Understand key terms in reconciliation and end-of-month rollover

Summary

Learn how to identify and interpret reconciliation and end-of-month rollover terms in Box+Dice to ensure your accounts balance correctly.

Key terminologies

Understanding these concepts helps you maintain accurate trust accounting records and ensures your reconciliations balance correctly at the end of each month.

• Bank Balance - The actual Bank Balance amount that appears on your bank statement
• Bank Reconciliation - The act of calculating the reconciled bank statement balance
• Cashbook Balance - The amount brought forward from the previous month’s close
• Closing Cashbook Balance - is the receipts journal total, less the payments journal total for that period
• End Of Month (EOM) Rollover - A reconciliation completed at the end of the month. Once rolled over, all presented receipts and payments from that period will no longer appear in the Reconciliation screen
• Ledger Balance - The total of all Ledger transactions (including un-presented receipts/payments) at that particular time
• Presented Receipts/Payments - Any transaction that has been entered into Box+Dice that has also appeared on the actual Bank Statement and has been marked as presented in the Reconciliation screen
• Reconciled Bank Statement Balance - Equal to the actual closing bank balance, plus or less all un-presented receipts/payments
• Reconciliation - The process of checking that the reconciled bank balance matches the cashbook balance and ledger balance. Presented receipts and payments for the current period remain visible in the Reconciliation screen until they are rolled over
• Un-presented Receipts/Payments - Any transaction that has been entered into Box+Dice that has not yet appeared on the actual Bank Statement and has not yet been marked as presented in the Reconciliation screen

What’s next?

Learn how to perform a reconciliation and perform an end-of-month rollover.