Performing monthly bank reconciliations help to ensure accurate reporting of your firm's cash balances.
To reconcile your bank accounts, you will begin by comparing your bank statement to the transactions entered in MyCase. If everything matches correctly, 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 your 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 highly recommended to reconcile your accounts 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,
To prevent duplicate payments during reconciliation, verify that each payment has not already been marked as reconciled. Please pay special attention to offline payments to ensure they are recorded correctly and not duplicated.
Navigate to the Accounting tab.
Select the Bank Reconciliation sub-tab.
Select the Reconcile An Account button to start a new report.
Next, you will see the bank reconciliation window.
Select the Bank Account that you would like to reconcile.
Review the Beginning and Ending Balance to ensure the number matches your bank statement amount.
Choose the Ending Date listed on your bank statement.
Select the Start Reconciling button.
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 these one at a time to ensure you complete them correctly.
Follow the instructions below for 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 not on your statement, do not select this transaction.
Once you've gone through each transaction, your statement balance and MyCase ledger balance should be the same. If they are, select the option for Save and Finish.
If the ‘Save and Finish’ button is greyed out, verify the reconciliation details meticulously. Double-check if all transactions are matched and categorized correctly to ensure alignment with your bank statement.
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 bank 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 not on your statement, do not select this transaction.
Once you've reviewed each transaction, the difference between your statement and MyCase balance should be $0.00. If it is, select the option to Save and Finish.
If the ‘Save and Finish’ button remains inactive, confirm the accuracy of the ending balance and ensure all transactions have been reviewed, with any unmatched transactions addressed.
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 the Accounting tab and select the Bank Reconciliation sub-tab. Then, locate the report you are looking for. You can print or share previous reconciliation reports if you need a hard copy. You can also view unmatched transactions in the reconciliation report to identify entries that require action. Scroll to the bottom of the reconciliation screen to examine these records and resolve any issues to maintain accurate reports.
Troubleshooting Tips and Common Issues
Tips for a Smooth Reconciliation Process
Always review your transactions carefully before marking them as reconciled.
Address unresolved transactions promptly to maintain clarity for future reconciliations.
Utilize MyCase's interface tools, such as detailed transaction views and matching features, for efficient troubleshooting.
Common Issues and Their Solutions
'Save and Finish' Button Greyed Out: Ensure all transactions are matched, and the reconciliation balances match the bank statement.
Transaction Mismatches: Compare each transaction systematically to match the bank statement with MyCase records.
Unmatched Transactions: Scroll to the bottom of the reconciliation report to view and address these entries.
To learn more about MyCase Accounting, take the MyCase Accounting 101 Online Course in the MyCase Learning Center.