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This section of the report is required by the Australian Uniform Law compliance but it is already reasonably useful so we use it in all regions – this may change in the future if other regions have compliance issues.
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Trust account balance as-at {date}
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This is the amount entered as the “Closing balance” when you created the bank reconciliation.
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Add outstanding
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deposits
This is the amount entered in the “Adjustments” section of the bank-rec where you selected an item as an outstanding deposit.
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Add adjustments
This is other positive adjustments (other than outstanding deposits) as per the adjustments section of the bank-rec.
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Sub total” (first instance)
This is the sum of the first three values
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Less unpresented
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payments
This is the amount entered in the “Adjustments” section as “unpresented payments”
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This is the other negative adjustments (other than unpresented payments) from the adjustments section of the bank-rec.
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Sub total
This is a sum of the “Less adjustments”
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Reconciled cash book
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balance
This is the first “Sub total” minus the second “Sub total” which is essentially what you have reconciled Actionstep to.
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System cash book
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balance
This is the balance of all data (not just that in the bank-rec) as at the closing date.
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Variance
Difference between the “Reconciled” and “System” cash book balances.
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