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1.     Auto Bank Reconciliation in Tally.ERP 9

Did you know that with Tally.ERP 9, reconciling your company’s bank book with the bank statement can be done automatically and accurately?

 

Bank reconciliation is an important process that helps a business to cross-verify its own books of accounts with the bank statement. Comparing the two statements with long list of transactions is stressful and error-prone using the manual and conventional method. However, Tally.ERP 9 will minimize the time spent and risk of making errors during bank reconciliation using the newly introduced auto bank reconciliation option.

 

Auto bank reconciliation in Tally.ERP 9 provides a simple and no-frills method of reconciling your company bank books with the bank statement. Using this option, you just need to import the e-statement you received from the bank to Tally.ERP 9 (in Excel or CSV format) and hit the reconcile button. Reconciliation will happen automatically. Not only this, Tally.ERP 9 also shows you a complete detail of any unaccounted for transactions, like Bank Charges or Bank Interests, between the bank statement and company’s books.

 

To carry out the auto bank reconciliation process, let’s suppose that a company receives its bank statement from State Bank of India and needs to be reconciled. To use Auto Bank Reconciliation in Tally.ERP 9, firstly, you need to enable this option in the bank ledger as shown:

Open the bank ledger (State Bank of India in this case) in alteration mode

Auto Bank Reconciliation in Tally.ERP 9
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  • Set ‘Yes’ to ‘Set/Alter Banking Configuration’
  • Select the relevant bank from the ‘List of Banks’

Auto Bank Reconciliation in Tally.ERP 9
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  • Set ‘ Yes’ to ‘Activate Auto Reconciliation’ as shown:
Auto Bank Reconciliation in Tally.ERP 9
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  • Accept the screen

Note: Valid Tally.NET Subscription and Internet Connectivity are required for performing auto bank reconciliation

 

Using Auto Bank Reconciliation in Tally.ERP 9

  After  enabling  the Auto Bank  Reconciliation option,  now  you  can  go  ahead  and  reconcile  the  bank statement with the companys books as follows:

 

·    Go to Gateway of Tally > Banking > Bank Reconciliation

·    Select the required bank from the List of Bank


 

 

 

Auto Bank Reconciliation in Tally.ERP 9
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·    On the ‘Bank Reconciliation’ screen, press B: Bank Statement’ or ‘Alt + B

 

Auto Bank Reconciliation in Tally.ERP 9
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·    Specify the ‘Directory, where you have saved the downloaded bank statement

·    In case you need to change the File Type, you can press ‘Backspace’ to select the appropriate

File Typefor the bank statement to be imported

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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·    Once youve selected the required File Type, select the required bank statement file from the List of Files, reconciliation will happen automatically

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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·    Once the reconciliation happens, a ‘Success!! notification will be displayed with details like Total

Entries in Bank Statement’, number of entries reconciled and ‘Additional Bank Entries’

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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·    Press any key and the Bank Reconciliation Statement with Imported bank statement details will appear. It shows the unreconciled list of entries from the bank statement under ‘Amounts not reflected in Company Books’ as shown:

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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Reconciliation of Amounts not reflected in Company Books

 

Entries that appear under ‘Amounts not reflected in Company Books’ are those which have not been reconciled and there can be two scenarios for the same.

 

Scenario 1: This could be because of either an incorrect or missing instrument number during the voucher creation. For example, Cash Deposit to the bank will not have an instrument number in your company books.

 

To reconcile these unreconciled amounts:

·    Select the required entry (Cash Deposit in this case) under ‘Amounts not reflected in Company

Books’ and press R: Reconcile Unlinked’ or ‘Alt+ R

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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·    This will show in Unreconciled Amounts’ screen and it will display all the transactions matching the

selected unreconciled transaction.

·    Select the appropriate transaction and press ‘Enter’ to reconcile


 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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Scenario 2: Deposits or withdrawals recorded in bank statement but not recorded in your company books

due to lack of information. For example, ‘Bank Charges’ levied by the bank. To reconcile these entries:

 

·    Place the cursor on the required transaction ( Bank Charges in this case),

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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·    Press C: Create Voucher’ or pressAlt+C


 

·    On the voucher creation screen, the amount field and the narration field are already filled with details captured from the bank statement

·    Select the required Ledger and the instrument number in the bank statement will be automatically captured in the ‘Bank Allocations’ screen

 

Auto Bank Reconciliation in Tally.ERP 9 : www.TallyERP9Help.Com
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·    Press ‘Enterto accept the screen

 

 

 

Hence, Tally.ERP 9 provides a quick, simple and stress-free Automatic Bank Reconciliation option for your business to save you time, manpower and money.

 
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