DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Reconciling Bank Transactions


#1

I’ve only just starting using your software and am trying to understand how to deal with bank transactions.

Your guide says “If you receive a supplier invoice that you already paid or will pay immediately, record the expense as a regular cash purchase.” but how do I do that? I’m looking at one transaction and I have assigned an account, tax rate and region and saved it. However the transaction is still sitting there. I previously used Xero.com and when you perform this action and save it, the transaction was reconciled. Am I missing another step? How do I reconcile that transaction after editing it?

Also how do I reconcile a sales invoice with a particular bank transaction?


#2

Just go to Bank accounts tab, select bank account, then click Spend money button and record it that way. Or if you import you bank statements and you have already paid the supplier, then just assign the transaction from your account by clicking on the “edit” button on that transaction line in your bank account.


#3

Thanks for your reply. I imported transactions so they’re already added and I have a long list of them waiting to be processed. You say “just assign the transaction from your account by clicking on the “edit” button on that transaction line in your bank account.” Well I’m not sure what you mean? I have already edited one transaction, assigned an account, tax rate and region. However it’s still sitting there. I previously used Xero.com and when you perform this action and save it, the transaction was reconciled. Am I missing another step? How do I reconcile that transaction after editing it?


#4

Those transactions in bank register never disappear. They are simply there as part of the accounting record.

To do bank reconciliation, simply go to Bank accounts tab, look under Last Reconciled column which contains date of until which each bank accounts has been reconciled. You can click this date to enter new date until when you want bank account to be reconciled and follow the process.


#5

Thanks for the info!

Also how do I reconcile a sales invoice with a particular bank transaction that I’ve imported?


#6

When you import bank transactions under Bank accounts tab, all imported payments and receipts will be posted to Suspense account by default.

Obviously you want to recategorize all bank transactions so they are posted to correct general ledger accounts.

So when you click Edit button on bank transaction, you can select Accounts receivable control account, then select an invoice. Or if you don’t want to match against specific invoice (or if it is prepayment from customer so there is no invoice yet), you can select Customer credits, then select customer.

Anyway, have a look at http://www.manager.io/guides/accounts-receivable/receiving-money-from-customer/ which explains the allocation process. Since you are importing bank statements, you can skip the step which says to click on Receive money button since you have already created those bank transactions by importing.


#7

Perfect, thanks!


#8

How do I reconcile a bank transaction to a payslip? I mean which account do I assign the transaction to?


#9

When you create a payslip, the net pay will be credited to Employee clearing account. To pay the payslip, you will need to debit Employee clearing account which can be done from bank transaction.

See: http://www.manager.io/guides/payroll/paying-employees/


#10

Perfect, thanks!