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. |
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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. |
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The links below will answer your Bank Reconciliation-related questions. |
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==Basic Info and Quick Start== |
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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. |
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====Interest earned==== |
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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. |
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====Bank Fees==== |
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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. |
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====Offering Deposits==== |
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Cancel out of the bank reconciliation (click Cancel, then Yes to save your work) back to the Jewel home page. |
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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. |
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==Reconciling Specific Types of Accounts== |
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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. |
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:[[Reconciling the Checking Account]] |
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:[[Reconciling the Debit Account]] |
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====Non-offering deposits==== |
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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. |
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:[[Reconciling the Savings Account]] |
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====Checks or other payments==== |
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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. |
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:[[Setting Up and Reconciling a CD Account]] |
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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]]. |
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==Adding Specific Types of Transactions== |
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====Remittance check==== |
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:[[Entering Bank Account Interest]] |
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Contact tech support for assistance. |
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Please see [[Making Corrections|Chapter 7: Making Corrections]] |
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:[[General Journals - Not For Payments!]] |
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==List of Bank Reconciliation-related Pages== |
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: Also see [[Entering Common Transactions]] and [[Entering Other Transaction Types]] |
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==Troubleshooting== |
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[[Quick Start - Adding Missing Transactions]] |
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:[[Adjusted Bank Balance]] |
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:[[Cleaning Up the Bank Rec]] |
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[[ |
:[[Reconciling When Months Behind]] |
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:[[Undo Last Reconciliation - When and How]] |
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:[[When the Difference Is Still Not Zero]] |
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:[[Bank Rec Comparison for Monthly Oversight]] |
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[[ |
[[Jewel Handbook|Return to main page of Jewel Handbook]] |
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[[Budget|Continue to Chapter 5: Budget]] |
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Latest revision as of 03:27, 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
Reconciling Specific Types of Accounts
Adding Specific Types of Transactions
Troubleshooting