When you reconcile, the computer deposits the paychecks and pay's the bills. With direct deposit "ON", students are able to deposit checks and pay bills themselves so the reconcile process is not clear in this case. This article will help you know how to reconcile student balances with direct deposit activated.
The Purpose of Reconcile
When you reconcile, the computer deposits the paychecks and pay's the bills. With direct deposit "ON", students are able to deposit checks and pay bills themselves. In this case the reconcile process is not required. However a teachers may still want to create a reconciliation, just like before, so they can track student activities and make sure students are staying current with their bills.
How do I know if students have paid their bills?
The only way to know if a student is current on paying bills and depositing paychecks is to check their history. When you do a reconcile the teacher has a date stamped on the history that basically means that on that date, the student was current on all bills and checks.
Steps to Reconcile
The way I like to do this type of reconciling is to pick a day each week that I reconcile, for example I reconcile every Monday. I will review each student history, looking for that date, and will open all students who have not been reconciled. You can follow the steps below:
- I open up the student list.
- Hold the control key when you click on every student history that has not been reconciled for the date you picked. This opens each student history in a new tab.
- Once the student history has been opened for all students, I look at each history:
- If the student has paid all bills and deposited all paychecks, I do a reconciliation. This gives me a time stamp on that day. This lets me know as a teacher that on that day, the student was current on all banking activities. When reconciling, I will enter the projected balance as the student balance. (It isn't important what you enter, but you must enter a number. Even a "0" is OK)
- If the student has outstanding bills, I don't reconcile them. The date of their last reconciliation does not change on the student screen, and I can easily see which students have not been keeping up by looking at the date of the reconciliation.
- I repeat the process for all students.
I have included a video description of this process.