Inside Catacloud, you have several ways to do bank reconciliation. If you have set up bank integration, this is certainly the easiest and best way to keep your bank account regularly reconciled. Reconciliation is essential to ensure that everything is entered correctly in the accounts and that no cost or income has been forgotten.
Reconciliation can be done in the following ways in Catacloud, where the first 2 can often be referred to as "automatic", while the last is often called "manual":
- Live reconciliation of transactions with bank integration
- CSV, Excel or other file import with monthly transactions
- Reconciliation with account statement on PDF
Whether you have file import or bank integration, the process is almost the same. Then you refer to the page called Bank reconciliation under the Bank module which you can find in the module menu in the top left corner. Here you will see the option to choose which bank account and which period you will vote at the top. You can also choose whether you want to show reconciled records or not.
A little further down, you will see 2 lists of transactions where the left one is what is entered in the accounts on the general ledger account of the bank account, and the right one is the bank's transactions, either imported via integration or file. If you have not imported a file and have not set up bank integration, you can drag in or click here to import a file from the bank. We are working on adapting the import to the various banks' file exports, and you will receive a message if we have not been able to interpret the file.
When you have the transactions on both sides, you can mark and match transactions against each other. If you have transactions from the bank that have not yet been entered in the accounts, you have the option here to mark and book Quick guides or a New appendix. If you choose a fast entry, we will book it and close the transactions against each other. The choice to create a new advanced attachment means that you get a form where we have filled in what we can and you can enter the rest.
To make marking several transactions easier, we have also added a function here to mark several at once by holding down the mouse button on a transaction and dragging down (or up) to mark several in succession. We do our best to suggest transactions that can
Reconcile with account statement
The last option for bank reconciliation in Catacloud is through a PDF account statement. You can use this as a starting point Receipt of vouchers which you can find in the Accounting module. Upload the PDF or send it in to the voucher reception. When you have opened the attachment you can choose Bank statement in the selection for type. You will see choices appear for bank account and period as in the automatic reconciliation. The reason why we call this method manual is that it is only based on the accounting transactions and you can here add the entries that are missing so that the outgoing balance agrees with the accounting. When you enter the closing balance at the bottom of the table, the system will tell you how big the discrepancy is, if any, and when it balances.
When you reconcile, either via automatic or manual bank reconciliation, you can enter quick entries. These are predefined income or expense accounts that can be managed under Payment types under Accounting in the Administration module. You may see that we have set up some standard payment types for you such as; Interest income, interest costs and bank costs. This means that you can quickly book costs and interest for which you often do not otherwise have a separate voucher.