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For larger firms, it may be practical to reconcile more frequently, for example weekly.  

The bank reconciliation process is the way to compare what is in the firm's records to what is in the bank account. 

To reconcile select the trust icon (the red courthouse) from the top menu bar. 

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Transactions can be sorted by date, transaction, ref #, amount and cleared. Using a combination of 'sort by' filters can be most effective in the reconciliation process. 

A transaction has 3 stages:

1. Uncleared
2. Ticked (pending reconciliation)
3. Reconciled (after the reconciliation is finalised) 

Whilst the default 'sort by' is date, sorting by date alone can be problematic as trust cheques are not usually written on the same day as they are presented to the bank. To overcome this it may be useful to 'sort by' Ref # or amount. 

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1. There is money deposisted into my account that I have not yet processed
   1. This is the most common type of adjustment and usually occurs because of the trust accounting regulation that states that trust receipts cannot be backdated
   2. The date is the date the money was physically received by the firm (in the case of direct deposits, this is the date the funds appear on the bank statement)
   3. The description is what the funds are for E.g. professional fees
   4. The Txn Ref  is the receipt number for the transaction, when it has been processed (in the following month)
   5. The matter ref is the matter number the funds relate to
2. There is an error on my bank statement that the BANK will put BACK INTO my account
   1. A common example is bank charges that are drawn from the trust account, rather than correctly charged against the firm's general account. 
3. There is an error on my bank statement that the BANK will TAKE OUT of my account
   1. Funds credited to the trust account by the bank in error, although this is not very common 
4. There is money taken out ofmy account that the FIRM will PUT BACK
5. A cheque was presented for LESS than our records
6. A cheque was presented for MOER than our records
7. Money deposited was MORE than the receipt we wrote – Firm will receipt
8. Money deposited was for LESS than the receipt we wrote – Firm will deposit more
9. Deposit for General was put into trust – bank will correct
10. Deposit for General was put into trust – we will reciept and process correction

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