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The reconciliation summary varies by region to be compliant with local regulations. The default report is based on Australian Uniform Law and meets the requirements of most jurisdictions except New Zealand.
Default Format
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The term “Cash book” does not refer to the “Cash book” reports, it is purely a generic accounting term to describe the balance in actionstep as opposed to the bank account (Actionstep being a “Cash book”). |
Trust account balance as-at {date}
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This is the amount entered in the “Adjustments” section as “unpresented payments”
“Less adjustments”
This is the other negative adjustments (other than unpresented payments) from the adjustments section of the bank-rec.
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→ The adjustment has not been accounted for in a subsequent reconciliation, as at the point in time for which you generate the report.
New Zealand Format
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You are reconciling the June period, and enter in an adjustment on the 1st of July. If you were to run the reconciliation summary report, you would see a variance of the adjustment amount (assuming all other variables remain constant). -- A week later, you reconcile the 1st week of July. Assuming there are no further adjustments, this variance will now be a zero balance for this particular reconciliation, as well as previous ones, because all adjustments have been accounted for. |
New Zealand Format
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Opening balance brought forward from {date}
This is the balance brought over from the previous reconciliation, and does not factor any adjustments.
Plus reconciled deposits
This is the sum of the deposits that have been matched against bank statement items during the reconciliation process, which is added to the opening balance.
Less reconciled payments
This is the sum of the payments that have been matched against bank statement items during the reconciliation process, which is subtracted from the opening balance.
Reconciled from cashbook
This is the cashbook balance after reconciling all transactions for the period in Actionstep against bank statement items
Plus deposits not banked
This is the total of the amounts entered into the “Adjustments” section as "outstanding deposits".
Less unpresented payments
This is the total of the amounts entered into the “Adjustments” section as “unpresented payments”.