Account Reconciliation will match your bank statements to your accounting records. You can use Account Reconciliation for any asset or liability account. We recommend that you reconcile any account you make payments from: bank and credit cards. Any transactions included in a completed reconciliation will be marked as reconciled in the account detail.
The first time you click Account Reconciliation you will need to set up Account Reconciliation Groups. This allows you to match your properties to the actual bank account funds go through.
Click create new group
Type in a group name
Select an account
Select the properties and owners you want to include
Click submit
Continue to add groups for every bank statement and account you want to reconcile
To reconcile an account
Click on Account Reconciliation
Select the group you want to reconcile
Enter the statement date
Enter the statement balance
Click begin reconciliation
Match transactions in your account to your statement by selecting or deselecting the transaction. The totals in the withdrawal and deposit sections sum any searched transactions to quickly find daily deposit totals
When the difference is $0.00 your account has been reconciled, click finish reconciliation
View completed reconciliations by clicking “past reconciliation” the kebob menu
Reports
Once the account reconciliation has been finished 2 PDF reports will be generated. If a uncleared transaction has been changed you can regenerated the reports to update them by clicking on the clock icon at the top of the screen
- Account reconciliation report: a pdf version of the account reconciliation. Click on the printer icon in the top right corner of the completed reconciliation to view the report
- General ledger report: a pdf of the general ledger activity for period matching the account reconciliation. Click on the general ledger balance amount link to view the report
To Undo an account reconciliation
Click on the three-dot menu beside Account Reconciliation.
This will let you see the old reconciliations
You can undo them by clicking the red arrow on the side.
