Step Seven A: Reconciling Bank Accounts with Bank Feeds

If you are reading this article, it is expected:

1. All instructions in the Bank Feeds setup process have been completed
2. You have successfully linked your Bank Accounts to Bank Feeds
3. You commenced the reconciliation process Importing Bank Statements

Tool Tips To Make Reconciliation Easier

• To select all items appearing in a section, click on the Select All icon to highlight all entries
  .  Click the Green Tick or press F10 to save.
• To select specific items appearing in a section, hold the CTRL-key down and select the required entries with your mouse. Click the Green Tick or press F10 to save.
• To exit the reconciliation process at any time, click the Black Cross icon or press the escape key on the keyboard. 
• If you exit the reconciliation process prior to completion, you can re-commence the process at anytime by clicking on the Load Statement button  in the reconciliation area for each bank account.
• In section 8 export and edit selected transactions, for entries previously added to the cashbook try using the F6 feature to speed up data entry.  This feature allows you to copy all coding categories for transactions from previous periods.
• If you have two computer screens, in File Manager you now have the ability to view bank statement details for each account while reconciling.  To do this, follow these steps (see images below):
  1. Once the file to be reconciled is opened, go back to File Manager, and click once on the same file from the list in File Manager
  2. Click on the Bank Accounts tab
  3. On the right hand side, click once on the account you are reconciling
  4. Beneath the Account Details and Additional Information the you will see the bank feed statement populate 

Commence Reconciliation

You will now be presented with the screen shown below:

1. This is where the bank feed reconciliation process starts and how the bank statement data is sorted into various categories.  
2. There are 8 sections where bank feed data can be reviewed, edited or added to the cashbook:
   • If a section appears black (i.e section 2), this means there is bank statement data to be reviewed or added to the cashbook. 
   • If a section appears grey (i.e section 1), there currently is no data showing for this section in the bank statement to be reconciled.  You can move onto the next highlight section.

1. Select cheques to export to cashbook
   
   If a cheque is previously written appears on the Bank Statement but not in the cashbook, will appear in this section. Click the Select All icon to highlight the entries to export to the cashbook.
   These transactions will next appear in action 8 of the reconciliation process and are temporarily coded to Suspense Payment.  In section 8 you select the correct name, code, farm code, enterprise, allocation, quality, description for the transaction.
2. Select non-cheque debits to export to cashbook
   
   Non-cheque debits (e.g. bank fees, direct debits, Bpay's, loan repayments) are transactions appearing on the Bank Statement but not in the cashbook and hence will appear in this section.  Click the Select All icon to highlight the entries to export to the cashbook.
   These transactions will next appear in action 8 of the reconciliation process and temporarily coded to Suspense Payment. In section 8 you select the correct name, code, farm code, enterprise, allocation, quality, description for the transaction.
3. Select credits to export to cashbook
   
   This section displays a list of deposits on the Bank Statement but not in the cashbook (e.g. income you have received).  Click the Select All icon to highlight the entries to export to the cashbook. These transactions will next appear in action 8 of the reconciliation process and temporarily coded to Suspense Receipts. In section 8 you select the correct name, code, farm code, enterprise, allocation, quality, description for the transaction.
4. Clear uncleared debits found in the cashbook
   
   This section displays a list of debits (e.g. bank fees, direct debits, Bpay's, loan repayments, cheques) appearing on the Bank Statement that also matches transactions previously entered in the cashbook.  If you are happy with the transaction matching, click on the Select All icon or select specific items appearing in a section, hold the CTRL-key down and select the required entries with your mouse. Click the Green Tick or press F10 to save.
5. Clear EFT and deposit batches
   
   This section displays a list of EFT payments paid using the Agrimater EFT Acc/Pay Cheques feature that appears on the Bank Statement that also matches the EFT transaction in the cashbook.  If you are happy with the transaction matching, click on the Select All icon or select specific items appearing in a section, hold the CTRL-key down and select the required entries with your mouse. Click the Green Tick or press F10 to save.
6. Clear uncleared credits found in the cashbook             
   
   This section displays a list of credits (e.g. income you have received) appearing on the Bank Statement that also matches transactions previously entered in the cashbook.  If you are happy with the transaction matching, click on the Select All icon or select specific items appearing in a section, hold the CTRL key down and select the required entries with your mouse. Click the Green Tick or press F10 to save.
7. View cheque(s) with incorrect total
   
   If a cheque is previously written appears on the Bank Statement and in the cashbook but with differing totals, will appear in this section. Prior to continuing, you will need to assess the error in the cashbook and edit the transaction before continuing. 
8. Export and edit selected transactions
   
   All transactions selected in sections 1, 2, and 3 will appear in Export And Edit Selected Transactions.  These transactions have been temporarily coded to Suspense Receipts or Payments. Note:  You are unable to close your current reconciliation month or BAS if any transactions are coded to suspense receipts or payments.
9. As part of the Export and edit selected transactions process, you now will go through each transaction one by one and edit:
   • • name, code, farm code, enterprise, allocation, quality, description (do not change the bank account, cheque number or date.)
     • These transactions only consist of one split.  Where necessary, apply multiple splits to the transaction. Click the green tick or press F10 to save.
10. Once all transactions have been edited, click the Black Cross icon or press the escape key on the keyboard. 
11. If there are no reconciliation discrepancies, the Difference for the bank account will show as Zero and is now reconciled. 
12. Complete this process for all Bank Accounts.
13. Having trouble reconciling?  Have a read of Unable To Reconcile.

Important

If you are reconciling a credit card, the process can differ slightly, please read: Reconciling Credit Cards with Bank Feeds.