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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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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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