- The first step on opening REM is to complete the session settings. This includes the period of time that is being reconciled as well as the GL apply date for the posting of interest, fees, etc. For example, if the bank statement is for January 1 through January 31 , and the GL apply date will be 1/31.
- Once the settings have been entered click the Apply Settings button.
- Proceed to the Reconciliation Entry tab.
- Double click on the Asset Account Key row for the account that you are reconciling to bring up a window listing all the transactions for that period.
- Mark the transactions that have cleared the bank statement in the Reconciled column as yes. If they have all cleared you can click the Mark All Entries as Cleared button
- Once that is completed click on the Done button to return to the Reconciliation Entry tab.
- Here you will enter in the Amount column any revenue or expenses such as interest income, bank fees.
- Once that has been completed click on the Calc Ending Bal button and it will list the ending balance for verification with the bank statement.
- Click on the Generate GL Entries button.
- Continue until all funds have been reconciled then edit and post the entries in General Ledger.
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