How to Reconcile a Bank Statement in Tally Video Lecture | Tally ERP 9: Complete Training - Software Development

Ans. To reconcile a bank statement in Tally, you can follow these steps: 1. Go to Gateway of Tally and select the 'Banking' option. 2. Choose 'Bank Reconciliation' and then 'Bank Reconciliation Statement'. 3. Select the bank account from the list and enter the statement date and opening balance as per the bank statement. 4. Tally will display the list of transactions recorded in Tally and those present in the bank statement. 5. Check and match the transactions from both sides, marking them as 'Yes' or 'No' based on their presence in the bank statement. 6. After marking all the transactions, Tally will display the reconciled, unreconciled, and balance amounts. 7. Click on 'Accept' to complete the reconciliation process.

Ans. Yes, you can reconcile multiple bank statements in Tally. To do this, follow these steps: 1. Go to Gateway of Tally and select the 'Banking' option. 2. Choose 'Bank Reconciliation' and then 'Bank Reconciliation Statement'. 3. Select the first bank account from the list and enter the statement date and opening balance as per the bank statement. 4. Follow the same process for the second bank account and any subsequent bank accounts. 5. Tally will display the list of transactions recorded in Tally and those present in each bank statement separately. 6. Match and reconcile the transactions for each bank statement individually. 7. Tally will show the reconciled, unreconciled, and balance amounts for each bank account separately.

Ans. If you encounter discrepancies between Tally and the bank statement during reconciliation, you should: 1. Double-check the transactions recorded in Tally and compare them with the bank statement. 2. Verify that the dates, amounts, and transaction details are accurate in both Tally and the bank statement. 3. Look for any missing transactions or duplicates in either Tally or the bank statement. 4. If you find any errors, correct them in Tally by editing or deleting the transactions as necessary. 5. Reconcile the corrected transactions again and ensure they match with the bank statement. 6. If the discrepancies persist, it is advisable to contact the bank for clarification or assistance in resolving the issue.

Ans. Yes, you can reconcile a bank statement in Tally even without importing the bank statement file. To do this, follow these steps: 1. Go to Gateway of Tally and select the 'Banking' option. 2. Choose 'Bank Reconciliation' and then 'Bank Reconciliation Statement'. 3. Select the bank account from the list and enter the statement date and opening balance as per the bank statement. 4. Instead of importing the bank statement file, manually enter the transactions recorded in Tally and match them with the bank statement. 5. Mark the transactions as 'Yes' or 'No' based on their presence in the bank statement. 6. Tally will calculate the reconciled, unreconciled, and balance amounts based on your manual entries. 7. Click on 'Accept' to complete the reconciliation process.

Ans. Yes, it is possible to undo a bank reconciliation in Tally. To undo a bank reconciliation, follow these steps: 1. Go to Gateway of Tally and select the 'Banking' option. 2. Choose 'Bank Reconciliation' and then 'Display Reconciliation Statement'. 3. Select the bank account for which you want to undo the reconciliation. 4. Click on the 'Alter' button to modify the reconciliation. 5. Tally will display the reconciled transactions with a checkmark. Remove the checkmark from the transactions that you want to undo. 6. After removing the checkmarks, Tally will recalculate the reconciled, unreconciled, and balance amounts. 7. Click on 'Accept' to save the changes and undo the reconciliation.