Reconciling Balance Sheets and Income Statements

The Balance Sheet and Income Statement section on the Reconciliation Summary lets you balance the balance sheet and income statement for one or more organizations.

1. Select Update > Reconciliation Summary.
2. Verify that the appropriate Month and Organization appear.
   Note: If the institution has multiple balancing organizations, then a drop-down menu lets you select a different organization.
3. Enter the institution's Total Assets - Actuals in the Balance Sheet grid.
4. Enter the institution's MTD Net Income - Actual in the Income Statement grid.
5. Select Save.

   The system compares these values to the values from the monthly update. If the amount that you enter does not match the monthly update value, then the difference appears in the Difference rows.

   
   

   

   
   
6. Select the blue dollar amount links to see more detail if you want to adjust any balances manually.
   The Balance Sheet and Income Statement page opens.
7. Switch Show GL # to On, if applicable.
   The GL number is found on the Basic Information panel on the Chart of Accounts page.
8. Switch Calculate Eliminations to Off, if applicable.
   This option is only available if elimination entries are set up for holding companies. If you turn on this option, then you cannot edit the grid columns.
9. Use the Expand All and Collapse All options and icons to expand down to the detailed account level in the Accounts section.
   
   

   

   
   
10. Modify the amount when you find the detailed account that you must update.
11. Select Save.
    If a value changes, then the totals in the Summary Data section update.
12. Repeat steps 10–11 until the Balance Sheet and Income Statement sections are in balance.
13. Select Save.
14. Select Reconciliation Summary to return to the Reconciliation Summary page.