Using Account Reconciliation

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. 

1. Click create new group

2. Type in a group name

3. Select an account 

4. Select the properties and owners you want to include

5. Click submit

6. Continue to add groups for every bank statement and account you want to reconcile

To reconcile an account

1. Click on Account Reconciliation

2. Select the group you want to reconcile

3. Enter the statement date

4. Enter the statement balance

5. Click begin reconciliation

6. 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

7. When the difference is $0.00 your account has been reconciled, click finish reconciliation

8. 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

1. Click on the three-dot menu beside Account Reconciliation.
2. This will let you see the old reconciliations
3. You can undo them by clicking the red arrow on the side.