Bank reconciliations are performed for individual bank accounts, encompassing all companies linked to that account.
Creating a Reconciliation
Navigate to Accounting > Accounts.
Click the three-dot icon at the top left and select Reconcile.
Completing the Reconciliation Form
Select the desired Bank Account from the dropdown menu in the top-left corner. The form will refresh with relevant data.
Choose the Reconciliation Date to update displayed information accordingly.
Understanding the Reconciliation
The left side shows calculations starting with the current Property Matrix balance, adjusting for any outstanding (unreconciled) transactions.
Any outstanding transactions that have not yet been cleared will be either added to or deducted from this amount to indicate that the funds have not yet affected the real bank account. Outstanding transactions appear on the right side. Checked transactions indicate they match your bank statement and can be marked as reconciled, no longer affecting your Property Matrix balance.
Entering Additional Information
You may add entries such as Interest Earned or Service Charges under the left section, which will get posted to the selected account.
Select the appropriate Company for these entries under the Post new amounts to field.
Enter the real bank statement balance at the bottom; the adjusted Property Matrix balance should match this amount.
Confirm the reconciliation Date matches your bank statement.
Managing Discrepancies
Investigate and correct any differences or discrepancies identified during reconciliation.
Saving and Loading Reconciliations
To save progress, click the three-dot menu at the top-right and select Save Draft.
You can save only one reconciliation draft per bank account; saving again overwrites previous drafts.
To resume, select the bank account and date, then choose Load from the same menu to retrieve your saved reconciliation.
