SuccessWare21 can help you reconcile bank account items by automatically clearing transactions via a file you download from your bank.
To reconcile a bank account, open the Account Register in SuccessWare21, select the bank account to reconcile and then select Account Reconciliation as the activity. Next enter the statement date and the statement ending balance. In the transaction grid mark the items that appear on the statement as cleared.
Rather than manually marking items as cleared, you can have SuccessWare21 do it for you automatically by downloading a transaction file from your bank. After downloading the file, right-click in the transaction grid and choose Reconcile from Bank File, it’ll ask you for the file to import, select the file you just downloaded. SuccessWare21 will then open the Bank Reconciliation form. Two grids appear on this form, the one on the left lists transactions from the bank file, the one on the right transactions from SuccessWare. In order for transactions to be automatically matched they must meet the following criteria:
·
Checks - Check number and Amount must be the same
·
Deposits - Amount and Date must be the same
·
Other Transaction Types - Amount and Date must be the same
By default, this grid will only list transactions that could not be matched up to a SuccessWare transaction. To see all transactions simply uncheck the Unmatched Only checkbox. Once all bank transactions are matched to a SuccessWare transaction click OK as this portion of the bank reconciliation is done.
By default, this grid will only list transactions for the same dollar amount as the currently selected bank transaction. When the Unmatched box is checked, only transactions not matched to a bank transaction will be displayed. To see all transactions simply uncheck both checkboxes above this grid.
To manually match items,
select an unmatched item in the bank grid, locate the corresponding unmatched
item in the SuccessWare grid, and then in the SuccessWare grid place a check in
the Match column. You can click OK anytime to save your changes and return to
the Account Register form. If needed you can save your changes and return to
this form at a later time to finish the reconciliation.
To download a transaction file, open a web browser and login to your online banking website. From there you should find a link or instructions for downloading transactions. You should only download transactions for the same date range as the bank statement you are reconciling. SuccessWare21 supports the following file formats:
· Open Financial Exchange (*.OFX)
· Quickenâ using Web Connect (*.QFX)
· QuickBooksâ Online Bank File (*.QBO)
· Quickenâ Interchange Format (*.QIF)
To reconcile a bank account a user must have these permissions:
· Account Register – Other Bank Accounts
· Account Register – Reconcile - Other Bank Accounts
In addition, if the bank account is the default payroll account a user will also need these permissions:
· Account Register – Payroll Bank Account
· Account Register – Reconcile - Payroll Account