Bank Reconciliation: Difference between revisions

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The Bank Reconciliation is an essential part of treasury work. Its purpose is to verify that your records in Jewel agree with what is actually happening in your bank account. Reconciling makes sure that you entered all transactions in Jewel and that you entered them correctly, as well as giving you a chance to catch any errors the bank may have made, or any fraudulent transactions.
The Bank Reconciliation is an essential part of treasury work. Its purpose is to verify that your records in Jewel agree with what is actually happening in your bank account. Reconciling makes sure that you entered all transactions in Jewel and that you entered them correctly, as well as giving you a chance to catch any errors the bank may have made, or any fraudulent transactions.


Best practice is to reconcile monthly before closing the month. This allows you to catch mistakes or omissions when they are easiest to correct. However, if you cannot reconcile during your month-end closing for some reason, you may do so at any point during the monthly process of any future month by clicking Reconcile on the Jewel Home Screen. Keep in mind, though, that postponing or skipping reconciliation means that your Jewel records may not accurately reflect what has happened at the bank. Also, there is usually a strict time frame for reporting fraudulent transactions. So reconciliations should always be completed as soon as possible after receiving the bank statement.
Best practice is to reconcile monthly before closing the month. This allows you to catch mistakes or omissions when they are easiest to correct. However, if you cannot reconcile during your month-end closing for some reason, you may do so at any point during the monthly process of any future month by clicking Reconcile on the Jewel Home Screen. Keep in mind, though, that postponing or skipping reconciliation means that your Jewel records may not accurately reflect what has happened at the bank. Also, there is usually a strict time frame for reporting fraudulent transactions. So reconciliations should always be completed as soon as possible after receiving the bank statement.


For more in-depth information on any topic in this chapter, see the [[#List of Bank Reconciliation-related Pages|List of Bank Reconciliation-related Pages]] below.
The links below will answer your Bank Reconciliation-related questions.


==Adding Missing Transactions==
==Basic Info and Quick Start==
First click "Show More Deposits" or "Show More Checks" to see if the transaction was recorded outside of the reconciliation date range. If you see it, check it off, then click OK to return to the regular reconciliation screen. You can also access your Check Report and Deposit Reports from the Bank Rec screen, where it may be easier to search for the transactions. Be very sure that the transaction is truly missing before adding a new one, as double entries will make your books inaccurate.
:[[Why Are Bank Recs Important?]]


====Interest earned====
:[[Quick Start Guide to Bank Reconciliations]]
Click "Interest Earned or Deposit Correction". Fill in the abbreviated General Journal form, including the Local Fund to credit the interest to. Many small churches simply credit the interest to Church Budget. Larger churches may wish to create a specific fund to track interest income. Click Add Entry to finish.


====Bank Fees====
:[[Quick Start - Adding Missing Transactions]]
Click "Bank Fees or Check Correction". Fill in the abbreviated General Journal form, including the Local Fund to charge the fee to. Most churches will charge fees to Church Budget or to a separate Bank Fees fund if they wish to track more closely. Click Add Entry to finish.


====Offering Deposits====
:[[Making Corrections]]
Cancel out of the bank reconciliation (click Cancel, then Yes to save your work) back to the Jewel home page.


If the NextStep button says Start New Offering, then enter the missing offering as usual. If the NextStep button says Remit to Conference, go to Offerings (at the top of the page), then Start New Offering, and enter the offering as usual.
:[[Media:3510_-_Tour_of_the_Reconcile_Features_in_Jewel.pdf|Pictorial Tour of Jewel's Bank Reconciliation]]


If the NextStep button says anything else, contact tech support for assistance. Or you can wait to finish the reconciliation and enter the offering in the next month, as long as it will still be in the same calendar year. It's OK, although not best practice, to enter a July  offering on August 1. It is not acceptable to enter a December offering in January, per IRS regulations.
==Reconciling Specific Types of Accounts==
:[[Reconciling the Checking Account]]


====Non-offering deposits====
:[[Reconciling the Debit Account]]
Click General Journal Entry (below the picture). Fill in the memo to indicate the source of the funds and any other pertinent information. Fill in the amount of income, and the Local Fund(s) that the income should be credited to. Click OK to finish and return to the reconciliation.


====Checks or other payments====
:[[Reconciling the Savings Account]]
Click Write Checks (below the picture). Fill out the check form as usual (clicking Electronic Payment if appropriate). Click OK to finish and return to the reconciliation.


Note that checks and other payments should <strong>not</strong> be entered as General Journal entries, or via "Bank Fees and Check Corrections". [[Media:3620_-_General_Journal_Entry_Use_During_Reconcile.pdf|The reasons why are listed here]].
:[[Setting Up and Reconciling a CD Account]]


====Remittance check====  
==Adding Specific Types of Transactions==
Contact tech support for assistance.
:[[Entering Bank Account Interest]]


==[[Making Corrections|Correcting Transactions]]==
:[[Electronic Payments - Timing, Dates, Memos]]
Please see [[Making Corrections|Chapter 7: Making Corrections]]


==List of Bank Reconciliation-related Pages==
:[[General Journals - Not For Payments!]]
[[Why Are Bank Recs Important?]]


[[Quick Start Guide to Bank Reconciliations]]
: Also see [[Entering Common Transactions]] and [[Entering Other Transaction Types]]


[[Quick Start - Adding Missing Transactions]]
==Troubleshooting==
:[[Adjusted Bank Balance]]


[[Media:3510_-_Tour_of_the_Reconcile_Features_in_Jewel.pdf|Pictorial Tour of Jewel's Bank Reconciliation]]
:[[Where Did My Reconciliation Go?]]


[[Reconciling the Checking Account]]
:[[Cleaning Up the Bank Rec]]


[[Setting Up and Reconciling a CD Account]]
:[[Reconciling When Months Behind]]


:[[Undo Last Reconciliation - When and How]]


:[[When the Difference Is Still Not Zero]]


[[Electronic Payments - Timing, Dates, Memos]]
:[[Bank Rec Comparison for Monthly Oversight]]




[[Where Did My Reconciliation Go?]]
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[[The Basic Jewel Processes|Return to Chapter 3: The Basic Jewel Processes]]
[[Jewel Handbook|Return to main page of Jewel Handbook]]
 
[[Budget|Continue to Chapter 5: Budget]]

Latest revision as of 02:27, 31 December 2025

The Bank Reconciliation is an essential part of treasury work. Its purpose is to verify that your records in Jewel agree with what is actually happening in your bank account. Reconciling makes sure that you entered all transactions in Jewel and that you entered them correctly, as well as giving you a chance to catch any errors the bank may have made, or any fraudulent transactions.

Best practice is to reconcile monthly before closing the month. This allows you to catch mistakes or omissions when they are easiest to correct. However, if you cannot reconcile during your month-end closing for some reason, you may do so at any point during the monthly process of any future month by clicking Reconcile on the Jewel Home Screen. Keep in mind, though, that postponing or skipping reconciliation means that your Jewel records may not accurately reflect what has happened at the bank. Also, there is usually a strict time frame for reporting fraudulent transactions. So reconciliations should always be completed as soon as possible after receiving the bank statement.

The links below will answer your Bank Reconciliation-related questions.

Basic Info and Quick Start

Why Are Bank Recs Important?
Quick Start Guide to Bank Reconciliations
Quick Start - Adding Missing Transactions
Making Corrections
Pictorial Tour of Jewel's Bank Reconciliation

Reconciling Specific Types of Accounts

Reconciling the Checking Account
Reconciling the Debit Account
Reconciling the Savings Account
Setting Up and Reconciling a CD Account

Adding Specific Types of Transactions

Entering Bank Account Interest
Electronic Payments - Timing, Dates, Memos
General Journals - Not For Payments!
Also see Entering Common Transactions and Entering Other Transaction Types

Troubleshooting

Adjusted Bank Balance
Where Did My Reconciliation Go?
Cleaning Up the Bank Rec
Reconciling When Months Behind
Undo Last Reconciliation - When and How
When the Difference Is Still Not Zero
Bank Rec Comparison for Monthly Oversight


Return to main page of Jewel Handbook

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