Bank Reconciliation | Restaurant365 Customer Center

Using the Bank Activity Screen

Overview The purpose of the Bank Activity screen to make it simple to match your Bank Statement to Transactions that have already been entered in to R365. Bank Activity also allows easy creation of new Deposits and Withdrawals based on data from your Bank. Using the Bank Activity feature will make the Bank Reconciliation process significantly faster. Each transaction that is ‘Matched’ on Bank Activity will be checked off as ‘Reconciled’ on your Bank Rec. Once your Bank Accounts are setup (click here to learn more about setting up Bank Accounts), then the Bank Activity process consists of 3 steps: Download … Continued

Bank Reconciliation

A Bank Reconciliation is a period end (or month end) procedure used to ‘true-up’ the records in your accounting system to the actual activity in your bank account (as reported by your bank.) Step 1: Make sure to have a copy of your bank statement or online statement ready. Step 2: Begin a new reconciliation Step 3: Match the transactions in Restaurant365 with the ones one your statement until the indicated difference is 0 Step 4: Make sure all the voided transactions are cleared from your reconciliation. Step 5: Approve and print the reconciliation Step 1: Before beginning your reconciliation, … Continued

Reconciling Credit Cards

In order to reconcile a credit card, the credit card must be set up like a bank account so that you can create reconciliations for that account. For more information on setting up accounts click here. After you have set up the credit card as a bank account and have began to accrue activity, you will start a bank reconciliation for that account. For more information on bank reconciliations click here. The main thing to remember when starting a bank reconciliation for a credit card account, is that the credit card is a liability. Consequently, you will need to change the beginning and … Continued