How to do Auto Bank Reconciliation in TallyPrime: 3 Easy Steps

Jan 18, 2024

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by

Rishit Shah

in Difficult

Managing your finances just got easier with TallyPrime’s Auto Bank Reconciliation feature.

This seamless process can save you time and ensure your books are always up-to-date.

Let’s walk through the steps to set up and perform Auto Bank Reconciliation effortlessly.

Table of Contents

1. Enable Auto Bank Reconciliation:

Navigate to Gateway of Tally > Accounts Info > Ledgers > Create / Alter.
Choose the bank ledger you want to reconcile and press Alt+G (Go To) > Alter Master > type/select Ledger > Enter.
Alternatively, go to Gateway of Tally > Alter > type/select Ledger > Enter.
Press F12 (Configure) in the Ledger Creation/Alteration screen.
Activate Set Bank Reconciliation and e-Payments.
Configure Auto Reconciliation:
Enable Auto Reconciliation.
Specify the Location of bank statements and the Location of imported bank statements.
Press Ctrl+A to save the changes.

2. Auto Bank Reconciliation Steps:

1. Import Bank Statement:

Go to Gateway of Tally > Banking > Bank Reconciliation.
Select your bank ledger from the List of Bank Ledgers.
Click B: Bank Statement to import your bank statement.
Choose the downloaded statement file in the Select File screen.
TallyPrime will import and display the statement in the Bank Reconciliation screen.

2. Auto Reconciliation (Optional):

If auto-reconciliation is enabled, TallyPrime will attempt to match transactions automatically based on criteria like date, amount, and payee/payer.
Review the auto-matched transactions:
Press Alt+B to skip unmatched transactions.
Press Alt+S to stop auto-reconciliation and proceed with manual matching.

3. Manual Matching:

For unmatched transactions, place the cursor on a transaction in the statement list.
Press Alt+J to create a voucher (receipt or payment) in TallyPrime to match the transaction.
Select the appropriate ledger, amount, and details.
Press Enter to save the voucher and reconcile the transaction.

4. Finalize Reconciliation:

Once all transactions are matched, press Ctrl+A to accept the reconciliation.
TallyPrime will update your accounts and generate a reconciliation report.

3. Additional Tips for Smooth Reconciliation:

Filter transactions in the statement list for easier matching.
Utilize advanced matching options in the Configure menu (F12) for more control.
Regularly review and reconcile bank statements to ensure accurate records.

By following these simple steps, you can effortlessly manage your bank reconciliations, allowing you to focus on what matters most – growing your business!