01 Dec 2013

TrustWorks Tip: Reconcile Your Bank Balances for the New Year

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TrustWorks Tip:

Reconcile Your Bank Balances for the New Year

TWFiduciaries like you who administer cases outside of the Chapter 7 process don’t have the same rigid requirements regarding performing bank reconciliations as Chapter 7 Bankruptcy trustees; however, it is important to ensure that your bank accounts are reconciled at regular intervals. As the end of the year approaches, we thought we would show you how simple reconciling you bank balances can be and help you to keep your house in order for the New Year.

The TrustWorks Bank Reconciliation Tool simplifies this process through an easy-to-use wizard. With the click of a button, this tool highlights differences between the bank’s month-end balance and the month-end balance calculated by your TrustWorks ledger. The tool then displays items from the ledger that may be the cause of irregularities – so they can be matched and a balancing note can be entered.

The Bank Reconciliation Tool in TrustWorks can be accessed in three different ways:

Option 1: 

Click Case Administration in the navigation bar and then select Bank Reconciliation from the drop-down menu (Figure #1)


Figure 1: Selecting Bank Reconciliation from the TrustWorks Case Administration drop-down menu.

Option 2:

From the TrustWorks home screen, click on the Banking link to view the accounts that need to be reconciled (Figure #2):


Figure 2: Selecting the accounts to reconcile under the Banking tab from the Home Page.

Option 3:

In the Banking tab, select Bank Reconciliation in the left column (Figure #3):


Figure 3: Select Bank Reconciliation from the left column in the Banking tab.

Any of these options will allow you to quickly and easily reconcile your accounts. It is simple and quick and will allow you to start off the New Year off right. Why wait? Reconcile your accounts today!

If you have any questions or concerns about reconciling your accounts, please contact your Account Manager, Morgan Wisbey at 800-634-7734, ext 2200 or the BMS Banking Center at 800-634-7734, ext. 8 or via email.