 | QIF files are readily available from most bank websites as a part of their online services. Look for links or icons that will allow you to download a statement. |
Reconciliations |
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Lists ... General Ledger ... Chart of Accounts
Lists ... Banking ... Bank Reconciliations
Activities ... General Ledger ... New Reconciliation
Activities ... Banking ... Reconcile Bank Account
About Reconciliations
The Reconciliation screen allows you to quickly reconcile any general ledger account to an outside source, such as a statement. This, of course, includes the most common accounts that are reconciled: bank accounts. With this screen you can easily find and mark cleared items, enter statement charges such as interest and bank fees, print the results, and post the reconciliation to record it permanently. Past reconciliations can be easily retrieved and viewed. You can even automatically reconcile the account using a file provided by your bank.
This feature requires activation in Setup General Ledger. Please note that this feature may not be included in your software license.
In this Topic
A Detailed Look at Reconciliations
Field by Field Help - Reconciliation welcome screen
Field by Field Help - Reconciling without a file
Field by Field Help - Reconciling with a file
Field by Field Help - Finishing a reconciliation
Related Topics
13.1 Bank Accounts
14.1 Chart of Accounts
A Detailed Look at Reconciliations
Account reconciliation involves the process of comparing a general ledger account to some statement or summarized list of transactions. The most common reconciliation is done with your bank account. With the bank statement provided by the bank, one can use the reconciliation process to locate the differences between the bank statement and what the software has recorded for deposits. Your goal in the reconciliation process is to adjust the account to bring them in agreement, or at least to understand and document the differences between the two (e.g. interest charges, deposit fees, bounced checks, statement fees, etc.).
How often reconciliations are done depends upon the business. For bank account reconciliation, you should consider monthly reconciliation.
| 1) | Select the appropriate menu option (shown above) to create a new reconciliation. |
| 2) | Select the GL or Bank account to reconcile and if you are using a downloaded file, specify the QIF file that contains your statement details. |
| 3) | If you are reconciling manually, enter your ending balance, ending balance date, and any optional debits and credits that add into that balance, then click Next. If using a file, you will only need to enter an ending balance and ending balance date. |
| 4) | If you are reconciling manually, select those items that cleared on your statement. If using a file, those items that have matched will be selected automatically. You will then need to make any corrections, additions, or manual matches from there. |
| 5) | Save the reconciliation for later posting, or post the reconciliation with any difference posting to the Difference GL account provided. |
Field by Field Help - Reconciliation welcome screen
Bank Account/GL Account
Select the Bank Account or GL Account number which you want to reconcile.
File Name
Enter or browse for the QIF file that you will use to help reconcile the selected account. While the use of a QIF file to reconcile is optional, selecting or not selecting a file will change the remaining steps involved in the wizard.
| QIF files are readily available from most bank websites as a part of their online services. Look for links or icons that will allow you to download a statement. |
Field by Field Help - Reconciling without a file
The following screens are what you will see when you do not enter a filename into the File Name field on the welcome screen.
Statement Information
Beginning Balance as of
Displays the beginning balance of this account and the date as of which this account balance was valid.
Ending Balance as of
Enter the ending balance of this account and the date as of which that account balance is valid. You may wish to refer to any statements or printed materials to help you determine what this amount and date should be.
Optional Transactions to be Added
Two lines are provided here for any miscellaneous credit or debit transactions that would need to take place during the reconciliation that were not a part of your transactions within ManageMore. For example, Interest Earned, Bank and Statement Fees, or Penalties could be reported here.
Amount
Enter the amount of the debit or credit in the appropriate box.
Date
Enter the date on which the debit or credit transaction took place according to your information.
Description
Enter a description for the debit or credit here.
Offset GL Account
Enter or select an account that this credit or debit transaction will post to. This amount will post upon finishing the reconciliation wizard with the dates specified.
Manual Reconciliation
This window will display all of the unreconciled transactions for the bank or GL account you selected in the previous step. Any optional transactions that have been added here will show up in green. Items that also have a reverse entry (for example a deposit for 500.00 and a reversed deposit of 500.00) will automatically match each other and be marked upon entering this screen and will be marked with an X and shown in grey. Items you select will be marked with a check and then turn grey.
Sort by
Select the manner you want the list of unreconciled transactions to be listed in.
Beginning Balance
Displays the beginning balance of this account as shown in the previous step.
Transaction Date
Displays the date of the transactions listed.
Item Number
Displays the ManageMore item number for the items listed.
Description
Displays the description of the item listed. Often this will be the name associated with the transaction, or the type of transaction that occurred.
Memo
Displays the memo field from the transactions listed. For payments this field will show the type of payment made.
Amount
Displays the amount of the transaction. Amounts in parenthesis are negative.
Match All
Click this button to mark all of the items in the listed as being matched up with items on your statement or other documents.
Unmatch All
Click this button to clear all of the items marked in this list. This will also unmark any automatically marked items.
Go To
Click this button to open the selected transaction for viewing.
Total Debits Matched
Displays the grand total of debits (positive amounts) matched on this screen.
Total Credits Matched
Displays the grand total of credits (negative amounts) matched on this screen.
Total Transactions Added
Displays the total of the Optional Transactions to be added in the previous screen.
Cleared Balance
Displays the sum of the beginning balance and any transactions selected.
Ending Balance
Displays the ending balance entered in the previous step.
Difference
Displays the total difference between the Cleared and Ending Balance.
Field by Field Help - Reconciling with a file
The following screens are what you will see when you enter a filename into the File Name field on the welcome screen.
Statement Information
Beginning Balance as of
Displays the beginning balance of this account and the date as of which this account balance was valid.
Ending Balance as of
Enter the ending balance of this account and the date as of which that account balance is valid. You may wish to refer to any statements or printed materials to help you determine what this amount and date should be.
Match/Add Transactions
The left side of this screen will show any transactions that have not already been matched to transactions in the software by the reconciliation process. The right side of this screen will show all of the transactions that have yet to be reconciled.
Unmatched Bank Transactions
List displaying the Date, amount and description of transactions on your statement as found in the QIF file.
ManageMore Transactions
List displaying the Date, Item Number, Description, Memo, and Amount of transactions within your ManageMore software.
Sort By
Select the manner in which ManageMore should sort the lists of transactions.
Match
Click this button to match up the selected transactions on the left with the selected transactions on the right. You may also click and drag a transaction on the left to its corresponding transaction on the right. Transactions matched this way will show the checkmark on the left side of the transaction in green.
Unmatch All
Click this button to clear the matching on all transactions on the right side. This will also clear any transactions that have been automatically matched up by the reconciliation process.
Clear Selection
Click this button to unselect all of the currently selected transactions.
Add
Click this button to Add the selected Unmatched Bank Transaction to your list of ManageMore Transactions. Doing so will bring up a window that will inquire as to the offset GL Account, Item Number, Description, and Memo for each selected transaction. ManageMore will fill in as much of this information by default as possible. You will also be asked whether or not to add this kind of transaction by default in future reconciliations.
| Adding transactions will create rules automatically concerning the nature of the transaction and what to do with it in the future. This information is gathered from the welcome screen as well as the transaction screen. |
Add All
Click this button to add all of the Unmatched Bank Transactions to your list of ManageMore Transactions. Doing so will bring up a window that will inquire as to the offset GL Account, Item Number, Description, and Memo for each transaction in the Unmatched Transactions list. ManageMore will fill in as much of this information by default as possible. You will also be asked whether or not to add this kind of transaction by default in future reconciliations.
Remove
Click this button to remove the selected added item(s) on the list of ManageMore Transactions and add it back to the list of Unmatched Bank Transactions. Clicking this will have no effect on transactions that started on the list of ManageMore Transactions.
Remove All
Click this button to remove all of the added transactions from the list of ManageMore Transactions and add them back to the list of Unmatched Bank Transactions.
Reset
Click this button to set this window back to the way it was when the file was first read. Any added transactions, marking of transactions, or other changes that were made will be discarded.
Print List
Click this button to print the list of Unmatched Bank Transactions to aid you in determining the placement for these unmatched transactions.
Total Selected
Displays the total amount of items selected in the list immediately above.
Total Unmatched
Displays the sum of the Unmatched Bank Transactions.
Total Matched
Displays the sum of the ManageMore Transactions that were matched to transactions from your QIF file.
Total Added
Displays the total of any transactions added from the Unmatched Bank Transactions list.
Cleared Balance
Displays the sum of the beginning balance and any transactions selected.
Ending Balance
Displays the ending balance entered in the previous step.
Difference
Displays the total difference between the Cleared and Ending Balance.
Field by Field Help - Finishing a reconciliation
This is where you will finalize the reconciliation process. You may save the reconciliation for later editing here, or post the reconciliation to save the marking of those transactions you selected in the previous step and to make any adjustments as necessary to comply with the information you entered.
Beginning Account Balance as of
Displays the beginning balance as previously entered.
Total Transactions Matched
Displays the sum of the total debits and credits matched.
Total Transactions Added
Displays the total of the Optional Transactions to be added.
Total Cleared Balance
Displays the sum of the Beginning Balance, Matched Transactions, and the Added Transactions.
Ending Balance as of
Displays the ending balance as previously entered.
Difference
Displays the total difference between the Cleared and Ending Balance. If this difference is anything apart from 0.00, then a difference GL account will be required below to post the reconciliation.
Created
Displays the date and employee ID denoting when and who created the reconciliation record.
Posted
Displays the date and employee ID denoting when and who posted the reconciliation record.
Save without posting
Select this option if you want to save the reconciliation record without making it permanent.
Post reconciliation
Select this option if you want to post the reconciliation, making a permanent record of the records in their current state.
Post difference to GL Account
Enter or select the GL account that the difference should post to when posting the reconcile. This field is required if the difference is anything apart from 0.00.
Print Report
Click this button to print a detail or summary report for this reconciliation record. This button is only available on completed reconciliations. You will also be given the opportunity to print a report when finishing a reconciliation.
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| A01. | Visit our website's Technical Support section. |
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