Bank Reconciliation Reports Do Not Have the Requisite Information Needed for a Proper Bank Rec Report

Bank Reconciliation Reports Do Not Have the Requisite Information Needed for a Proper Bank Rec Report

Basic accounting practices for bank reconciliations dictate that bank reconciliation reports have the following components:

  1. Date or Period of Reconciliation:
    1. The report should clearly state the date for which the reconciliation is being performed, typically at the end of a month.
  2. Bank Statement Balance:
    1. The ending balance as per the bank statement on the reconciliation date.
  3. Book Balance (General Ledger Balance):
    1. The ending balance as per your company’s books (general ledger) on the reconciliation date.
  4. Adjustments to Bank Balance:
    1. Outstanding Checks: Checks that have been issued by the company but have not yet cleared the bank.
    2. Deposits in Transit: Deposits recorded in the company’s books but not yet reflected on the bank statement.
    3. Bank Errors: Any errors made by the bank that need to be corrected.
  5. Adjustments to Book Balance:
    1. Bank Fees: Fees charged by the bank that were not recorded in the company’s books (e.g., service fees, check printing charges).
    2. Interest Earned: Interest earned on the bank account that hasn’t been recorded in the books.
    3. NSF (Non-Sufficient Funds) Checks: Checks that were deposited but bounced due to insufficient funds.
    4. Automatic Payments/Withdrawals: Any automatic payments or withdrawals recorded by the bank but not yet in the company’s books.
    5. Book Errors: Any errors in the company’s books that need to be corrected.
  6. Adjusted Bank Balance:
    1. The bank statement balance after adjusting for outstanding checks, deposits in transit, and any bank errors.
  7. Adjusted Book Balance:
    1. The book balance after accounting for any bank fees, interest, NSF checks, automatic payments, and book errors.
  8. Reconciliation:
    1. The report should show that the adjusted bank balance equals the adjusted book balance. If there’s a difference, it should be explained and resolved.
  9. Supporting Documentation:
    1. Attach copies of the bank statement, deposit slips, and checks to support the adjustments made during reconciliation.
  10. Optional:
    1. Some reports will also show the list of all cleared/matched deposits (monies in) and all cleared/matched expenses (monies out).

At this point, of the 9 essentials and 1 optional item, ZOHO Books bank and credit card reconciliations only has numbers:
1. Date or Period of Reconciliation,
9. Supporting Documentation, and
10. List of cleared/matched deposits and expenses.

It feels like Books has developed and tested by bookkeepers rather than qualified accountants. SMH.

    • Recent Topics

    • User Tips: Adding Multiple Products (Package) to a Quote v2.0 (with Client Script)

      This solution is an improvement on the original idea which used deluge. My solution was posted in the comments are: https://help.zoho.com/portal/en/community/topic/adding-multiple-products-package-to-a-quote The updated version uses client script instead

    • Are downloadable product available in Zoho Commerce

      Hi all. We're considering switching to Zoho Commerce for our shop, but we sell software and remote services. Is there a features for downloadable products? I can't find any information about this. Thank you very much Alice

    • Need Faster Help? Try Live Chat Support

      Hello there, We understand that sometimes, whether you’re facing an issue, exploring a feature, or need quick clarification, sending an email and waiting for a response just doesn’t cut it. You need answers, and you need them now. That’s exactly why we

    • Custom image for each contact using merge tag

      Hi, I'm wondering if it's possible to set up an email campaign to display a different image for each contact using a custom field for the image url. I tried inserting custom html: <img src='$[UD:APP_IMAGE_URL||]$'/> but the editor seemed to reject this and did not actually add anything to the email template. Has anyone got any ideas? cheers, Jeremy

    • Comment Reactions like a Thumbs Up

      Can we please have the ability to emoji react on comments or at the very least, thumbs a comment up? Literally every other project management system out there can support this and it is very much needed to just acknowledge a comment instead of completely

    • Zoho Mail Search Engine Sucks

      Hello There! I really like all the features of Zoho Mail and I believe is way better than Gmail except for the Search Function. I believe Zoho Mail has a very poor search function, if you misspelled a word in the search box, Zoho Mail won't display any

    • Allow Subtasks and Task Lists to have their own Layout

      I'd like to have the ability for subtasks and task lists to have their own layout.  A subtask for us doesn't require all the fields that a parent task has.  The subtask seems cluttered with all the extra fields. Within a project Task List had different purposes.  I'd like the task layout to be different for some task lists.

    • How to update Customers in Zoho Books through Zoho Flow?

      Updating customers in Zoho Flow using a "update customer" action is deleting contact persons in Zoho Books.

    • Conect chat of salesiq with zoho cliq

      Is there any way to answer from zoho cliq  the chat of salesiq initiated by customers?

    • How to transfer credit between customers?

      Hi All, We have a slightly odd situation. It happens that we have two separate customers that are related to each other personally. One customer has an amount of credit, and would like to use that credit to pay the *other* customers invoice. How would

    • Zoho Books Reports: Basic report with total items sold and Cost of goods sold

      How can books show a report with Item Name || Qty Sold || Total Revenue || Total Cost of Goods Sold || Margin I need to factor in also invoices that have been credited where customers returned good. This seems like such a basic report, I'm sure I'm missing

    • The amount entered is more than the balance due for the selected bills."

      Hi Team i am trying to record payments for vendors using API and getting this error in response as { "code": 28011, "message": "The amount entered is more than the balance due for the selected bills." } JSON is prepared according to Documentation and

    • VBA handling named ranges

      In VBA I'm able to work with a single cell named range. E.g. Set Jr = Range ("Year").Value. Also other options are working fine, like Range("Year").Address shows $L$3. However a named range refering to multiple cells is not working for me. Eg. tbl_Test

    • Kaizen #176 - Optimizing the Use of Record ID Variables in Zoho CRM Queries

      Hello everyone! Welcome to another week of Kaizen! Since the release of Queries, we have covered Handling Query Variables in Zoho CRM, Serialization and Schema Management, and Leveraging the 'crmAPIResponse' object in Queries in previous posts. Today,

    • Unbilled Items Report?

      Hello! Is there any way to display a list of items that remain unbilled, without creating an invoice for each customer to see if the unbilled items box is displayed? ;-) Ben

    • Consolidation of Multi currency

      Would like to discuss on the possibility of consolidating the ZOHO companies

    • Landed Cost Allocation / Custom Duty manual data entry

      My client is an import business. They must manually enter the duty for each item with landed cost allocation in Bill. This is because customs duties cannot be allocated based on Quantity, Value, Weight, and Dimensions. Manual data entry is highly time-consuming

    • Territories Just Don't Work

      I have been on chat and screenshare support for the past 3 days and am getting no resolution so hopefully, someone here can help me. I am the Super Admin of my organization. We publish books globally. I want to break down the books into territories so

    • Negative Opening Balance

      How can I add Negative Opening balance - meaning a credit balance to a Customer or a debit balance to a vendor? If I go thru Sales-->Customers, and if the opening balance is Rs. 1000 (credit balance), it does not allow me to enter a "minus" sign or mention

    • Single-Line Invoicing from Sales Order Despite Multiple SKUs Shipped

      We deal mostly with Government Tenders And Lets say we got a tender that needs 125 XYZ Laptops Then we found 95 Laptops with a different SKUs and 30 Laptops with different SKUs We talk with the IT department of the government company and they approve

    • 📣📣 Zoho Bookings Schedulathon 2025 is here!

      Hey Zoho Bookings fam, We're excited to invite you to our first-ever hackathon: Yes, Zoho Bookings Schedulathon 2025 is live now. This is a virtual event and you can participate anywhere from the world. Businesses should be able to set up meetings from

    • I want to send out a new newsletter each month

      Without rebuilding a whole journey is there a way to create a new newsletter that is sent to an existing journey monthly?

    • Reinstalling Workdrive Truesync client

      Hi, I attempted to update to the beta version of TrueSync, but it was unstable and kept crashing, so I need to revert to the stable version. How do I properly reinstall TrueSync on a Windows PC? I couldn't install the 3.15.x version directly over the

    • Evaluating Creator; yesterday fine; today connection times out

      Yesterday I spent hours creating a new app, and it worked fine. Today I cannot access creator.zoho.com. Is this common? I'm in the evaluation mode, but I'm thinking I'm going to keep looking. It worked from my home computer, and now I'm checking it from my work computer. My work computer always works just fine, so I shouldn't htink there would be special settings or anything. If there are, how to find out what they could be? Using Chrome on Windows XP The error I get is: The webpage at https://creator.zoho.com

    • Pivot Chart seems to show "old" data - how do I make it update?

      I wonder how to make a Pivot Chart "update" its data contents. Here is the background: I need to report a subset of data that is so complicated that it is easier to make a calculation and put the result in a "reporting form", and then display the data from that form.  So, I get data from the "original form" GRANTS, make some calculations and put the result in the "reporting form" PERIOD.  Now I can watch the result in a list called LIST, which works fine. The list LIST shows that form PERIOD contains

    • Upcoming Changes to LinkedIn Parsing in Resume Extractor

      Starting 31 July 2025, the Zoho Recruit Resume Extractor will no longer support direct parsing of candidate data from LinkedIn profiles. Why Is This Change Needed? In accordance with LinkedIn’s platform policies, extracting profile data through browser

    • Is there a way to map complex product variants from Magento into Zoho CRM without losing SKU-level details?

      Hi everyone, I’m working on a Magento-based store that uses highly detailed product variants, and I’m struggling to map them into Zoho CRM without losing SKU-level details. The problem is that variants often collapse into single entries, which affects

    • how to create view in leads module to that will show all leads + converted leads?

      is it possible to make custom view that combine all leads + converted leads? how to do that

    • Deal Stage component/widget/whatever it is... event

      Deal Stages I am trying to access the event and value of this component. I can do it by changing the Stage field but users can also change a Deal Stage via this component and I need to be able to capture both values. Clicking on 'Verbal' for instance,

    • Reply and react to comments

      Hi everyone! We're excited to bring to you a couple of new features that'll make your sprint process simpler. A cloud application brings with it an array of social media features that can be efficiently used in your organizational setup. As an agile scrum

    • Announcing Early Access to "Zoho CRM for Everyone" — A new and exciting update to Zoho CRM

      Zoho CRM For Everyone is now officially available to all customers, and the Early Access Program has come to a close. We want to extend our sincere thanks to everyone who participated in the program. Your valuable feedback played a key role in shaping

    • Avalara Sales Tax integration - AVATAX

      Just wondering if anyone else is having troubles with this integration?  Seems as though Avalara changed their billing process, unbeknownst to Zoho, and now ALL transactions are counted by Avalara, not just transactions in a taxable jurisdiction.  This caused a huge price adjustment billed to us by Avalara within a month of us signing up.  And Avalara is not cheap to begin with! Avalara has been great in waiving that increase, but there seems to be no fix.  Zoho is aware of the problem, but slow

    • Invalid value passed for description

      Dear Sir, When I am entering the purchase bill , the following message showing "Invalid value passed for description" what should I do ? I am attaching screenshot. With Regards, Harish harish@cracku.in 7978841636

    • Zoho Creator - 2024 Release Projection 1

      Hello everyone! As we enter 2024, we'd like to extend our warmest wishes for success and prosperity. Your fantastic response to our Product Roadmap page last year has been incredibly motivating. Continuing on this path, we're excited to share a glimpse

    • Automation Assistance for Zoho Form Integration and Workflow

      Hi, We are currently using a Zoho Form to send out our Global Credit Application and would like to automate the process further. Specifically, we’d like the ABN number submitted through the form to automatically populate the GST/VAT Number field in Zoho

    • COQL does not return queryable value if the result set is empty

      See linked video for running code illustration of the problem: https://workdrive.zohoexternal.com/external/d49bb40033b43b288d56fdf843095b7c65b28391d3ec5d09c854f416d853003d Moderation update: We are appending the comment that was removed, to add context

    • Zoho CRMでの商談の管理のしかたについて初歩的な質問です。

      先月からZoho CRMを試験的に導入して運用しています。 商談の管理（運用？）の仕方について教えてください。 商談の数が増えてくると、ダッシュボードの「ステージ別進捗状況」にどんどん過去の商談が蓄積されてくると思うのですが、 現在動きのあるものを中心に確認したくなる気がします。 そのあたりについては、どのように運用が一般的なのでしょうか？ アドバイスいただけるととてもありがたいです。 よろしくお願いします。

    • Composite Items & Purchase Orders

      The Composite Item is great way to bundle different products and services into a single line and sell it as a single line item in Estimates, Sales Orders and Invoices. However, on the other side - i,e,. Purchasing - this item creates quite a bit of a

    • using custom function is it possible to update the created by field in Zoho Crm custom module

      using custom function is it possible to update the created by field in Zoho Crm custom module

    • Slow Sloww Slowwww Responses

      Good day, Has anyone been experiencing slow responses from support? Since Thursday I migrated my Whats app to Sales Iq and I had to synch with Social to get the otp they were sending. Apparently What's app can't be automatically added so I reached out

    • Next Page