Bank Statement Reconciliation

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

This article provides a guide on how to reconcile bank statements with transactions in Re-Leased. Bank reconciliation is an essential process to ensure your financial records are accurate and up-to-date. We’ll cover how to manage this process using the Bank Statement Reconciliation screen, from perfect match recognitions to handling partial payments using the 'Split' function.

 

Before You Begin: Importing Your Bank Statement

To reconcile transactions, you will first need to import your bank statement. For guidance on how to do this, please refer to our article on Importing a Bank Statement.

 

The Reconciliation Screen Explained

Your bank transactions will be listed on the left side of the Reconciliation Screen, while invoices and disbursements from Re-Leased will appear on the right side.

bank rec.gif

 

Automatic Matching

Transactions that exactly match with Re-Leased entries in both reference and amount will be highlighted in green. You can reconcile individual transactions by clicking OK, or quickly reconcile all these matches by clicking OK All at the top of the page.

 

Finding and Matching Transactions Manually

If automatic matches are not available or additional verification is needed, use the Find and Match feature:

  1. Utilize the search bar to locate specific tenants' names, invoice numbers, or amounts.
  2. If a transaction needs to be placed temporarily as unallocated funds, create a Suspense entry.
  3. In cases where you know the tenant but not the specific invoice, Apply to Tenancy Funds. 

 

Dealing with Partial Payments

When a tenant has made a partial payment, you can allocate the amount they did pay by using the Split function. This allows you to reconcile the payment to multiple invoices accordingly.

Once the transaction total aligns with the invoices allocated, the option to Reconcile will appear. Click on Reconcile to finalize, or select the X to Exit and return to the previous screen.

 

Finalizing Transaction Details

After reconciling, you'll be presented with the details of the invoices processed. To continue, click on the Payment Details button:

  1. Adjust the Payment Date if needed to reflect the correct payment date.
  2. Choose the Payment Method, such as EFT, Cash, or Cheque.
  3. Fill in who the payment was Paid By.
  4. Add any necessary Comments. For consistent references used by a tenant, select +Set as Tenancy Online Payment Reference to update their details in the system.
  5. Click Process Payment to complete the transaction.

 

Confirmation of Reconciliation

When all transactions on the bank statement have been reconciled, a confirmation message will appear, verifying that the process is complete. It's important to ensure that the closing balance in Re-Leased aligns with your bank statement. To confirm this, compare and match your final balance in Re-Leased with the figures on your bank statement.

bank rec confirmation.png

Effective bank statement reconciliation is critical for maintaining accurate and reliable financial records. By following these steps, you can streamline the reconciliation process and reduce any discrepancies in your accounting. 

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