Manual Clearing
In manual clearing, Bank statement details are to be matched manually considering certain rules. Learn the steps involved in manual clearing of bank transactions.
Manual Clearing
This method requires you to manually match bank statement details with system transactions.
The method is ideally suited to reconciling bank accounts that have a small volume of monthly transactions.
You need to also use the manual reconciliation method to reconcile any bank statement details that could not be reconciled automatically.
Steps in Manual Clearing
- Check off all checks that are listed on the bank statement as having cleared the bank.
- Check off all deposits that are listed on the bank statement as having cleared the bank.
- Enter as expenses all bank charges appearing on the bank statement, and which have not already been recorded in the company's records.
- Enter the ending balance on the bank statement.
- If the balances do not match, then continue reviewing the bank reconciliation for additional reconciling items.
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