Setting up and Using Automated Bank Reconcilation from Bank Statement in Point Form

NOTE: Before commencing any bank reconciliation for any bank account please ensure that the starting positon and starting bankrec for each bank account has been set up by Readysell.

Basic Point form of Bank reconciliation using the Importing of Bank Statement Lines

NOTE:

Enusre that all the Customer Deposits and Supplier Payments are entered against each card with the correct date and payment reference.
Ensure that any miscellaneous bank deposits or bank payments have been set up as a Bank Reconcilation Rule or Recurring Payment. If you need to create new ones do so before commencing a bankrec. 

When you Import the Bank Statement Lines that is when the Auto Match is actioned between the statement lines and the readysell bankrec lines.

When importing the Bank Statement Lines, the system will create a number of Bank Deposits/Bank Payments if you have Bank Reconcilation Rules set up correctly based upon the Search Reference.
Once you review and finalise these auto created Banking Payments/Deposits, they will auto match in the Bank Reconciliation.
If you have not posted these bank payments and/or deposits, do not attempt to reimport the bank statement lines again as it will create numerous bankings.
If you have posted these bank payments and/or deposits then it is fine to reimport Bank Statement lines if you have overlooked entry of Customer or Supplier Payments.
If whilst in a Bank Reconcilation, you insert a New Bank Payment and/or Bank Deposit the system will not auto match unless you reimport the Bank Statement lines again. 

When you first extract the Readysell bank reconciliation, if there is a General Ledger Variance please submit a ticket to Readysell with the details do not continue with the Bankrec.

Step 1:

1. Work out the date of the bankrec and what bank account you are going to reconcile (as you could have multiple bank accounts)

Step 2:

1. Log onto your physical bank account
2. Select the bank account in question
3. Select the start and end date of the statement you are about to export and click on search
4. Ensure that this date range is the right range
5. Select Export button of the screen
6. Select the correct export type depending upon which bank you are with and what is compatible with Readysell. See doco https://readysell.atlassian.net/wiki/display/RSELL/Setting+up+and+using+automatic+bank+reconciliations
7. Export the file to a folder on your desktop (downloads>bank statement)
8. Ensure to delete any old exported files once those bank reconciliations are completed.

Step 3

1. Log onto Readysell>financials>cashbook>bank reconciliation
2. Check that there are no outstanding bankrecs for this bank account by dropping the filter in the top ribbon and selecting ‘Outstanding Bank reconciliations’
3. Click on New
4. Click on Extract Bankings from the top task bar
5. Select the same bank account (that is, the one in Readysell matches the export from the Bank)
6. Enter the closing date (ensure that the start and end dates in Readysell line up to the exported bank statement) and click on OK
7. Click on the ‘Refresh’ action button until the Readysell lines appear
8. Enter the Statement Closing bank figure and click on TAB
9. Check that in the detail area the filter is on “All Lines” in both the Readysell lines and the Statement lines
10. Check that you are on your bankrec lines filter (if you have one set up) in both the Readysell and Statement lines detail area

Step 4

1. Click on ‘Import Transactions’ action button from the top task bar
2. Ensure that you are in the right folder that you downloaded the statement into
3. Select the QIF file that you just exported and click on Open
4. Wait for the system to pop up with the Readysell conclusion of how many transactions, how many matches, how many new payments and deposits and how many left to reconcile.
5. Check the message for the number of Payments and Deposits that were auto created
6. Click on OK

Step 5:

1. If the Import created any payments and/or deposits, go to the Bank Payments/Deposits that were created. They will have a status of Open
2. Click on the filter in the top and change it to outstanding on each module
3. Check them, make any changes to the bank payments/Deposits whether by adding another line to the transaction or making a change to it to line up to the bank statement and click on Finalise. (ensure that both the bank payments and bank deposits are finalised before you go back to continue with your open bank reconciliation)
4. Once Finalised, it should auto match on the bank reconciliation
5. Go back to the bank reconciliation
6. In the detail area change the drop down filter to ‘unmatched’ on both sides
7. Then start matching the unmatched

Have a look at any that are unmatched and see if you need to create another bank reconciliation rule that may not have been already created for previous month.

Once the Bankrec Balances Finalise it.