The reconciliation process can be performed at any time. We recommend that users perform banking prior to completing a reconciliation to keep the process simple and accurate. Once a reconciliation is completed, please ensure that all reconciliation reports are printed and filed in accordance with operations/legal requirements.
Warning: Once a reconciliation is complete, Rex will lock all trust records reconciled. This means you will not be able to backdate any transactions occurring prior to the reconciliation date.
Initiating a Reconciliation
- From the left side menu, go to Finanicals > Under Trust, go to All Trust Accounts
- Select the relevant trust account
- Click + add new reconciliation next to Recent Reconciliations
- Complete each field as required;
Statement Date: the last date covered by the bank statement
Closing Balance: the closing bank balance for that statement
- Click Save
- The below information will appear in the reconciliation window.
- Section 1- Bank Statement / Reconciliation Method - Pre-loads the information you entered in step 4. Please note that you can modify these details at any stage by clicking edit details.
- Section 2 - Auto-Reconcile Deposited Transactions - Allows you to save time by confirming you are satisfied that deposited transactions are present. Confirm this by clicking Apply Defaults. Rex will automatically mark deposited transactions as reconciled.
- Section 3a - Select Deposits on Bank Statement - You can manually mark each credit entry (money received) as reconciled. Mark only those that appear on your bank statement (if the listed transactions are not present on your bank statement, leave unchecked.
- Section 3b - Select Payments on Bank Statement - You can manually mark each payment entry (money paid out) as reconciled. Mark only those that appear on your bank statement (if the listed transactions are not present on your bank statement, leave unchecked.
- Section 4 - Enter Manual Adjustments - Manual Adjustments. Refer Manual Adjustments.
- Section 5 - Reconciliation Summary - Having completed steps 1 to 4 you should now be ready to review your reconciliation summary before finalizing this reconciliation.
The reconciliation summary is broken up into 3 key areas that should all balance. If these 3 fields balance then the greyed out Finalise Reconciliation button will become solid red which will allow you to complete your reconciliation (please note: you'll need to click the red 'Save Changes' button' if it's showing at the top of the screen).
- a) Bank Statement
- b) Trust Cash Journal 20
- c) Client Ledger Trial Balance.
Once satisfied with the Reconciliation Summary, complete the reconciliation by clicking Finalise Reconciliation at the bottom of the reconciliation. Rex will not enable a reconciliation to be completed if the reconciliation Summary fails to balance. For more information on dealing with a reconciliation that fails to balance, see Manual Adjustments.
Once reconciled, a green banner will appear notifying you of the completed reconciliation.
If you would like to print or download your reconciliation click Print Reconciliation at the top of the reconciliation screen.
Please ensure that the reconciliation report is authorised/signed as required by regulatory and office operational requirements.
• Historical Reconciliation Report are available via the Reporting Centre: Admin>Reporting>Trust Reconciliations
• You may save and resume a reconciliation at any time by clicking the Save Changes button. Pressing this button will allow the user to return to the reconciliation later via the Trust Centre by clicking on the Resume unfinished reconciliation #ID.
• Once you have performed a reconciliation, you cannot enter new transactions that occurred during or prior to the period covered by the reconciliation.
• Users should still maintain hard copies of all reconciliation reports (signed/authorized as required) in accordance with regulatory and office operational requirements.
• We recommend completing reconciliations at the end of each month. Currently Rex does not have the ability to complete daily reconciliations as well as an additional end of month reconciliation.