A bank reconciliation is required in OneLaw for every calendar day of the month (including Saturday, Sunday and public holidays).
If no transactions have occurred in either the trust account and/or the IBD account for any given calendar day, then a blank bank reconciliation is needed.
Some banks are now processing transactions every day, so always check for transactions on Saturdays, Sundays, and public holidays for both the trust account and IBD account. Don’t assume that there will be no transactions on these days.
If there have been transactions processed on a Saturday, Sunday or public holiday, then download the file from the bank and complete the standard bank reconciliation process for that day.
NOTE: Do not create a blank reconciliation if there are transactions showing at the bank for any calendar day.
Creating a Blank Reconciliation for Days with No Transactions
On the Accounts Ribbon click ‘New’ in the Reconciliation section and choose the ledger from the drop-down.
The closing balance will be the same as the opening balance (because there were no transactions processed at the bank). Once this is typed in, the Create button will highlight. Click ‘Create’ - a message will appear, ‘A reconciliation is being created with no bank transactions.’, click ‘OK.’ A reconciliation screen will open, select Commit as there are no transactions to reconcile.
The example below shows a trust reconciliation with no transactions.