The Reconciliation function is located in the Accounting module within the Register Page. Each Bank Account (Operating, Miscellaneous, and Payroll) should be reconciled on a monthly basis. The process of reconciliation is performed to ensure the month ending General Ledger balances match/balance to the month ending balances on the bank statements.
The reconciliation process has three options to view your transactions. Use the method that best matches how the transactions are appearing in your statements.
- Standard Reconcile: This is the standard way to use the reconcile page. Use this if each of the deposit types are shown in separate sections of your statement and can be reconciled independent of the other transaction types.
- Reconcile All: Use this button to reconcile multiple deposit and withdrawals together on the same page, sorted by date. Each amount for each type is shown on a separate row.
- Group Reconcile: Reconcile multiple deposits types together on the same page. All transactions are totaled by date, so that only one amount appears for each day.
How to Reconcile a Bank Account
- Select the Accounting module
- Select the Register page
- Next select the Bank Account to be reconciled (from the drop down menu)
- Select the Reconcile Button
- Confirm the Accounting Period (located in the upper right side of screen) is correct and that you are in the correct bank account.
- Note: The Accounting Period will automatically default to the oldest unreconciled accounting period.
- On the reconciliation summary page, all deposits and withdrawal types will show a status.
- If the status is "Start", this indicates there are pending items for reconciliation.
- If the status is "No Transaction", there is nothing in this deposit or withdrawal type to reconcile.
- If the status is "In Progress", there are transactions reconciled, but the grouping has not been marked as complete.
- A status of "Complete" indicates that this section has been successfully reconciled and marked complete.
- Begin the Reconciliation process by updating the Statement Ending Balance. The Variance field will recalculate when the statement ending balance is entered.
- The Variance field will be highlighted in red if it is not balanced.
- Note: The Variance field must be zero for the reconciliation to balance.
- Pending Deposits and Withdrawals are entries posted in the general ledger that have not been reconciled to the Bank Statement. On this page, you can click "View Pending Deposits" or "View Pending Withdrawals". While viewing these, you have the opportunity to export a list.
- The attachment section of the reconciliation summary page is a location where you can upload your bank statement or any other backup that you would like to store.
- Go to Deposits and Withdrawals (located on the right side of the screen)
- Deposits are grouped by E/HID, Cash & Checks, AMEX, Discover, Visa/MC, Other CC’s, and Other Deposits. Groupings will vary based on bank account and EID set-up.
- Withdrawals are grouped by Checks and Other Withdrawals.
- Reconcile each Deposit and Withdrawal grouping by completing the following steps:
- Click on the status within each grouping to be reconciled.
- If you know the total of the deposits in this group, enter that amount in the Statement Total on the top right of the screen. This will be used to show a running variance as you reconcile items in this section.
- All unreconciled entries will be listed in the transaction detail.
- Review the transaction detail and select the transactions that are listed on the bank statement as cleared.
- To select a transaction, click on the check-mark on the right side of the page.
- To deselect a transaction, click on the check-mark to remove it.
- If any Inn-Flow transactions need an adjustment or a commission added, you can add this per date, or overall at the top of the page by clicking on the areas shown below.
- To Add a Transaction that has been found in your bank, but not in Inn-Flow, select Add Transaction at the top right of the page, and add your deposit or withdrawal from here.
- Once a section has been reconciled with no variance, click on the Mark As Complete box in the bottom right corner to mark this section as completed. If you would like to automatically proceed to the next grouping or section, select the box beside "Proceed to Next".
- Repeat the steps detailed above for all Deposit and Withdrawal groupings until each grouping and Bank Account are reconciled.
- Once the accounts are reconciled, you will see the button at the bottom of the page to "Complete Reconciliation" Once the reconciliation status is changed to Complete, no adjustments or changes can be made to the reconciliation.
- To make further changes if needed, select the button at the bottom of the page for "Reopen Reconciliation"
This feature is used to reconcile multiple deposits types together on the same page. All transactions are totaled by date, so that only one amount appears for each day.
To reconcile your deposits using Group Reconcile, click the button on the top right of your Deposits section. Then, select the deposit types that are grouped within your bank statement, and click Reconcile.
Use this button to reconcile multiple deposit and withdrawals together on the same page, sorted by date.
To reconcile your deposits using Group Reconcile, click the button on the top right of your Deposits section. All deposit types will be checked, so you can click Confirm. Each amount for each type is shown on a separate row.