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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.
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NOTE: the external reference may be useful for recording the bank statement number |
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The bank reconciliation screen displays:
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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 > Print button
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Another way is by 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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To print reports 2-5 click the reports icon from the top menu bar.
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Go to the Trust Reports tab and click on the necessary report from the list above.
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Enter the date parameters if prompted. Make sure to select the dates of the first day of the month to the last day of the month (EXACTLY the same as the closing date used on the bank reconciliation).
The Reports then need to be checked to ensure that the bank reconciliation was completed correctly.
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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.
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Additional Resources:
How to check your Trust Bank Reconciliation
Trust Accounting - New Adjustment
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