How to check the bank balance as per the bank dates added?

In order to check the bank balance as per the bank dates added, you can refer to the Bank Reconciliation Report. Reconciliation Report will show the bank balances based on bank dates added or detected during automatic reconciliation. The report can be fetched after adding bank dates to all the transactions reflected in the actual bank statement.

Context and example: The Bank balance in Mygate statement today is ₹10000 from two transactions of ₹5000 made by residents. Resident 1 made a cheque payment of ₹5000 and Resident 2 directly transferred to the society account via UPI of ₹5000. So the actual bank statement will only have a balance of ₹5000 made via UPI today and the cheque payment will come in the statement 3 days later. This shows a difference between Mygate statements. During bank reconciliation, admin will input the actual bank credit date against both payments so that the Mygate system will consider that balance on the actual bank date mentioned and display output in the Bank Reconciliation Report.

To view the reconciliation report you can refer to the following steps:

1. Go to Accounts >> Bank Accounts >> Reconciliation report.

2. Select the from and to date. To date be selected as the date you have completed adding bank date.

3. Select the bank ledger name and click on view/download.

4. Software balance (Balance as per ledger entries) will be displayed on the top right-hand side

5. Items not reconciled or not found in the bank statement will be listed next.

6. Bank balance (Balance as per bank date) will be shown on the bottom right-hand side of the screen.

Notes:

1. Make sure all transactions appearing in the actual bank statement within the selected period are recorded and reconciled in MyGate to get the bank balance matching.

2. Select the “From” date as 01-Apr of the Financial year you are viewing to see any entries missed reconciliation in between.

3. The difference between software balance and bank balance will be the items reconciled under “Items not reflected in bank statement”

4. If you fetch this report from 01-Apr, past years' unreconciled entries will also reflect along with the selected period entries. Such entries can be reconciled by going to past years. (Applicable from FY 21-22 onwards. Any previous year's closing balance will be considered as bank balance upon reconciling the very first entry of the next year)