Beginning Balance: First Reconcile

The first reconciliation process follows a specific set of steps which are outlined below. It is essentially a reconciliation of your beginning balance from your former system done for the purpose of setting up that account to be reconciled in the future in CommunitySuite. This involves putting in the amount of the last reconciled balance and identifying which transactions were open on that reconciliation. 

Beginning Balance: First Reconcile Video

1. Compile the transactions that were outstanding as of the last reconciliation done in the former system. A spreadsheet is often used to record this information.
   • This should include the date of the last reconciliation, the general ledger balance, the bank balance, and the outstanding items which may include deposits.
     • The outstanding items should add up to the difference between the general ledger balance and the bank balance.
2. Navigate to the Journal Entry page.
3. Click Import in the left-side menu.
4. Click [Download Template].
5. Enter the last reconciliation information from the former system and save the completed template. 
   • File format notes are provided in-system.
   • Use one line per transaction for the items that will be cleared in the future
   • Use one additional line that creates a reversal of those transactions so the overall general ledger balance is not affected.
   • Any asset account can be used because the net transactions will be zero.
     • The default checking account is often used.
   • One transaction per date. If more than one transaction is required for the same date, then additional imports must be used.       
   • Include check number and check recipient in the description field.
6. Click Choose File to upload the completed template from your computer, and then click Process.
7. Review the Imported Transactions Detail, and then click Post in the left-side menu.
   • Depending on journal entry permissions, an additional posting step may follow.
8. Complete the first reconciliation process as described in First Reconcile.