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The 1st trust bank reconciliation screen will appear. From here:
Select the correct account to be reconciled
Verify the opening balance on Wise Owl Legal agrees with the opening balance on the bank statement
Enter the closing date and closing bank balance from the bank statement
Select Begin Reconciliation.
NOTE: the external reference may be useful for recording the bank statement number
The bank reconciliation screen displays:
all cheques and payments that have not previously been reconciled, on the left hand side
all receipts and credits that have not previously been reconciled, on the right hand side
a summary of the cleared transactions
From here the user works from a printed bank statements and reconciles what movements have occurred within the trust bank account and what has been recorded in Wise Owl Legal.
A transaction can be reconciled by clicking the transaction line or by hitting the space bar.
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Be sure to thoroughly check the bank reconciliation report before rolling to the next period. Before finalising the reconciliation check for:
Reversal transactions, ensuring they are checked off against the original entry
Stale cheques, cancel and re-issue if necessary
Outstanding adjustment for the previous month have been cleared
The 'Complete Reconciliation' button is only available when the bank statement balance is in agreement with the calculated closing balance on Wise Owl Legal.
Make sure to run the reports for Trust EOM at this point in time; including the bank reconciliation, the trust trial balance, the cashbook, and the client accounting ledger for trust only.
An interim bank reconciliation report can be printed by opening up the in progress bank reconciliation, through Trust Accounting > Bank Rec > Continue Bank Reconciliation.
Then selecting the browsers print function: either by right clicking and selecting print or selecting print from the top menu bar.
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The following reports should be saved and printed each month and filed in your trust account folder in preparation for audit.
Bank Reconciliation Report
Once the trust bank account is reconciled for the month a Bank Reconciliation Summary will appear on the screen. From here select print report.
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A new tab will open with the Trust Bank Reconciliation.
2. Trust Trial Balance
3. Trust Matter Ledger
4. Trust Cash Receipts by Date
5. Trust Cash Payments by Date
To print reports 2-5 click the reports icon from the top menu bar.
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An easy way to check this is to confirm the following:
The Trust Matter ledger balance equals the Trust Trial Balance.
This amount also equals the Cash book Balance on the Bank Reconciliation.
The cash receipts and payments reports must equal the figures for receipts and payments on the Bank Reconciliation for that same period.
