DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Reconciliation Date?


#1

In Reconciliation it doesn’t allow you to put in a date to reconcile to? Like for a Credit Card statement?


#2

I’m planning some improvements for bank reconciliation so users can select until which date they want to reconcile. Right now software assumes you want to reconcile up until the most recent transaction in the account which seems like is not what some users prefer.


#3

I also would like to see a plugin that gives the option for stating the date to which I want the reconciliation to apply, as mine is done monthly, and not religiously on the last day of the month.

Is it also possible then to print the reconciliation for the start and end period, as I used to attach them to the statement as a record of the reconciliation, and gave me a starting point if I had dramas later on?


#4

A lot of people have been asking for this and it will be implemented sometime this month. Regarding the report, that is also something on my todo list for this month.


#5

Has this feature been added please? I have alluded to this in another post. Later while searching the forum, I came across this thread. Please can someone reply?


#6

Yes, it has been added.when you Edit bank account, there is a checkbox Internet banking is not available for this bank account

When you check it, you will be able to enter date of the last bank statement. Then reconciliation process will only attempt to do reconciliation until that date.


#7

Thanks. Yet, please cast a glance at the following:
I have 5000 withdrawable balance on the 28th of a month. I prepare and give a cheque of 3000 to a vendor on the next day, that is the 29th. As 30th is a bank holiday, the vendor presents it to his bank on the 1st of the succeeding month and the amount of 3000 gets reduced from my bank account on on the 2nd of the succeeding month. Thus, while the bank balance is shown as 2000 in your software, the bank statement will show it as 5000 as the cheque was not presented. We need a facility to mark off each entry, receipts or payments, as reconciled in our bank report (ledger) so that we can explain to the external auditor that a certain cheque was issued by us, yet not presented by the payee within the particular month.
Is the above facility available in your software please? If yes, how can I implement it, please?


#8

Currently, you shouldn’t be posting unpresented cheques into bank account because bank reconciliation doesn’t recognize the concept of unpresented cheques.

I’m planning to solve this problem with new module called Cheques. This will allow you to handle this properly.


#9

Lubos, Thanks for that, its made it much simpler for me as I don’t always reconcile on the last day of the month, I rather wait for the statement to arrive.

Can there also be an option to print the results of the reconciliation showing any uncleared amounts etc and what transactions were included in the reconciliation?


#10

This will be possible once Cheques module is added. I assume uncleared amounts in your case will be due to unpresented cheques right?


#11

Yes, that’s right, and I also previously used it as a method of identifying easily what amounts are required for reimbursing expenses in my previous software, as I recorded out of pocket expenses as “spend money” from the account. I don’t know if that is the right way to justify reimbursing.


#12

To record out of pocket expenses in Manager, use Expense claims tab.


#13

Yes I record my expenses under the claims tab now, and when I also pay the amounts back, I record them in the bank account under “spend money” against the expenses tab, but is there any way that the expenses claims tab will easily show which amounts which have not been refunded to the payers?


#14

Not currently but there will some improvements to make this better from management point of view.


#15

When will this module be introduced, please?