Bank reconciliation

When you reconcile your client bank account(s), you compare your Alto financial records against the records provided to you by your bank. A reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot accounting inefficiencies.  

This article includes: 

Reconciling a client bank account

 Best practice

It's important that you reconcile Alto to your client bank account(s) on a regular basis. Your client balance on the Alto bank reconciliation should match that of your actual client bank balance

  1. Click Accounts on the main toolbar
  2. On the side menu, within the Bank Transactions section, click Bank Reconciliation
  3. Click View on the relevant client account

     Note

    The colour of the account may vary depending on how many unreconciled items there are and how long it has been since the last reconciliation

  4. The Balance Date defaults to the current date
  5. In the Statement No. field, type in the bank statement number. (If you don't have a statement number, type in the date in the following format: 011120. Don't add / or . in your date format)
  6. In the Statement Balance field, type in the balance on your bank statement

     Note

    When you enter the Statement Balance, Alto calculates the difference between the figure that was updated on a previous Alto bank reconciliation and the figure you have entered from your current bank statement

  7. Working from your bank statement, if items on the Alto reconciliation match your bank statement, click the green thumb to include these relevant items into the bank reconciliation 
  8. If an item is on Alto but isn't on your bank statement, click the red thumb to remove items being included in this reconciliation

     Note

    Alto won't allow the bank reconciliation to be updated until the Difference is £0.00. If the difference doesn't go down to £0.00, either an item hasn't gone on your bank statement yet, or, an item hasn't been put onto Alto yet, but has appeared on your bank statement

     Warning

    This process cannot be reversed so only click Update if you are certain it is correct to do so

  9. Once the Difference is £0.00 and you're happy that all items are correct, click Update

Finding historic bank account reconciliation records

  1. Click Accounts on the main toolbar
  2. On the side menu, within the Bank Transactions section, click Bank Reconciliation
  3. Click View on the relevant client account
  4. Click the Timeline top tab
  5. Click View on the relevant Bank Reconciliation Completed to open the historic record

Related articles: 

Making payments via BACS

Reversing a supplier payment

Transferring a deposit to a different account

The Client Bank Balances report

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