Reconciling Bank Transactions
Reconciling Bank Transactions
Interfaced banks upload their transactions each day directly into CINC Accounting where they are automatically matched to existing transactions in the system. Matched transactions are listed in the Matched Transactions section of the Reconcile Bank Transactions screen.
Unmatched transactions are listed in the Outstanding Transactions section of the screen. They can be manually cleared or left for the next day to see if they will be automatically matched to existing transactions in the system.
NOTE: If working with a non-interfaced bank, see Reconciling Checkbook Transactions.
Clearing Matched Transactions
Select Banking > Reconcile Bank Transactions. If you are using universal navigation, click Accounting > Daily > Reconcile Bank Transactions.
Select All Associations to view a list of all outstanding and matched bank transactions.
Click Reconcile to set the reconciliation to the current date and clear the items in the Matched Transactions section.
Clearing Outstanding Transactions
Examples of things that cause unmatched transactions may include:
Unposted lockbox payments.
Bank returns not recorded.
If an ACH payment were skipped, the ACH deposit at the bank would be less than the ACH batch amount.
Vendor payments that are paid by auto-draft through the vendor but have not yet cleared.
Invoice paid by a draft outside of CINC Accounting.
Wrong bank account registered.
The deposit from the bank might be a combination in a single file.
The batch from CINC Accounting might be a combination of multiple deposits at the bank.
The CINC Accounting transaction may already be manually reconciled or matched to another outstanding transaction.
The CINC Accounting transaction was voided.
An error that the bank corrected on their end.
To determine the cause of the unmatched transaction, you can:
Click the Research Pending Payments tab at the bottom of the Reconcile Bank Transactions screen to search for unmatched transactions that have cleared the bank but are not recorded in CINC Accounting. (See Researching Pending Payments)
Review the transactions on the Banking > Bank Transactions screen. (See Bank Transactions) If you are using universal navigation, click Accounting > Reconciliation > Bank Transactions.
Review the Homeowners > Batch Posting screen for lockbox payments or auto-payment batches that have not yet been posted. (See Batch Posting Overview) If you are using universal navigation, click Accounting > Daily > Batch Posting.
To manually clear unmatched transaction:
In the Outstanding Transactions section of the Reconcile Bank Transactions screen, click the Amount field hyperlink.
NOTE: If the Amount is not underlined, either the transaction is not present in CINC Accounting, it has already been reconciled, or the corresponding transaction is for a different amount.
On the popup screen, double-click on the matching transaction to move the transaction to the Matched Transactions section.
Click Reconcile.
If a transaction is already reconciled and needs to be removed from the Outstanding Transactions, toggle off the transaction and then click Save.