Bank Reconciliation is located in the Process section of the Accounts General Ledger Menu. This feature displays bank accounts in SapphireOne which you can reconcile against your bank account transactions. SapphireOne has the ability to store unlimited bank accounts and unlimited FX currencies.
Once all the transactions have been posted, click on the Process button to complete your Bank Reconciliation.
There are two ways the Bank Reconciliation function may now be completed. Once the function is on screen the easiest way to complete it would be to select the button at the bottom of the screen.
All Banks will now send a standard OFX file to their customers provided they have electronic banking correctly setup.
The OFX file that the SapphireOne system will import from your bank is the **** (OFX) file.
The user is advised to check with their bank if they have any questions regarding downloading of the file.
Once the button is selected, the system will display a standard search with a pop-up enabling the user to select their banks OFX file which they should have just downloaded. The SapphireOne system will then load the OFX file from their Bank directly into the Bank Reconciliation. When the SapphireOne system reads the OFX file, the criteria for a successful link between the OFX file and the system is as follows:
If the system can find a match it will populate the Auto Reconciliation screen. Once the Actual Closing Bank Balance To is correct, the system will display a value of zero in the Difference field.
If the software cannot find a match, you have the option of matching the transactions manually with un-cleared transactions in the Bank Reconciliation. You can add them or skip them altogether, however the majority of transactions will be marked correctly.
The columns details to the left of the red line are drawn from the Banks OFX file. All to the right are the details from the transactions within SapphireOne.
As may be noted in the screenshot the system has found a match for 3 transactions and auto populated the details. If the user right clicks on a line the drop-down menu as seen to the right will be displayed.
This will allow the user to select any un-reconciled transaction in the list and reconcile it to the required transaction in the banks OFX file. The list will either comprise of all transactions, or those transactions within the date range selected, when the button was selected. This list could be quite long in some cases, so limiting the date range is a good idea if there are any errors.
Here are some possible reasons as to why your SapphireOne Bank Reconciliation Opening Balance could be different from your Bank Statement’s Opening Balance.
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