Just like balancing your checkbook, the purpose of bank reconciliation is to be sure that your firm's general ledger Cash account is complete, accurate, and up to date. Your firm's cash balance reported accurately in the Cash account should prevent overdrawing funds or reporting incorrect amounts of cash on hand.
To reconcile accounts, you will compare your bank statement to the transactions entered in MyCase. If everything is correct and matching, then you will know your accounts are accurate and balanced. We recommend that you reconcile your checking, savings, credit card, and trust account(s) each and every month.
Review Opening Balance
Begin Reconciliation Report
Compare your Bank Statement to MyCase
Review Past Reconciliation(s)
Review Opening Balance
If this is the first time you are reconciling an account, review the opening balance. This must match the corresponding balance of your bank account for the starting day that you began to track transactions using MyCase accounting.
Begin Reconciliation Report
After your monthly bank or credit card statement is complete, you can begin the reconciliation report. It is important to reconcile one month at a time rather than multiple statements together.
Make sure that all transactions within your statement period are matched and categorized. To learn more about matching and categorizing transactions, click here. Once you have categorized and matched all of your transactions, navigate to the Accounting tab and select Bank Reconciliation. To start a new report, select Reconcile and Account.
A window will appear for your bank reconciliation. First, select the bank account that you would like to reconcile. Then, review the Beginning Balance. Confirm that this number also matches the amount on your bank statement. Next, choose the Ending Date that is also listed on your bank statement. Finally, select Start Reconciling.
Compare your Bank Statement to MyCase
Next, you will need to compare the transactions on your statement with those that are in MyCase. Please complete this one at a time to ensure you complete this correctly.
Follow the instructions below based on the type of account you're reconciling.
Reconcile accounts connected to online banking: If your accounts are already connected to MyCase, your transactions will already be in your MyCase account.
Begin with the first transaction on your statement.
Locate this same transaction within the Logged Journal Entries section of your reconciliation report.
Check the box associated with this transaction to reconcile it.
If you find a transaction that is not on your statement, do not select this transaction.
Once you've gone through each transaction, then your statement balance and your MyCase ledger balance should be the same. If they are, select the option for Save and Finish.
Reconcile accounts that are not connected to online banking: If your bank feed is not connected to MyCase, you'll need to import your bank statement in the form of a .CSV file. You should be able to retrieve this file from your online banking account.
Begin with the first transaction on your statement.
Locate this same transaction within the Logged Journal Entries section of your reconciliation report.
Check the box associated with this transaction to reconcile it.
If you find a transaction that is not on your statement, do not select this transaction.
Once you've gone through each transaction, the difference between your statement and your MyCase balance should be $0.00. If it is, select the option to Save and Finish.
Review Past Reconciliation(s)
Once you've reconciled your accounts, you can always review these reports as needed. To review/complete partial and completed reconciliation reports, navigate to Accounting and select the Bank Reconciliation tab. Then, locate the report you are looking for. You can print previous reconciliation reports should you need to have a hard copy or share them.