As you appreciate, the Pegasus Opera 3 Cashbook is integrated with the Nominal Ledger and as such the transactions entered within the cashbook will be reflected within the corresponding bank accounts within your Nominal Ledger.
It is important, as part of your monthly accounting routines, to ensure that your Cashbook reconciles with the Nominal Ledger in Opera 3.
The cashbook bank balances and the Nominal Bank account balances are likely to differ because of the flexibility to allow for the posting of transactions within the cashbook in advance of the current nominal period.
The Intsys Support Team has documented the reconciliation process below with an example using the Opera 3 demonstration data.
Comparing the Nominal Bank Account with the Cashbook
Firstly acquire the balances from your cashbook and nominal.
Within Nominal find the appropriate account via Nominal > Maintenance > Accounts
Then use the find feature to display your Nominal Bank Balance – Year TD
Record this balance £126,840.58
Select Cashbook > Processing and again find the equivalent bank account.
Record this balance £110,952.60
Remember it’s the Current balance that reflects the true bank balance, which is a total of the reconciled and unreconciled items.
As in this example, the Nominal Bank Balance and the Cashbook Bank Balance is likely to differ.
This is because the cashbook will include all transactions entered to date however the nominal, being date based is only interested in transactions up to the current period end date.
Any transaction which is later than the current period will not as yet be reflected in the Nominal Year TD total.
It is also possible that there are transactions waiting to be transferred to the Nominal from the cashbook which are pertinent to the current period.
As such it is necessary to ascertain the value of these un- transferred items, whether they apply to the current or future period.
Finding the difference ...
Cashbook Transfer - check that everything has been transferred from the Cashbook
If you have Cashbook Transactions waiting to be transferred, they will not appear in your Nominal Ledger until the relevant transfer routine is run.
You can simply check if transactions need to be transferred via Nominal > Utilities > Cashbook Transfer
Opera 3 will allow you to run a dummy transfer by selecting “Report Only” so you can review what transactions are waiting to be transferred before the real transfer process is run.
In our example there were many transactions – find the appropriate total of these transactions within the report.
In our example there is £16437.06 waiting to be transferred from the cashbook to the nominal C310 account.
If the numbers still don't tally, the only reason this could be is that there are transactions within the cashbook which [...]
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