Follow

Reconcile Your Statement Automatically

To speed up and eliminate potential errors during the reconciliation process, Agrimaster offers the ability to automatically reconcile bank transactions that have been imported into Agrimaster from your bank.

With automatic reconciliation:

  • All transactions downloaded from the bank will be automatically reconciled
  • Any transactions downloaded not already entered into Agrimaster, Agrimaster will create entries of those transactions for you, and all you need to do is code them accordingly 

Before you proceed with automatic reconciliation, bank transactions need to be imported into Agrimaster first. 

To automatically reconcile your transactions:

  1. From Home Page, click Cashbook.
    Cashbook.PNG
  2. Click Reconciliation.
    mceclip0.png
  3. Select the bank account you wish to reconcile from the Bank Account list. Enter the Bank Statement Closing Balance.
  4. Press Enter twice or click the Reconcile This Account button to open the reconciliation window. 
    mceclip1.png
  5. Click the Load Statement button to load the statement details for this account and month. 
    mceclip2.png
  6. To import the relevant accounts’ transactions, ensure the Path is correct. The file will be in the following location: C:\Users\Public\Agrimaster\NetBank.
  7. Select the file name for the transaction file you wish to import, i.e. farmcheq.csv.
  8. Click the green tick or press F10 to import. 
    • A message will display informing you of the last date and time you imported a statement file into Agrimaster. Check the date and time then click Yes to continue. 
  9. Agrimaster may take a while to load the statement as it sorts the data into categories and automatically clears any cheques already in the Cashbook. Once the statement has been imported into Agrimaster, the screen below will appear.
    mceclip3.png
  10. Click on all boxes from 1 to 8 that are bold to go through the reconciliation process.
  11. Click Statement to view your bank statement. 

If a button title is not bold, then there are no entries for that category. Refer to the following steps for full details.

  1. Click Select Cheques To Export To Cashbook to display the list of cheques on the statement that are not
    in the cashbook.
  2. Click the Select All icon to highlight all entries.
    mceclip4.png
    • To select specific items, hold the CTRL-key down and select the required entries with your mouse. 
      mceclip5.png
  3. Click the green tick to export these to the Suspense Payments for coding.
  4. Click Select Non-Cheque Debits to Export To Cashbook to display the list of non-cheque debits on the bank statement that are not in the cashbook. 
  5. Click the Select All icon to highlight all entries.
  6. Click the green tick to export these to Suspense Payments for coding. 
  7. Click Select Credits To Export To Cashbook to display the list of deposits on the bank statement that are
    not in the cashbook.
  8. Click the Select All icon to highlight all entries.
  9. Click the green tick to export these to Suspense Receipts for coding. 
  10. Click Clear Uncleared Debits Found In Cashbook to display the list of debits for which matching totals
    are already in the cashbook.
  11. Click the Select All icon to highlight all entries.
  12. Click the green tick to reconcile them. 
  13. Click Clear EFT Payment Batches to display the list of batches for matching totals that are on the
    statement.
  14. Click the Select All icon to highlight all entries.
  15. Click the green tick to reconcile them. 
  16. Click Clear Uncleared Credits Found In Cashbook to display the list of credits for the matching totals in
    the cashbook.
  17. Click the Select All icon to highlight all entries.
  18. Click the green tick to reconcile them. 
  19. Click View Cheque(s) With Incorrect Total to view any cheques that have been entered into the
    cashbook but differ to the amount showing on the bank statement. You will need to edit these before
    continuing. 
  20. Click Export And Edit Selected Transactions for all transactions previous highlighted on the bank
    statement. They will now be exported to the cashbook using the provided details that. One split will be
    created, using the suspense codes selected when setting up internet banking.
  21. As soon as the export is complete, the cashbook editing window will display with the first exported
    transaction ready for editing.
    • Do not change the bank account, cheque number or date. 
  22. Enter the name and edit the splits where necessary. Click the green tick or press F10 to save and
    move on to edit the next transaction. Repeat until all done, then close the editing window. If there have been no discrepancies, then the cashbook for that bank account will now be reconciled. 
  23. Once all accounts are reconciled for the end of the month, print the Monthly Report, Budget Comparison and Cashbook Summary as per usual. Now close the month.

Please Note:

Do not leave any transactions in the Suspense Receipts or Suspense Payments codes. It may cause the incorrect application of the GST portion, and your Accountant may question you about these entries. You need to re-code all as soon as you are aware of them.

Was this article helpful?
2 out of 2 found this helpful
Have more questions? Submit a request

Comments