Manual Bank Reconciliation

There are two methods to perform a Bank Reconciliation. In the automated method the software finds the matches. This method is enabled through the Automatic Bank Reconciliation section. The second method is the manual method, where users mark the matches. This chapter explains the manual method.

Account ID: Enter the Account ID of the Bank Card to be reconciled.

Retrieve Transactions: Once you have set the desired account, WizCount will retrieve all the open transactions found in the books and in the Bank Statement.

The gray lines are Book Transactions and the blue lines are Bank Statements.

To adjust the width of a column on this page, move the cursor over the border of the column heading. The curser turns into a bar with a double arrow. Now click and drag the double-arrow cursor to the left or right to change the column width.

You can determine which columns are not displayed on this page. Right click the column header row. WizCount will open a window where you can select the columns you wish to display.

Amount: Debit amounts are indicated by a minus sign.

Sort Transactions: When you click a column’s heading, the software sorts the transactions by the values in this column in an increasing order. Click again to reverse the order (to a decreasing order). This makes transactions easier to find. Sorting in the Amount columns is done by absolute value.

 

Select Matches

The left column contains checkboxes. To match a transaction, click the checkbox to select it.

In the bottom frame, WizCount lists the transactions selected for matching. To deselect, click the checkbox again – the transaction will return to the top frame of unmatched transactions.

When the difference between the debit amount and credit amount is zero, you can press the Approve Match button. WizCount will update the match in the database (and empty the bottom frame of transactions).

When the difference between the debit amount and credit amount is NOT zero, you can record a Small Difference Cancellation transaction in WizCount. Click the Approve Match button. A dialogue box will open to notify you that, because the difference is not zero, the software will record a Small Difference Cancellation transaction for the difference amount to complete the reconciliation. The transaction will be recorded in batch 9997 which is a software-reserved batch (transactions in this batch cannot be corrected). The dialogue box also allows you to choose from which transaction the Reference, Date and other fields will be copied. For example: A commission transaction of 100NIS is closed against a bank transaction of 101NIS, and the difference needs to be cancelled (1 NIS). WizCount will record a Small Difference Cancellation transaction for a total of 1NIS in batch 9997. The reconciliation will therefore include three transactions – the transaction of the commission in the books, the transaction of the commission on the Bank Statement and the transaction of Small Difference Cancellation. The details of the Small Difference Cancellation transaction will be copied from the commission transaction in the books. Before making the update, the software displays the Small Difference Cancellation transaction, and values may be corrected in this screen (e.g. add an appropriate note in the Details field).

You can continue making matches between additional transactions.

If a match was selected by mistake and updated in the file (by clicking the Confirm Match button), it can be reopened by going to: Accounting> Bank Reconciliation and Internal Matching> Retrieve and Delete Bank Reconciliation.

Close Each Transaction Separately: You can select several rows and enable the Close Each Transaction Separately option. As previously mentioned, if the transactions selected for closing are not balanced, the Create Differential Transactions For Imbalanced Match dialogue box appears.. The Close each Transaction against a separate differential Transaction option is added to this dialogue box. If you select this option, WizCount will record a separate closing for each transaction. This is especially useful when closing Bank commissions.

 

Auto-Complete

When recording a Manual Bank Reconciliation, WizCount can help you find the transaction(s) to close another transaction(s). Select the transaction(s) you want to close. The transaction(s) will move to the bottom part of the screen. Select the Auto-Complete option (on the left side above the table). At the top of the page, with a different color background, you will find transactions that can complete the match. On the right column, next to the check box, numbers 1, 2 or 3 are displayed. These numbers indicate how many transactions will be added to the match. For example, number 2 indicates that the match will be closed by selecting two transactions (shown on the page). Select a transaction to add to the match. If this transaction closes the match (right column indicates 1), you have reached the end of the process. If this transaction is the first of 2 transactions (right column indicates 2), after selecting one transaction, the (individual) transactions that can complete the match will be displayed. Select the desired row and complete the matching selection. As mentioned, this method allows you to find up to 3 completing transactions. If you want to find more transactions to complete a match, go to Automatic Reconciliation.

 

You can also apply additional filters for the completion transactions – identical (first) Reference, identical second Reference, and identical Details.

 

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