You will want to reconcile your real bank statement entries to the system on a regular basis. It is important to keep up to date with this so the entries do not build up. The bank reconciliation will run a day behind
- First step is to download your bank statement entries from your online banking as a CSV file, you will need to download transactions from the last time you have carried out an upload to yesterday’s date. You will need this to upload to LetMC.
- Once you have downloaded your bank statement entries, you will need to go to the ACCOUNTING tab on LetMC, and select the BANK ACCOUNTS button.
- Choose the bank account from the list, that you are going to upload to the system
- On the left hand ladder choose Reconcile bank statements on the top left hand ladder select upload
- You will then see the below screen, click onto the select files button, and search for the CSV that you have saved to your computer, onve you have selected the file, click the upload button
- Once you have clicked the upload button the system will show all of the bank transactions in this format:
- You will then need to click the actions button to reconcile the statements to the system, within the actions button you will Have the following options:
Link as payment or deposit is to an item you have created on LetMC, known as a payment group (a landlord payment out, or a tenant’s bank deposit payment for example)
Link to special account is to link the payment to a control account, so bank charges / interest for example.
Link as repeat person Electronic payment as a regular rent payment in, the system will look for the reference the next time it comes in.
Link as one off person Electronic payment is if you receive a one off payment in from a landlord for maintenance for example, or a tenant has paid their deposit in under a different reference.
Delete will remove the bank statement entry for reconciliation. (Do not use, unless you have spoken to Support)
- When you have chosen an option, a screen will open to link the bank statement entry with a LetMC activity/ account. For example for electronic payments and special accounts you are going to search for the person/ account the money belongs to.
- For the Link as payment or deposit the system will give you a list of system entries to match the bank statement entries to, the entry amounts need to match exactly for the system to reconcile.
- Once you have linked the bank statement to a LetMc account or entry it will show in blue
- Now that you have entries in blue, check all the details are correct and you can post them, this confirms the links you have made (you can’t undo after you have posted the items)
- Once you have posted the linked items they will disappear from the un-posted list
- If you wanted to look at previous uploads you can change the filter on the left hand ladder to look at Posted entries, you can also filter the dates.