A Bank Reconciliation entry is used to match OneOfficeERP account statements with your bank account statements.
If you are receiving payments or making payments via cheques, the bank statements will not accurately match the dates of your entry, this is because the bank usually takes time to “clear” these payments.
Also, you may have mailed a cheque to your Supplier and it may be a few days before it is received and deposited by the Supplier. In OneOfficeERP you can synchronize your bank statements and your Journal Entries using the transaction dates.
The Bank Reconciliation Report provides the difference between the bank balance shown in an organization's bank statement, as provided by the bank against the amount shown in the companies Chart of Accounts.
This is what a Bank Reconciliation statement looks like:
In the report, check whether the field 'Balance as per bank' matches the Bank Account Statement. If it is matching, it means that the Clearance Date is correctly updated for all the bank entries. If there is a mismatch, it's because of bank entries for which Clearance Date is not yet updated.
To access Bank Reconciliation, go to:
Home > Accounting > Banking and Payments > Update Bank Transaction Date
By doing this you will be able to sync your bank statements and entries into the system.
OneOfficeERP has two reconciliation tools:
To view this report, go to Accounts > Banking and Payments > Bank Reconciliation Statement. In the report, check whether the field 'Balance as per bank' matches the Bank Account Statement. If it is matching, it means that the Clearance Date is correctly updated for all the bank entries. If there is a mismatch, it's because the Clearance Date is not yet updated for the bank entries.
It is a two-step process:
Make sure you have at least the date, the debit/credit and the currency on every row of your bank statement.
To upload your Bank Statement, go to:
Accounting > Bank Statement > Bank Statement Import
or simply search for 'Bank Statement Import' in the awesomebar.
6. The mapping that is done is stored in the Bank document linked to the corresponding Bank Account. In the next upload, the mapping is taken from here but the system allows the user to change it if needed. The changed mapping is updated in the Bank document too.
You can use Plaid (see Plaid Integrations page) to automatically synchronize your bank account with OneOfficeERP. All your bank transactions will be automatically imported into OneOfficeERP.
Once all your bank transactions are imported into OneOfficeERP, you can reconcile them with your existing vouchers. Go to:
Accounting > Bank Statement > Bank Reconciliation Tool
or simply search for 'Bank Reconciliation Tool' in the awesomebar.
5. The final goal of Bank Reconciliation is to make the difference amount zero (green) by either matching to an existing voucher or creating a new voucher. 6. For all the bank transactions which are present in the Bank Statement but do not have a clearance date, click on the Actions Button to Match/ Create Vouchers 7. For matching, choose 'Match Against Voucher' in 'Action'. The vouchers that are related to this transaction will be displayed. They will be ranked on the basis of the maximum number of fields matched. You can match one or multiple vouchers against the same Bank Transaction using the checkboxes. 8. To create a new voucher, choose 'Create Voucher' in the 'Action' and then choose the document type. Fill in the details that were not available in the Bank Transaction. Clicking on Submit will create the corresponding voucher and update its clearance date. 9. It is also possible to update the Bank Transactions. Updating the Bank Transaction might help OneOfficeERP in finding better matches. To Update a Bank transaction, choose 'Update Bank Transaction' in 'Action', fill in the required details, and click on Submit to save the Bank Transaction.