Bank Reconciliation

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Here’s a basic overview of how bank reconciliation typically works:

• Gather Statements: Obtain both your bank statement and your own records, such as a check register or accounting software, for the same period you want to reconcile.
• Match Transactions: Go through each transaction on your bank statement and compare it with the corresponding entry in your own records. This includes deposits, withdrawals, cheque, electronic transfers, fees, and any other transactions.
• Tick Off Matches: As you compare transactions, tick off or mark those that match between your records and the bank statement. This ensures that you don’t double-count any transactions.
• Identify Differences: Note any transactions that appear on your records but not on the bank statement (outstanding checks or deposits) and vice versa (bank fees, interest, or electronic transactions). These differences are referred to as reconciling items.
• Adjust Records: Make adjustments to your records to account for any reconciling items. For example, if there are outstanding checks, subtract their total from your records. If there are bank fees, add them to your records.
• Reconcile: Once you’ve accounted for all reconciling items, ensure that the ending balance on your records matches the ending balance on the bank statement. If they match, your reconciliation is complete. If they don’t, double-check your work to find any errors or missed items.
• Document: Keep a record of your reconciliation process, including any adjustments made to your records.

Access Bank Reconciliation in Munim:

• Go to the Bank Reconciliation module in the left-side main menu.
• On the Bank Reconciliation List page, you will see a list of all your created bank accounts.
• Click on the Import button to upload your bank statement.

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Input Methods

• The next page shows different Input Types like;
• Default Mapping
• Munim Template
• Custom Mapping

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Default Mapping: Simply upload the bank statement Excel file and click the submit button. There is no requirement to modify the statement sheet or perform any additional manual processing. (Supports major banks only)

Munim Template: First download the sample Excel file. Fill in the proper data on that sheet and upload the sample file.

Custom Mapping: First upload the statement sheet and click on the Submit button. After that, set custom mapping of Header Columns accordingly.

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View Imported Transactions

• The bank reconciliation page shows when the statement sheet import process is completed. The data page will be shown.

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On this page, six sub-pages are shown, named All, Mapped, Matched, Suggested Matched, Not in Book and Not in Bank.

• All: This page shows all entries, like matched, Unmatched, and mapped.
• Mapped: This page shows mapped entries. Mapped means which entries are manually linked to the account.
• Matched: This page shows matched entries. Matched means entries where data is matched with existing entries. The main criteria for matched entries are Txn date, Che./Ref no, Dr. Amount or Cr. Amount.
• Suggested Matched: This field will show you possible matches between entries. Here, many different criteria have to match to appear in the suggested match.
• Not in Book: This field will show you entries that are in the Bank Statement but not in the software.
• Not in Bank: This field will show you entries that are in the software but not in the Bank statement.

Map Unmatched Transactions

• If user maps the entry with an account, then it will auto-generate a receipt/payment voucher against that account.
• This saves time and reduces the likelihood of errors associated with manual input.
• Accurate and consistent data provided by mapped entries enables better financial reporting.

How to make Mapped entries with account:

• Go to the Bank reconciliation entry list page.
• Click on the Account Name list for the entry you want to select.

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• Select the account by scrolling through the list or typing its name in the search bar.

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• When the user finds an account, the user can adjust the entries against sales or purchase bills for this account.

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Note: Mapping a credit entry generates a receipt, while mapping a debit entry creates a payment voucher, automatically saving the entry adjustment preference.

• Saving the data will also automatically update your records within the software.

View/Delete Imported Data and Import History

• Click the three-dot menu beside the bank account to access View and Import History.
• Click the three-dot menu beside the imported bank account and select View to check all the uploaded data at once.

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• Select Import History from the three-dot menu to view the import log.
• Here, you can check when the data was imported and delete an import record if required.

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• Click on the Edit option to view or reconcile all uploaded data entries at once
• On the Reconciliation page, you may select individual entries using the checkbox provided at the beginning of each row, then utilise the Bulk Action menu located at the top right to select the Bulk Delete option.
• Alternatively, you may remove individual entries by selecting the Delete option located within the action column for each specific record.

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Warning: Deleting this statement may delete auto-generated transactions and unlink manual transactions. This action cannot be undone.

Important Note

• This module can be used for importing bulk Receipt or Payment entries.
• Ensure the correct bank account is selected during import.
• Use Custom Mapping or Munim Template if your bank statement format differs from the default template.
• Review Not in Book and Not in Bank entries before completing reconciliation.
• Adjustment entries should be verified before saving.

Need Assistance?

If you need help importing bank statements or completing Bank Reconciliation (BRS), please contact the Munim Support Team.