See how easy it is now to reconcile your daily bank feed with your transactions in Enterpryze.
Before you start!
Please ensure that your EDS (Enterpryze data service) is on the latest version before completing your first bank reconciliation.
Overview
Now that your Bank feed is coming through daily why not reconcile your transactions as you go. You can now identify any missing transactions and add them to Enterpryze, no more waiting till the end of the month. You also get to keep a close eye on your cashflow!
Now Reconcile your Bank Transactions in Enterpryze
To reconcile your Bank account using the Live feed bank data, click on Reconciliation on the Bank account details.
A new window will open showing you your live bank transactions on the left and your Enterpryze transactions on the right.
There is also an option to select what list of transactions you will see on the top right of this window. You can leave it at All transactions or just select Unmatched Transactions to start with to make your reconciliation easier to follow, this will depend on the volume of transactions you have so choose the option to suit you. You can always review the Matched transactions at any time as you proceed.
Now start the reconciliation, there are 2 options for selecting your transactions:
1. Auto Matching
When you click on this option at the top of the screen it will find amounts that match on both sides for you and automatically select them.
2. Match Selected
You can manually select the transactions to match by ticking the box beside each one on the left and right side of the screen. You can also use the Search field to enter in descriptions, references or amounts to find them for manually matching up. Then click on Match Selected to confirm they match.
If you want to see what you have matched so far simply change the list to show Matched Transactions as per below example. Then to continue matching more transactions change this back to Unreconciled Transactions or to ALL depending on the volume of transactions that you have.
Tip: Select Unmatch Selected if you want to undo the selection you have made with the transactions
The following values will change as you start selecting transactions to be reconciled, Bank Transactions and Enterpryze transactions.
The Difference amount is generated by subtracting the Bank Transactions from the Enterpryze transactions that you select for reconciling. Generally, if all transactions match this difference will be zero, where it is not Zero it may be down to a missing transaction such as Bank Charges or payment which you can add on this screen.
To automatically post your difference to Bank charges tick the below box. This is dependent on the default GL account you have already defined for the Bank Charges account in Enterpryze found in Settings – Finance and Banking.
To add in a missing transaction into Enterpryze:
· Click on the add + button located beside the Bank Transaction on the left side of your screen and you can then choose to create a Payment or a Journal Entry.
3. Once you are happy with the matched transactions, added any missing transactions, resolved any difference you can now decide on the following:
Save for later – choosing this allows you to save the reconciliation as a draft to return to it later
Finish now – this will finalise the reconciliation and will post it for you
Cancel – this will cancel the reconciliation process, you can also do this by unticking each one manually. You can match them again at another time.
Review your Bank reconciliations
This is where you can drill back into a Bank Reconciliation. This will show you the transactions that were reconciled. It will also allow you if necessary, to Cancel Reconciliation which will place all transactions back as unreconciled.
· Click on Banking > Bank Rec
· Drill into the Reconciliation number on the ID column to see to the details.
· There is an option to Cancel Reconciliation which will place all selected transactions back as unreconciled, you can then choose to reconcile them again through the Accounts screen.
Happy Banking with Enterpryze and remember we are always here to help!🙌
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