There are two methods to perform a Bank Reconciliation. In the automated method the software finds the matches. This method is enabled through the Computer Assisted Bank Reconciliation section. The second method is the manual method, where users mark the matches. This chapter explains the automatic method.
Bank statements must be posted before you can enable this section.
The section refers to Bank Cards reconciliation. However, it can also be used to issue credit card reconciliation or vendor or customer card reconciliation. Post the data you want to reconcile as if they were Bank Statements, and run the reconciliation process.
You can run automatic reconciliation on an Individual Account or on a group of accounts.
Individual Account Reconciliation
Account: The Account ID of the Bank that is the subject of reconciliation.
Currency: The Bank Statement includes transactions in one currency, however, Journal Transactions in WizCount include amounts both in local and foreign currencies. This section is used to select the currency.
Match by Reference: Bank Statements have one Reference field, while Journal Transactions in WizCount include three Reference fields. This section is used to select the appropriate field.
Preferred field to match by: In some cases, there are several transactions with the same amounts, and then the software has to decide which transaction should be matched with which. This decision is based on data in the following fields: Reference, Date, Details. If the Automatic Reconciliation (default) option is selected, WizCount will find the best matches based on the prevalence of the data in the fields above. For example, if there are several transactions with the same Amount, the same Dates, and no matching data in a Details field AND if only two of them have the same Reference AND this reference is not found in other transactions, then WizCount will determine that these transactions match. However, you can set the Details field to have a higher priority than the Reference field in a particular run.
Difference allowed for due dates\ Dates: Sometimes the date in the Bank Statement is not identical to the date in the books. For example, if the check date is a Saturday or Holiday, the Bank Statement will show the date of the next weekday. Enter the maximum difference in days between the dates in the books and the dates in the Bank Statement. In all the cases where the difference is greater, WizCount will not record a match.
Due Date From-To: Enter the desired period covered by the Bank Reconciliation. We recommend that you do not limit the first date (From). This way, your new reconciliation process will include all the remaining open transactions from previous runs. It is also advisable to limit the second date to the last date on the Bank Statement, because books transactions from later dates cannot be matched.
Account Group Reconciliation
You can run the reconciliation on all the Account Cards within a Sort Code Filtering. When using this method, the interactive pages (where matches can be selected from several options) are not displayed. Of course, you can return to any of the Account Cards and run the reconciliation software only for that particular card, and then the interactive pages will be displayed.
Allow matching by Amounts only: The reconciliation software works in several steps. In the first step, it tries to find matches based on the data in Reference, Date and Details fields. If unmatched transactions remain, it is possible to find matches based only on amounts. Of course, searching for matches based on amounts can result in incorrect matches. Check this checkbox to enable this step.
Once you click the Start Matching button, WizCount will display recommendations for matches found based on the requirements given in the previous screen. The gray lines are Book Transactions and the blue lines are Bank Statements.
You can determine which columns are not displayed in this page. Right click the column header row. In the dialogue box that opens, select the columns you would like to display.
This page allows you to manage the recommended matches and select:
- Save matches and exit
- Save matches and continue searching for matches by amounts (find more information regarding this step below)
- Exit without saving: Exit the menu without saving the matches found
- Delete Selected Matches: to delete specific matches from the list, check the transaction checkbox on the right and click the Delete Selected Matches button. Then proceed with one of the save options.
In the Match by Amount step, WizCount will display recommendations for additional matches based only on amounts (without matching Reference, Date or Details). If certain transactions have several different closing options available and the software is unable to determine the correct match, then these optional transactions will be displayed and the user will be asked to select the correct transactions.
After selecting a transaction in the above screen, the software will narrow down the list so that only optional transactions for closing are displayed. This step is continued until the match amount is completed.
After confirming the match and proceeding to save the matches, the software displays the transactions sorted by amounts. This step allows for incorrect matches to be canceled again.
Re-open incorrect Matches
If an incorrect match is found after issuing and reviewing the Bank Reconciliation report, go to Accounting > Bank reconciliation and internal matching > Retrieve and delete bank transaction matching to reopen the bank reconciliation.