Season 2 · Episode 8 of 10 · 1:41
How to reconcile your bank account at month-end in TailorSync
At month-end you reconcile the bank account in TailorSync: you type the closing balance from your bank's statement, tick each line that is on the statement, and complete it when the difference is zero. This episode first moves the shop's cash to the bank with a transfer and adds the bank's monthly fee as a manual entry, so the account matches the statement.
Watch on YouTubeWhat the video covers
- 1Your accounts. Accounts shows what each account holds now. Open the bank account for its statement: every payment in and out, with the running balance.
- 2Cash to the bank. When you take the shop's cash to the bank, click Transfer in Accounts, from Cash to the bank, and type the amount. The cash goes down and the bank goes up by the same amount.
- 3Add the bank's fee. For a charge on your statement, like a monthly fee, open the bank account and click Manual entry. Choose Withdrawal, type the amount and a reason, and click Record Entry.
- 4Start reconciling. Click Reconcile, check the date, type the closing balance from the bank's statement and click Start reconciliation.
- 5Tick the lines. Tick each line that is on the bank statement, and the difference updates as you go. Once you have checked them, Select all ticks the rest.
- 6Complete it. When the difference is zero, click Complete reconciliation.
Transcript
Everything the video says, under its chapters. Click a time to play the video from there.
Your accounts
At the end of the month, check that the bank balance in TailorSync matches your bank statement. In this video you'll move cash to the bank, add the bank's fee, and reconcile the account. Each account shows what it holds now. Open the bank account to see its statement: every payment in and out, with the running balance.
Cash to the bank
You took the shop's cash to the bank. Back in Accounts, click Transfer, from Cash to the bank, for one thousand dirhams. Click Transfer. The cash goes down and the bank goes up by the same amount.
Add the bank's fee
Your statement shows a monthly fee of twenty five dirhams. Open the bank account, and click Manual entry. Choose Withdrawal, type twenty five, add a reason, and click Record Entry.
Reconcile
Now click Reconcile. Check the date, type the closing balance from the bank's statement, and click Start reconciliation. Tick each line that's on the bank statement. The difference updates as you go. Once you've checked them all, Select all ticks the rest. The difference is zero, so click Complete reconciliation. Next, the month-end reports: cash flow, profit, and the trends in Analytics.