If you want to ensure that all of the balances for your Trust or Operating accounts are accurate, you can utilize our Bank Account Reconciliation feature. This will confirm that the bank balance and book balance in CARET Legal, matches your Financial Institution's bank account statement balance by matching that period's transactions. To reconcile credit card accounts, please see our guide for the Account Reconciliation Report.
To reconcile your Bank Accounts:
- Navigate to the Accounting module, then click + under the Banks & Registers tab and select Bank Account Reconciliation from the menu.
A Start Reconciliation modal displays.
Complete the fields.
- Enter or select the bank account to reconcile in the Account to Reconcile field.
- Enter the Ending Balance provided in the Bank Statement.
You will be able to edit this amount later.
- The Ending Date defaults to Today's date. Use the calendar controls to enter the one provided in the Bank Statement.
- The Starting Balance is the amount unreconciled from all the previous reconciliations.
- After you fill in the required fields and click BEGIN..., you will be shown the balances and the transactions that have been cleared.
- You can check off any transactions that have cleared, and they will be added to the Reconciled Balance.
You will not be able to add reconciliations after the Date of the most recent reconciliation report.
If a transaction is edited after it is reconciled it will be unreconciled and you will need to add it back to the Reconciliation Report.
The Starting Balance is generated and stored when you create a Reconciliation Report. It will not update based on changes of previous Reconciliation Reports.