Reconcile

Created by Travis Lander, Modified on Fri, 22 Jul, 2022 at 4:39 PM by Sanjayan Arulsakaran

Description

Reconcile Ledger Accounts for chosen periods through a list of journal entry line items using the selected Ledger Account. You can review the total for the period against an external statement balance.

Navigate to the Financial>Reconcile tab and enter the filters from this screen:

Inputs

Start Date
End Date
Ledger Account
Location
Currency

Reconciling Entries

Once filters have been submitted, the resulting table will look like this:

Figures

Balance - the balance for the period selected for the ledger account selected calculated as:

If the ledger account is a Balance Sheet account, the Balance is the SUM(debit - credit) from beginning of time until the end date selected.

If the ledger account is an Income Statement account, the Balance is the SUM(debit - credit) for transactions of the date period selected.

Statement - a user-entered amount from an external source statement to reconcile the Balance against
Variance - The difference (Balance - Statement) to indicate the remaining difference between the booked and statement balances

Table

The table contains all line item information from the Journal Entries that include the selected Ledger Account from the initial filters. You can filter to better review these entries and click into the blue highlight text to open the source Journal Entry.

Actions

Enter the Statement amount to reconcile the Ledger Account against the SoftLedger Balance, and to determine the amount represented in the Variance field
Mark an entry as Reconciled by selecting one or more of the checkboxes next to the Entries before clicking the Actions>Reconcile button at the top left of the table:

Note: The Green Checkmark Icon indicates that the Journal Entry line has already been reconciled through this tab OR via the Bank Feed in Cash Management.