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Bank Reconciliation

A Bank Reconciliation is a process of matching the balances in a company's accounting records with the corresponding bank statement. Its purpose is to detect any and all discrepancies between the company's accounting records and the bank's other than those due to timing differences.  It's extremely important to do bank reconciliation regularly to ensure recorded cash is correct, to avoid overdrawn fees, to keep a check on bounced, stolen or altered checks or any other fraudulent activities. With regular reconciliation, any unforeseen problem or error could be detected and resolved on time.

 

 

Download Bank Statement

To reconcile the bank statement in SlickPie, first, you have to download the bank statement from your bank. There are two ways to download bank statement:

  1. Link Bank
  2. Import Bank Statement

 

Click the respective links to see how you can get import the bank statements to your SlickPie account.

 

 

Bank Reconciliation

Once the bank statement is downloaded, you are ready to reconcile the bank statement.

 

1. Go to Accounts and click Bank Accounts.

 

 

 

2. Select the bank you are reconciling the statement for.

 

3. Go to Manage and click Bank Reconciliation.

 

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4. As you click Bank Reconciliation, it will list the transactions into four categories:

  • Ready to Reconcile - This will list the bank transactions which matches the account transactions and are ready to be reconciled.

 

  • Recognized - This will list all the bank transactions whose match is suggested by the system through automatic categorization.

 

  • Unrecognized - This will list the bank transactions whose possible match could not be found.

 

  • All Transactions - All the imported transactions, irrespective of the status, will be listed in this category. This is the default setting.

 

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Ready to Reconcile

It will list the bank transactions which matches the account transactions as entered in SlickPie are ready to be reconciled.

 

Reconcile the transaction

To reconcile a transaction, just click Reconcile. Once reconciled, the transaction will be moved from the list to the reconciled status.

 

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Batch Action

Batch Action is the option to take care of multiple transactions in one click. All you have to do is:

 

1. Select the transactions to be reconciled.

 

2. Click Batch Action.

 

3. Click Reconcile Selected.

 

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Once you click Reconcile Selected, the selected transactions will be reconciled and moved to reconciled status.

 

 

 

Recognized Transactions

Recognized Transactions will list the bank transactions whose match is suggested by the system and will be able to add them in SlickPie.

 

Add Transaction

1. Select Contact.

 

2. Add Reference, if any.

 

3. Select Chart of Account.

 

4. Select Tax.

Please remember, the amount shown will be tax inclusive.

 

5. Click Add & Reconcile.

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Once you click Add & Reconcile, it will add the transaction to SlickPie and status will be updated to Reconciled.

 

Batch Action

In this section, Batch Action allows you to modify the transactions with one click.

 

1. Select the transactions needed to be modified.

 

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2. In the popup window, add the details.

 

3. Click Apply.

 

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4. Click OK to the confirmation message.

 

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5. Click Add & Reconcile.

 

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Once Add & Reconcile is used, the transactions will be added to SlickPie and will be changed to Reconciled status.

 

 

Unrecognized Transactions

Unrecognized Transactions will list all those transactions whose match is not found and neither recognized by the system. You will be able to find the possible matching transactions, add them or make an adjustment.

 

 

Find Transactions

Use Find Transactions, if no match found in SlickPie and the bank transaction is listed as Unrecognized or if you have deleted a transaction for some reason.

Please note According to the search criteria, SlickPie will find all paid, unpaid or partially paid transactions.

 

To find a transaction in SlickPie:

 

1. Click Find Transaction.

 

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2. Enter the details in the fields to search the transaction and click the Search icon.

 

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3. Once the exact match is found, select the searched transaction.

 

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4. Click Reconcile.

 

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Add Transaction

If a transaction is not found in SlickPie account transactions even after searching it, you can add a new one while reconciling. To add a transaction to SlickPie:

 

1. Click Add Transaction.

 

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2.  Add the details.

 

3. Click Add & Reconcile.

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Once you click Add & Reconcile, it will reconcile and the transaction is moved from the list.

 

Please note

  • The transaction will be added to Record Income or Record Expense depending upon the type of Bank Transaction. 
  • Except for Amount, other fields are editable.
  • Selected tax is applied as 'Tax Inclusive'. That is the amount will be shown as tax included.
  • You can use Add Transaction only once per bank transaction. For instance, you are searching for a transaction of $327.11 and found only 1 for $100.00. You select it and when adding the transaction, it will be for the balance of $227.11. If nothing is found, you will be able to add a single transaction of $327.11.

 

 

Make Adjustment

There could be times when you find a difference in amount between Bank Statement and Account Statement (SlickPie transactions). The difference can be minor that could be adjusted while reconciling. You can make minor adjustments for the account transactions whose amount is less or more than the bank transaction. To make an adjustment:

 

1. Click Make Adjustment.

 

2. Click Adjust & Reconcile.

 

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Please note Make Adjustment will create a Manual Journal Voucher.

 

 

 

Bank Fee

If you select only one account transaction and the amount of this transaction is greater than the bank transaction, you will have the option to add Bank Fee along with the selected transaction.

 

1. Click Bank Fee.

 

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2. Add the details.

 

3. Select Chart of Account.

 

4. Click Add Fee & Reconcile.

 

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Batch Action

Batch Action allows you to modify the transactions in one click.

 

1. Select the transactions needs to be modified.

 

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2. In the popup window, add the details.

 

3. Click Apply.

 

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4. A confirmation message appears. Click OK

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5. Click Add & Reconcile.

 

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All Transactions

All Transactions will list all the bank transactions irrespective of the status that is whether they are being recognized or not. The transactions will be arranged as Ready to Reconcile followed by Recognized and then Unrecognized. You can perform all the actions as mentioned above in this list too.

 

 

 

Features

 

Delete the account transaction

If you find the matched transaction is incorrect, you can delete the account transaction.

 

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Delete the bank transaction

If you want to delete the imported bank transaction, you can delete it too.

 

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Select More

You can reconcile multiple bank transactions with a single account transaction in SlickPie.

 

1. Click Select More.

 

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2. In the popup window, Bank Transactions, select the transactions that need to be reconciled.

Please note you can search the transactions as per date, amount or contact.

 

3. Click Done.

 

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4. As you click Done, you will see the selected bank transactions. Click Add & Reconcile.

 

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Split Transaction

You have the option to split the balance amount of an unpaid transaction. To split a transaction:

 

1. Click Split.

 

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2. Enter the amount to Split.

 

3. Click Done.

 

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