Manual internal matchings

 

The account balance of customer cards, vendor cards and the like stems from open transactions in the card. For example: a customer was charged with several invoices, and has paid off some of them. The customer’s Debt Balance is due to the unpaid invoices. Those are the open transactions. WizCount allows you to detect the open transactions, which create the balance of the card. The transactions which close each other out are detected (in our example, which receipts close which invoices), and the ones that remain unmatched are the open transactions, the amount of which is the card balance. The same as reconciliation, Internal Matching can be performed in to methods: In the automated method the software finds the matches. This method is enabled through the Automatic Internal Matching section. The second method is the manual method, where the user marks the matches. This chapter explains the manual method for internal matching.

Account ID: Enter the Account ID of the Card that you want to apply the internal matching on. The account name is displayed on the top bar.

Once the account is selected, all open account transactions will be retrieved. The transactions can be filtered by Date / Due Date.

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 and red color.

 

Sorting 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.

Internal Matching Currency: WizCount will not allow both local and foreign currency matching on the same card. We recommend that you perform the matching in L.C. This is because according to book management directives, every accounting transaction must include the amount in L.C, and the Account Balance in L.C is the one considered in the Annual Balance Sheet. It is therefore advisable to record the L.C amount in each F.C journal transaction, and then record the L.C Rate differentials. (Rate differentials can be recorded automatically in WizCount). Internal Matching will be carried out based on the L.C amount, but thanks to the Rate Differentials Transactions, the L.C closes will overlap with the F.C closes. The internal matching currency is specified in the Account Card. If, despite the above, the Account Card specifies that internal matching should be based on F.C amounts, then when selecting the card for internal matching, WizCount will open an additional window, where the currency can be recorded. If the card includes multiple currencies, the matches must be recorded for a different currency at each time.

 

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: An invoice transaction for 1002NIS is closed against a receipt for 1000NIS, and the difference needs to be cancelled (2 NIS). WizCount will record a Small Difference Cancellation transaction for a total of 2 NIS in batch 9997. The match will therefore include three transactions – the invoice transaction, the receipt transaction and the transaction of Small Difference Cancellation. The details of the Small Difference Cancellation transaction will be copied from the invoice transaction or the receipt transaction, as decided by the user. 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.

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.

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> Reteive and Delete account analysis.

 

Auto-Complete

When recording a Manual Internal Matching, 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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