Reconciling your Bank Statement Automatically

To automatically reconcile transactions against items on a bank statement:

1. Click the Bank Statements tab.
2. Navigate to and select the bank statement that you want to reconcile. This must be one with a status of "Imported".
3. Click Reconcile from the Bank Statement Actions section. A Reconcile window is displayed. The selected checkboxes indicate items automatically selected for reconciliation. The Balance Amount is displayed in the compact summary above the grid. See About Bank Reconciliation for information on the automatic selection criteria.
4. [Optional] To filter for specific transactions clickto open the Filter Transactions window then select the required criteria and click Retrieve.
5. [Optional] To search for particular bank statement lines or transactions, enter search text in the box above the grid in each column. The results in that grid are filtered so that only lines matching the search text are displayed.
6. [Optional] Browse the columns using the scroll bars to validate the automatically selected items.
7. If all selections are correct and the calculated balance amount is 0.00 in compact summaries, click Reconcile.

The following now happens:

• A message is displayed asking you to wait until the process completes.
• The bank statement, the statement line items and bank reconciliation all change status to "In Progress".
• The appropriate bank reconciliation lines are added to the bank reconciliation record.
• On completion, the Reconcile Transactions page is refreshed. You will see that all committed lines have been removed.

Note: The Bank Statement and corresponding Bank Reconciliation records are linked. However, their lines are not. When you delete a bank reconciliation line item from a reconciliation record, you must set the status of the corresponding bank statement line item back to "Imported". The line will then be available in the Bank Statement Lines list to reconcile again.

Tip:

Tip

If you want to delete an "In Progress" bank statement, you must delete the associated bank reconciliation record first.

Continuing the reconciliation manually

If uncommitted bank statement lines remain, you must continue the reconciliation manually.

To continue the reconciliation:

1. [Optional] To find a specific value, date, description, or reference for a bank statement line enter search text in the box above the grid in the Bank Statement Lines column.
2. Click one or more bank statement lines on the left.
3. [Optional] To find a specific value, or reference for a transaction enter search text in the box above the grid in the Transactions column..
4. Click one or more related transaction lines on the right.
5. Continue until the Balance Amount in the compact summary returns to 0.00.
6. Click Reconcile. The appropriate bank reconciliation lines are added to the bank reconciliation record.
7. Repeat as required.

Using the bank statement line item and transaction filters

At the top of each column on the Reconcile Transactions page is a text entry field that helps you find specific unreconciled bank statement lines or transactions. This field accepts any characters and is not case sensitive.

So, for example:

• To find a transaction with a specific value, begin typing the transaction value into the Filter Transactions field. As you type, the associated list is dynamically updated. Entering 33 will find a transaction with values such as 33.00, –33.00, 330.00 and 0.33.
• To find a bank statement line for a specific date, begin typing the date in the correct date format into the Filter Bank Statement Lines field. As you type, the associated list is dynamically updated.
• To find a transaction with a specific string of characters as a reference, begin typing the characters into the Filter Transactions field. As you type, the associated list is dynamically updated.

If at any time the list becomes blank, amend the entered filter criteria as appropriate.

Creating new transactions for unreconciled bank statement lines

If uncommitted bank statement line items remain, it may be necessary to create and post a new cash entry A record of money received from, or refunded to, your customers, often in the form of cash or a check. Also used to record payments to and refunds from vendors. or journal A document that enables you to make corrections or adjustments to your existing accounting data. to create new transactions.

To create new transactions:

1. On the Reconcile Transaction page, move your cursor over the of the unreconciled bank statement line that you can't find a corresponding transaction for.
   
2. Clickto display the Select Transaction window.
   
   
3. Select either the Journal or Cash Entry as appropriate. Where possible, default values are brought across from the selected bank statement line details.
4. Provide any missing information such as an account In this context, accounts are organizations or people that you conduct business with, such as customers or vendors. Account is a standard Salesforce object. FinancialForce accounts can be any Account Record Type. or general ledger account The general ledger will normally include general ledger accounts (GLAs) for items such as income, expenses, assets, liabilities, and reserves..
5. [Optional] Amend any of the editable default values.
6. [Optional] Specify any dimensions. Cash entries posted are applied to the account line. Journal entries posted are applied to the GLA analysis line.
7. Click Create. The Reconcile Transactions page is displayed and refreshed. The new transaction is placed at the bottom of the list and is now available for selection.
8. Reconcile the remaining transactions manually as described above.
9. Repeat as required.

Tips: Use the filter and the search box above the table to help you find the lines you are looking for.

Tips: To show only the lines you've selected, click Show Selected. Once your selected lines are the only ones displayed, click Back to Results to show all lines again.

If uncommitted bank statement line items remain, it may be necessary to create and post a new cash entry A record of money received from, or refunded to, your customers, often in the form of cash or a check. Also used to record payments to and refunds from vendors. or journal A document that enables you to make corrections or adjustments to your existing accounting data. to create new transactions.

Completing the reconciliation

Once all the bank statement line items are committed, complete the reconciliation process in bank reconciliation record page:

1. Click Bank Reconciliation tab.
2. Select the bank reconciliation you want to complete.
3. Click Commit. The following changes are made:
   • The status of the bank reconciliation record is set to "Complete".
   • The bank reconciliation status of reconciled transaction lines are set to "Complete".
   • The status of the bank statement and its line items are set to "Reconciled".

Note:

Note

If you want to remove a "Complete" (previously-reconciled) bank reconciliation line, you can do so, but you should note that this does not affect the status of the bank statement lines. So, in this case we recommend that you reopen the bank reconciliation, then manually change the status of the bank statement line back to "Imported" to make it available again for reconciliation.