Account balancing & reconciliation
The automatic account balancing and reconciliation functions are one of the Money Tracking application’s most powerful and useful facilities. It works by comparing the difference between an account’s (usually a checking account) starting and ending balances with the sum of the transactions (eg. checks and deposits) marked as cleared as recorded in the Organizer. If the amounts are the same, then all transactions have been accounted for and thus the account is reconciled. If there is a discrepancy, however, the user is alerted and must then specify what action should be taken to resolve the discrepancy.
There are two main advantages to using Money Tracking to perform account balancing and reconciliation:
1.By identifying any discrepancies between the bank statement details and the cleared transactions stored in the Organizer, the Money Tracking application can ensure that the Organizer’s record of account transactions is complete,
2.Once the account has balanced correctly, reconciled transactions can be removed from the Organizer while maintaining the correct account balance, thus freeing valuable memory and ensuring that only
☞Since transactions cannot be retrieved once they are removed or deleted, you may want to store or back up the transactions before removing them by transferring them to a PC or even printing out the details.
Performing account balancing
Account balancing and reconciliation can be carried out once you have received your bank statement detailing the various checks and other transactions in that account.
Account balancing is performed in two stages:
A.Reconciling the account: Comparing the transactions on your Account Statement with the transactions in the OZ- 5500 and marking them as CLEARED
B.Balancing the Account: Entering the ENDing BALance from your Statement and having the
Marking transactions as CLEARED
1.From the SETUP ACCOUNT list, select the desired account, press MENU and select ACCOUNT BALANCING then press ENTER .
