Bank Reconciliation Report in FalconPro Real Estate Software: Step-by-Step Guide
Introduction
The Bank Reconciliation Report in FalconPro Real Estate Software is a vital tool for accountants and property managers, allowing you to match and verify your bank transactions against your accounting records. This ensures your financial data is accurate, up-to-date, and compliant with audit requirements.
Setting Up and Accessing the Bank Reconciliation Report
Before generating the report, you need to:
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Define the accounting period you want to reconcile.
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Select the bank account using the browser tool within the software.
You can control the report output by applying various criteria:
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Include or exclude open balance and transaction balance.
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Choose to display property details for more granular reconciliation.
Once your selections are made, press the update or retrieve button to generate the report.
Understanding the Report Content
The Bank Reconciliation Report will display all transactions related to the selected bank and accounting period, including:
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Transaction Number
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Transaction Date
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Description
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Cheque Number
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Bank Name
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Limit Amount
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Cleared Amount
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Balance (running total)
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Closing Balance as of your selected date
This comprehensive view allows you to trace every deposit, withdrawal, cheque, and adjustment, helping you identify discrepancies between your bank statement and internal records.
Features and Customization
You have several options to customize your reconciliation:
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Open Balance: Start the report from the opening balance for the period.
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Transaction Balance: Focus on specific transaction types or timeframes.
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Property Details: Include property-specific transactions for multi-property portfolios.
These filters help you narrow down the data, making it easier to identify issues and reconcile differences.
Printing and Exporting the Report
Once the report is generated, you can:
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Print: Click the print button to produce a hard copy for meetings, audits, or filing.
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Export to Excel: Export the report for further analysis, sharing, or integration with other accounting tools.
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Save as PDF: Save the report as a PDF for secure digital record-keeping or email distribution.
Best Practices
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Reconcile regularly (monthly or quarterly) to catch errors early and maintain accurate financial records.
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Use filters to focus on specific banks, periods, or properties as needed.
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Match each transaction against your bank statement, checking for missing, duplicate, or incorrect entries.
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Archive reports after each reconciliation for audit and compliance purposes.
Conclusion
The Bank Reconciliation Report in FalconPro Real Estate Software streamlines the process of matching your accounting records with your bank statements. By leveraging its flexible filters, detailed transaction tracking, and export options, you ensure your financial data remains accurate, transparent, and audit-ready.
Frequently Asked Questions (FAQ)
Q1: How do I select a bank for reconciliation?
Use the browser tool in the report screen to choose the specific bank account you want to reconcile.
Q2: Can I include property-specific transactions in the report?
Yes, you can filter the report to show property details for more detailed reconciliation.
Q3: What information does the report display?
It shows transaction numbers, dates, descriptions, cheque numbers, bank names, amounts, balances, and closing balances.
Q4: How do I export or print the report?
Use the print, Excel export, or PDF save buttons at the bottom of the report screen.
Q5: How often should I perform bank reconciliation?
Monthly is recommended for most businesses, but you can reconcile as often as needed based on transaction volume.
