Bank Rec Setup

The first time you import bank statements, it is necessary to reconcile the opening balance in the bank account. Later, you need only import the bank statement.

Below are videos that can show you how to start your bank rec by importing your bank statement.

• To import your bank statement
• How to complete a bank rec once you have imported your bank statement

To import your bank statement to E-conomic:

1. Save the bank statement entries on your PC according to the instructions from your bank
2. Configure the data correctly in Excel or other software that enables you to save in comma delimited (csv) format.
3. Click ‘Bookkeeping’ > ‘Bank’ > ‘Bank reconciliation’
4. Select the bank account to reconcile in ‘Cash account’
5. Click ‘Import’

Imported entries are shown in the Bank reconciliation left-hand sub-menu item. (Entries in the cash account are shown under System to the left in the window.)

The first time bank statement entries are imported, enter the opening balance of the bank (the closing balance is calculated) and confirm that the current balance of the account is correct.

Entering the bank opening balance and reconciling the opening balance of the bank account

To enter the bank opening balance as follows:

1. Click ‘Bookkeeping’ > ‘Bank’ > ‘Bank reconciliation’
2. Select the ‘Year’ and ‘Period’ to be reconciled
3. In the ‘Bank’ section, click ‘Edit balance’ to the right of Opening balance
4. Enter the balance.
5. Press ‘Enter’/’Return’ on your keyboard

To reconcile the opening balance of a bank account (for a previous period):

1. Under System, click ‘Regard previous items as reconciled’ to the right of Opening balance – not reconciled.

The balance is changed to 0.00 and marked with a check mark.

You can see details about the fields here.