- What’s Needed
1) Statement from Bank Accounts
2) Statement from PayPal (Activity> Reports> All Reports > Statements > Monthly or > Custom Date Range)
2. Update myPTEZ for any transactions listed on bank statement but not yet in myPTEZ.
- “Write a Receipt”/”Make a Deposit” for deposits
- “Write Check” for debits
- “Adjustments” for transfers between accounts
4. TOOLS >> Bank Reconciliation
5. Select Bank Account
Enter Statement Date
*Beginning Balance is pre-filled from the last reconciliation
Enter Ending Balance
6. A list of Debits and Credits will appear in the 2nd window.
Compare 2nd window to the bank statement and select the transactions that have “cleared”.
7. If there are transactions on the bank statement that do not appear in the 2nd window, go back to Step 2 and add them into PTEZ.
PRO TIP: Double check that dates and descriptions in myPTEZ match bank statements. Discrepancies may be noted by the Auditor.
9. Reconcile Now when the Difference is $0.00. If not $0.00, continue investigating for discrepancy/ies between bank account statements and myPTEZ.
Once a transaction is Reconciled, it cannot be changed.