By reconciling accounts, you are essentially affirming the real life bank movements against the system so that it reflects the payments in and out of your client account. This means the system mirrors what happened in the real world which is what you must always endeavour to do. A matching system to bank is essential for accuracy and will allow you to depend on the system to follow your accounting requirements.
For example, a tenant will pay you £100 in rent. They pay this into your real life client account > You must show on the system that you have accepted that payment by selecting "Take a Payment" for £100 against the tenant profile. By this point in time, you would have a transaction in the bank and the system is also expecting confirmation that this happened since you have also told the system you have taken funds.
The next step would be for you to "Reconcile" which is the act of linking the real life statement entry to the AgentOS entry (Payment Group) you have created.
To do this, you will need to go to the 'Accounting' tab.
You will then need to select 'Bank accounts'.
Go to the 'Client account'.
Select 'Reconcile statements' in the ladder bar.
You will see the payments that were applied when we uploaded the CSV bank statement to the system.
Now is the time to link the statement entry to the payment groups so that the system can recognise these payments as "Authorised". Only linked and posted payments can be considered safe to use for payment of rent, so if the tenant pays rent and you "take a payment" from them but do not reconcile, then the system cannot use that money to pay that rent to the landlord.
To carry out this task, you need to click on 'Actions' to the right hand side of the statement entry and you will see four options.
Link as payment or deposit
Link to special account
Link as repeat person electric
Link as once only payment
If you want the system to recognise a regular rent payment which has the same reference every month, you will need to link this as a 'Repeat payment'.
The system will automatically link these rental payments to that person which you select as the payer.
You will have the opportunity to search for the person that you are linking the payment to.
When you search for the person you can then select their name.
You then need to select 'Link as once only person electronic payment'.
Linking a statement to a payment group will turn the entry blue, making it easily distinguishable between un-linked items. When you see this blue linked entry, you have reached the final stage of reconciling which we call "Posting" - this action confirms you are happy to apply that entry against the selected account.
When you are ready to move this money across the system, you need to select the box in the left hand side of the payment and click on 'Post'.
This has then applied the credit or debit to the relevant person's main account and will remove the entry from view.