Running bank reconciliation

The different steps of the bank reconciliation routine are described in this section.

Daily import of account statements from the bank

Account statements from the bank are downloaded automatically from Visma.net AutoPay every day.

Automatic reconciliation

The process for automatic reconciliation is run from the Bank partner table. The Automatic reconciliation processing matches General ledger transaction rows with Account statement transaction rows based on a predefined set of algorithms:

One General ledger transaction row with one Account statement transaction row with equal Reconciliation rest amount on the same date
One General ledger transaction row with one Account statement transaction row with equal Reconciliation rest amount on a later date
One Account statement transaction row with one General ledger transaction row with equal Reconciliation rest amount on a later date
One General ledger transaction row with multiple Account statement transaction rows with equal Reconciliation rest amount on the same date
Multiple General ledger transaction rows with one Account statement transaction row with equal Reconciliation rest amount on the same date
One General ledger transaction row with one Account statement transaction row with equal Reconciliation rest amount and the same Bank reference
Note:
This matching algorithm is given the highest priority. This means that the same Bank reference and equal Reconciliation rest amount values are checked first, before anything else.

The reconciliation algorithm that was used for each matching is displayed in the Algorithm field in the Reconciled transaction table.

You can set the number of days that the dates may differ in the No. of reconciliation deviation days field in the Bank partner table.

Note:

The Reconciliation rest amount field is used for matching of bank accounts in domestic currency (where the Currency no. on the Bank partner is empty, or identical to the Currency no. in the Company information table). For bank accounts in foreign currency, the Reconciliation rest amount in currency field is used.

Manual reconciliation of open transactions

For reconciliation of transactions not processed automatically by the algorithms, you should use the manual reconciliation processing.

In the layout, the General ledger transaction and Account statement transaction should be joined to the Bank partner table. Only rows where the Reconciliation rest amount field is not = 0 should be shown. Select corresponding rows in the General ledger transaction and Account statement transaction tables, and execute the Manual reconciliation processing.

Note:

Make sure to sort the two relevant tables in the same sort order, for example based on Reconciliation rest amount in currency - A-Z. This will ensure that the correct transactions are connected to each other in the Reconciled transaction table if multiple rows for reconciliation are selected on one, or at both sides.

An error message will be displayed if the total amount for the selected General ledger transaction rows isn't equal to the total amount for selected Account statement transaction rows.

Correcting wrongly matched transactions

You can unlink transactions that have been incorrectly matched by running the Withdraw reconciliation processing in the Reconciled transaction table. You can only withdraw a reconciliation that has not yet been approved.

Creating vouchers for missing transactions

Transactions that are not electronically received from the bank, like interests and bank fees, may be missing in the accounting even though they exist in the Account statement transaction table. You can use the Create voucher processing in the Account statement transaction table to create vouchers. You can only select voucher series marked Used in bank reconciliation in the Voucher series processing field.

Note:

If you have enabled Direct update in the Create voucher processing, the reconciliation process is automatically triggered. This means that the newly created General ledger transaction row is automatically reconciled with the referred Account statement transaction row.

On the vouchers, the Bank partner row GL bank account is applied as Debit account if the amount is positive, else as Credit account. The Voucher type row Credit account or Debit account is applied as cross account (when the amount is positive or negative, respectively). If no cross account has been defined for this voucher series, you have to enter it manually in the journal entry after the processing has finished.

Bank reconciliation statement report

When all the bank transactions are matched and reconciled for a certain period, you can create a bank reconciliation statement.

When you select Send in the context menu, you can see a preview of the report before sending (approving) or clicking Finalise.

Note:

Clicking Send or Finalise is the actual action of approval.

The report specifies the source of differences between the accounting and the account statement from the bank for the selected bank account and accounting period. Transactions that are not matched and only exist in the general ledger transaction or in the account statement transactions will be specified.

The rows in the Reconciled transaction table that were included in the approved statement will be updated with a unique reconciliation number. The connected rows in the General ledger transaction and Account statement transaction tables will then be locked for further processing.

Each time the approval processing is executed, a row will be created in the Approved reconciliation table.

The Bank reconciliation statement report will be stored as a pdf file in the relevant row in the Approved reconciliation table, and you can view and print it from there.

Correcting wrongly matched transactions

Withdrawal of approved reconciliation statements

You can withdraw one or multiple bank reconciliation statements using the Withdraw approved reconciliation processing in the Approved reconciliation table, provided that:

The corresponding accounting period is not locked (its Reconciled per date value is newer than the Suspension date).
It is the latest approved statement (has the highest Reconciliation no. value) for that particular Bank partner no..

The processing will:

Delete the selected rows in the Approved reconciliation table
Remove the corresponding values in the Reconciliation no. field in the Reconciled transaction table
Enable these reconciled transactions for approval again

Note:

If you intend to withdraw multiple rows with the same Bank partner no. / Bank account no. at once, you should sort the rows on Reconciliation no. descending.