ensure that the entries match between SFM and the statement.

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