Reconcile your Bank Accountadmin
Examine the imported statement lines and match them to transactions recorded in Clickentry to make sure that your accounting records are up to date.
Step 1: Prepare to Reconcile
- It’s a good thing to understand how bank reconciliation in Clikeckentry works before you reconcile any transactions.
- You have to make sure that you have entered all the transactions into Clickentry. These transactions may include invoices, bills, credit notes, expense claims, or cash transactions.
- Make sure the opening balance of the bank account is correct and the statement balance in Clickentry matches the balance in your actual bank account.
Step 2: Review the Bank Account
When you import a bank statement, you can see the number of bank statement lines are ready to be reconciled on the bank account panel dashboard. If you are unable to see it on your dashboard then select the bank accounts in the accounting menu.
Go to the bank account you want to reconcile. Click on the Reconcile [numbers] Items links.
Note: If you are unable to see this link it means there are no statement lines to reconcile.
But in case you think there should be some bank statement lines to reconcile then there might be the following reasons.
- The statement lines refer to dates before a bank feed was connected.
- It is possible, a bank feed isn’t available. In such a case, you have to manually import the bank statement lines.
- Some delay in bank feed.
You can see the bank statements on the left-hand side of the reconcile tab. Follow the steps mentioned below to reconcile each individual bank statement line against an account transaction.
The objective of bank reconciliation in Clickentry is to confirm and match each statement line in the bank account to an existing transaction in Clickentry. You can even create a transaction during the reconciliation process.
Step 3: Match to an Existing Transaction in Clickentry
If any of the existing transactions have already been recorded in Clickentry that relates to the statement line, the bank reconciliation process is for matching the two.
The existing transactions include invoices, bills, expense claims, payment transactions or spend and receive money transactions.
You only need to create a transfer transaction if the statement line is related to the transfer of funds from one bank to another. In case, you have already recorded the transaction in the other account then you just need to reconcile it by clicking Ok.
Accept a Matched Transaction
Initially, Clickentry creates a list of possible account transactions to match against the statement line. These outcomes are based on comparing the amount, closest due date and the contact name. But sometimes there exist multiple transactions for the same amount and a similar date, in such a situation the most likely transaction is suggested and also a link is provided to the other alternatives.
- If you find the suggested one correct then click OK to accept the match and reconcile.
- If you don’t find the suggested one correct then click on the [Numbers] Other Possible Matches Found link to see other options.
Find and Match
If you realize a transaction has been created in Clickentry but it’s not showing up as a suggested match, in such a case click on the Find & Match link to search for the correct transaction.
Step 4: Create a New Account Transaction
In case there is a transaction that doesn’t already exist in Clickentry but relates to the statement line then you need to create the transaction during the bank reconciliation process.
You can create the transactions by accepting suggestions or using the Create and Transfer tabs.
Accept a Suggested Transaction
To make it easier for you to reconcile, Clickentry suggests account transactions to match with the bank statement lines. The suggestions are stem from existing transactions created in Clickentry, any bank rules set up by you, or because of similar transactions that have previously been reconciled.
Suggested by a Bank Rule
If Clickentry is unable to match an existing account transaction to the statement line, we head to the bank rules set up. If a statement line gets matched to the conditions of a bank rule then it suggests creating transactions in line with the rule.
- If it’s been applied the correct rule then clicking Ok will accept the match and reconcile. If you want to make changes in any of the transaction details first then click on View details.
- If you think the applied rule is not the correct one then click Don’t Apply Rule to reconcile another way.
If you know the bank rule has been set up but it did not suggest for the bank statement line then you need to check whether rule conditions are set correctly or not.
Based on a Transaction Previously Reconciled
If there exists no account transaction or any bank rule to apply and you have chosen Suggest Previous entries then Clickentry suggests you a transaction to create.
These given suggestions are based on previously reconciled transactions with identical information. We suggest the Who, What and Why so the transaction is ready to reconcile.
- When you have been shown the suggestions, click Ok to accept the suggestion and reconcile. If you want to make changes in any of the transaction details first then click on View details.
- If there exists no similar transactions or the given suggestion is incorrect for the statement line then you need to create a spend or receive money transaction.
Create a Cash Transaction
If you need to record a new transaction during bank reconciliation then create a spend or receive money transaction.
Create a Transfer Transaction
If you want to record the flow of funds between your bank accounts in Clickentry then you need to create a transfer money transaction.
The only thing you need to create a transfer transaction in one bank account rest Clickentry creates the transaction in the corresponding account. After this, you only need to click Ok reconcile it.
Step 5: Discuss it with Your Advisor
If you’re not fully sure what a bank statement line relates to, you must consult with your adviser or other users in your organization. At the time of reconciling, you can enter a comment in the Discuss tab to start a discussion.