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How do I Reconcile my Bank Accounts (bank reconciliation)?


The video is at the bottom of the page.

Instruction

Reconciling Bank Accounts

A.  Navigate to Accounting > Cash > Bank Accounts > Reconcile

BANKREC.JPG
  • Select the bank account you would like to reconcile
  • Specify the statement date
  • Specify the ending balance for the reconciliation
  • Click > OK
  • Bank transactions that have not yet been reconciled will appear
  • Check under the 'R' column of the ledger to "Clear" an item
  • Click > Save button to save your changes
  • Click > Continue button to process reconciliation at a later date
  • Click > Complete button to complete the reconciliation

 

NOTE: Because the Bank Reconciliation can only be printed at the time of reconciliation, when you finish a reconciliation a PDF copy will automatically be attach it to your Bank Account record.

 

NOTE: The “Show Future Transactions” option will allow you to reconcile transactions dated in the future months.

Reconciling Transactions from a Bank File (example is with Wells Fargo)

ResMan allows you to upload a file from your bank and it will attempt to auto -reconcile all the transaction s for you so you don't have to do it manually one by one.  Here are instructions on how to do this using a file from Wells Fargo.  If you are using a different bank account, you should still have similar functionality although it might not be in the same place described below.  

A.  Download the file from your bank

  • Login to wellsfargo.com
  • Select an account from the link of accounts on the page
  • At the top of the Transaction list on the right, click Download Activity (small blue link)
    1. Select the QuickBooks (Web Connect) option.
    2. If you do not see that option, choose a format of qfx or ofx.
  • Specify the date range of your reconciliation on the Download Your Account Activity page
  • Click the Download button and save the file to your computer

B.  Import and use the file in your ResMan Bank Reconciliation

  • Go to the reconciliation screen in ResMan for the correct bank account
  • IN the top right corner click the Upload button next to the Bank file label
  • Select the file you previously downloaded.  Click the Upload button
UPLOAD.JPG

 

  • Wait for a few seconds while the matching takes place.
  • After the page loads you will be presented with a Matched Screen that shows the ResMan transactions on the left and the matching transaction from the bank file on the right.
UPLOAD2.JPG

 

  • Verify that the proposed matches are correct and if any are not, uncheck the box for that row.
  • Once satisfied with the matches, click the Accept Matched Transactions button at the bottom if the list. This will take you back to the main reconciliation page with the Reconciliation box checked for each matched transaction at which point you can then click the Save button to save the matches.
  • You can then click the Unmatched radio button at the top of the page to see the transactions in the bank file that could not be matched to any ResMan transaction.
  • The list on the right has all the other bank transactions from which you can click the Add link which will take you to a new tab to enter a bank adjustment.
  • After you add any adjustments or other transactions you can click the Rematch button at the top to rematch the new transactions to the bank file again.
NOTE: The last Reconciliation for a bank can be deleted. Any "cleared" transactions will stay cleared, but any reconciled transactions will not be cleared and it will have to be re-reconciled.

 Effect of Resident Transactions on the Bank Account

 

 


NEED MORE HELP? WATCH THIS VIDEO

Video too small? Click the Full Screen link on the lower right of the video!

 

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