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.
To find your bank statement entries go to the accounts tab > bank accounts > choose your client account > reconcile statements on the left hand ladder.
Statement entries can be uploaded here either via manually uploading your CSV taken from the bank, or by enabling the open banking connection.
When you view your reconcile statements, you have a few options for linking your bank statement entries. To view these options click the actions button against the statement entry.
The ones you will mainly use are
- Link as Once Only
- Link as Payment or Deposit
- Link as Repeat
Link as Once Only
This action allows you to link the statement entry directly to a persons account - the person who paid the money into your account, or who you paid the money to. This is one time link to a person.
Link as Repeat
This action is similar to once only in that you search for the person you want to link to. However this connects the payment reference to the person you are linking the entry to, so 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'. Any time this reference appears on your bank going forward it will link to the person automatically for you. You will just need to post the entry.
Link as Payment or Deposit
This action allows you to connect the statement entry to a payment group that has already been created. You will want to use this function for landlord payments after going through the Pay People in Credit steps.
Once you have linked your statement entry you will want to Post it to finalise the link.
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