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.
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
Trust account balance as-at {date}
This is the amount entered as the “Closing balance” when you created the bank reconciliation.
Add outstanding 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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This is the other negative adjustments (other than unpresented payments) from the adjustments section of the bank-rec.
Sub total
This is a sum of the “Less adjustments”
Reconciled cash book balance
This is the first “Sub total” minus the second “Sub total” which is essentially what you have reconciled Actionstep to.
System cash book balance
This is the balance of all data (not just that in the bank-rec) as at the closing date.
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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. |
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