Reconciling the companies bank accounts with the banker’s statement is a fundamental and routine task of Accounting. In Tally Reconciliation can be done for any company.
The process in Tally is linked to the information that is provided while creating bank ledger.
You will notice that the moment you select the ‘bank account’ group for a bank ledger, the field- “Effective Date for Reconciliation” appears. Normally this would be the ‘Book Beginning from’ date itself. You can also specify any other date reconciliation as per your needs.
It may be noted that any transaction prior to the ‘Effective Date for Reconciliation’ will not be considered for reconciliation purpose. After creating all bank accounts and passing the necessary transaction purpose. After creating all bank accounts and passing the necessary transactions with them you need to reconcile the Bank Book with the Bank Statement.
In order to that perform the following:
Gateway of Tally -> Display -> Accounts Books -> Cash/Bank Book(s).
Select the bank whose balance you want to reconcile. Select the month which the bank balance you want to reconcile.Press F5. Put the dates of clearing amount i.e. the date when the amount goes out of bank.