Bank/Account Reconciliation

Bank/Account Reconciliation


The account reconciliation will compare your bank statement to system transactions to ensure all transactions are accounted for and source out any discrepancies.  To enable a GL Account to be reconciled, edit the account in the chart of accounts and check reconcilable.    

To Start the Reconciliation Process
  1. Select the GL Account in the Summary Section
  2. Add the Statement Reference
  3. Add the Ending Balance on your statement
  4. Select the Statement Date
Unreconciled Entries will be listed in the top pane for the month selected, ordered by date.  Each column for the entries can be filtered to assist in grouping the entry list.  A triangle to the left of the date represents more than one event transaction for the payment.  Click on the triangle to open up the line to see the sub transactions.



Totals Section
  1. Matched Balance: previous reconciled period's ending balance
  2. Statement balance: ending balance from the Summary Section
  3. Difference: Statement Balance minus the Matched Balance.  This must be $0 to reconcile the period.
  4. The previous period's reconciled balances under the Statement Date.
  5. The current period balances being reconciled.
    1. Statement Balance: ending balance from the Summary Section
    2. GL Balance: the closing balance of the GL account as of Statement Date
    3. Unreconciled Entries: sum of the unreconciled entries in the top right pane

Reconciliation
There are two methods to process the reconciliation; manual and through a bank statement upload.  

Manual Matching
Using bank/account statement you will manually match statement lines to unreconciled period transactions.  There are three methods to move unreconciled entries to the matched entries grid.  Each movement will update the totals section.
  1. Double Click the Entry line
  2. Highlight multiple lines by clicking first and (shift) last entry in list or cntrl+click each one and then click + match selected button 
  3. Use a filter on a column to filter results, then click the + match filtered button 
The same can be done to move entries from the matched grid back to the unreconciled grid by using + remove selected and + remove filtered.


If transactions have been added to the period being reconciled, by another user or in another window, the Unreconciled Entries grid can be updated by clicking Refresh Entries button at the top.  This will load any new/updated period entries. 

Once the Difference in the Totals section is $0, the period can be Reconciled.  Note: the button will not be accessible until the Difference is $0.     

Alert
Interactive Demo: Manual Reconciliation

Statement Upload - Auto Matching
The statement upload will load your bank/account statement into it's own window for matching.  The statement lines will be matched by date and amount.   Note: if you close the statement window, this can be reopened during the session by clicking on the green button  in the Upload section.

The result of the matching process will be in the Match column at the far right of the statement grid.  You should see at least one of these three icons;
  1.   The statement line has matched an unreconciled entry.  When followed by this icon  , notes that it hasn't been matched yet.  To match (move to Matched Entries grid, click on Match Successes button.
  2.   The statement line has matched (date & amount) more than one unreconciled entry.  The correct entry can be manually matched / moved to Matched Entries grid.   
  3.   The statement line does not match (date & amount) any of the Unreconciled Entries in the period.  Under this will be 2 or 3 icons allowing to create an entry for the statement line.  
    1.   Custom Transaction
    2.   Accounts Payable Entry
    3.   Cash Entry

      When creating transactions with these icons , Refresh Entries  to update the Unreconciled Entries grid and then  Rematch Upload in the Statement window to Match the new entries. 
Each matched statement line in the window can be expanded by clicking on the triangle  to see the matching entry details .

The statement upload should help with matching when there are lots of transactions, but some manual matching will also be likely required to get the Difference in the Totals section is $0 so the period can be Reconciled.

Alert
Interactive Demo: Statement Upload Matching









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