Automated Bank Reconcilation from a imported Bank Statement

Owned by Diane Partridge
Last updated: Feb 05, 2024
7 min read

Before commencing any bank reconciliation for any bank account please ensure that the starting position and starting bankrec for each bank account have been set up by Readysell.

Also, ensure that if you decide to export a full month's transaction list from the bank you check the file before you import. Some bank accounts have a maximum number of records. A message may display on the bank's side. If this is the case, Readysell suggests that you don't do a monthly bankrec but maybe a fortnightly or weekly or speak to your bank.

You will need to download a bank statement from your bank. The procedure for doing this varies between banks, but we can provide links to the procedure for several major banks. Perhaps yours is on the list. If not, please contact your bank and ask them for assistance on the procedure for downloading bank statements in a form that can be imported into an ERP program such as Readysell. See: Importing bank statements from your bank for import into your Readysell bank reconciliation

  • Ensure that all the Customer Deposits and Supplier Payments are entered against each card with the correct date and payment reference working off the bank statement.
  • Ensure that any miscellaneous bank deposits or bank payments have been set up as a Bank Reconciliation Rule or Recurring Payment. If you need to create new rules do so before commencing a bankrec. 
  • When Importing the Bank Statement Lines the 'Auto Match' check box is actioned when the bank statement lines match the readysell bankrec lines, this is based upon the rules set on each tender, the date, payment reference, and value.
  • When importing the Bank Statement Lines into a Bank Reconciliation, the system will create some Bank Deposits/Bank Payments if you have set up a set of Bank Reconciliation Rules correctly based on what is in the field of 'Search Reference' on the bank reconciliation rule itself.
    It is not until you review and finalize these auto-created Banking Payments/Deposits, will the check box of 'auto-match' be ticked in the Bank Reconciliation for them
  • If you have not posted these bank payments and/or deposits, do not attempt to reimport the bank statement lines again as it will recreate the same bank deposits/payments.
    You must check the auto-generated bank payments/deposits and either finalize or delete them if you need to reimport the same bank statement again.
  • If you have posted these auto-created bank payments and/or deposits then it is fine to reimport Bank Statement lines if you have overlooked the entry of Customer or Supplier Payment on a card. No duplicates will be created.
  • If whilst in a Bank Reconciliation, you insert a New Bank Payment and/or Bank Deposit the system should auto-match these unless you reimport the Bank Statement lines again. 

When you first extract the Readysell bank reconciliation, if there is a value other than $0.00 in the field of 'General Ledger Variance' please submit a ticket to Readysell with the details do not continue with the Bank Reconciliation.

Procedure


Exporting the Bank Statement from your Bank Account Online

  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 display or search (Ensure that this date range is the right range)
  4. Select Export button on the screen
  5. Select the correct export type depending upon which bank you are with and what is compatible with Readysell. See doco Setting up and using automatic bank reconciliations
  6. Export the file to a folder on your desktop (downloads>bank statement)
  7. Ensure to delete any old exported files once those bank reconciliations are completed.
  8. The bank statement for the date you are about to reconcile is ready to be imported into a Readysell Bank Reconcilation

Extracting Bank Reconcilation from Readysell

  1. Log onto Readysell>Financials>Bank Reconciliation
  2. Check that there are no outstanding bank reconciliations for this bank account by dropping the filter in the top ribbon and selecting ‘Outstanding Bank reconciliations’
  3. Click on New to start a new bank rec
  4. Click on Extract Bankings from the top task bar
    A pop up window will display
  5. Select the same bank account (that is, the one in Readysell that matches the exported bank statement from the internet 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 appears if need be
  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 bank reconciliation lines filter view (if you have one set up) in both the Readysell and Statement lines detail area

Importing the Bank Statement Lines

  1. Still in the Bank Reconciliation, 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. Highlight the QIF file that you just exported from the bank 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 bank payments and bank deposits have been created 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

If when importing the bank statement, the message displays that a number of Bank Deposits and Bank Payments have been created, you must first of all go to these bank payments/deposits check them, make appropriate changes and finalise them.
Not until you finalise each one, will a transaction appear in the bank reconciliation and be auto matched.


Finalising the auto created Bank Payments and/or Bank Deposit from the Imported Bank Statement

If the Importing of the bank statement created any bank payments and/or bank deposits, go to the Bank Payments module and then the Bank Deposits module, check and finalise each one of them ensuring they line up to the bank reconciliation statement line that was imported .

Bank Payments Module - for auto created payments 
  1. Financials>Bank Payments
  2. Click on the filter in the top ribbon and select 'outstanding bank payment'.
  3. Check each of the auto created bank payments against the bank reconciliation imported bank statement line.
  4. Make any changes to the bank payments to line up to the bank statement line
    Whether by adding another general ledger line to the transaction or making a change to it to line up to the bank statement and click on Finalise.
  5. Ensure that the bank payments are finalised before you go back to continue with your open bank reconciliation
  6. Once you click on Finalise on each of the auto created bank payments, in the bank reconciliation, the check box 'auto match' on the bank statement lines is  ticked (true) and the check box of 'marked' on the readysell lines is ticked (true)
  7. Now look for any 'Outstanding Bank Payments' that were created by a recurring Bank Payment.
  8. Check these against the imported bank statement lines.
  9. Make any changes to the bank payments to ensure it lines up to the value of the imported bank statement payment and click on finalise.
  10. Go back to the bank reconciliation and check all results
Bank Deposits Module - for auto created deposits
  1. Financials>Bank Deposits
  2. Click on the filter in the top ribbon and select 'outstanding bank deposits'.
  3. Check each bank deposit against the bank reconciliation imported bank statement lines.
  4. Make any changes to the bank deposit to line up to the bank statement.
    Whether by adding another general ledger line to the transaction or making a change to it to line up to the bank statement and click on Finalise.
  5. Ensure that the bank deposits are finalised before you go back to continue with your open bank reconciliation
  6. Once you click on Finalise on each of the auto created bank deposits, in the bank reconciliation, the check box 'auto match' on the bank statement lines is ticked (true) and the check box of 'marked' on the readysell lines is ticked (true)
  7. Go back to the bank reconciliation and check all results

Now to continue with the Bank Reconciliation for transactions on the Bank Statement Lines that have not been reconciled.

  1. Go back to the bank reconciliation.

  2. In both detail areas ensure you are on the drop down filter of ‘unmatched lines’ and 'unmarked lines'

     Show me

  3. Then start manually matching by working from the bank statement lines to readysell lines.
    Look at the first unmatched bank statement line and try and find it in the Readysell lines.
    Once you find it then click on the 'Matched' check box within the statement lines tab and then click on 'Marked' check box in the readysell lines.
  4. Click on Refresh every so often
    Both lines with disappear from the screen.

Review what has not been auto matched and see why it has not been auto matched.
You may need to create a Bank Reconciliation rule to meet the criteria.

If you have a transfer of money from one bank account to another, then insert a Bank Transfer from within the Bank Reconciliation>New Banking>Bank Transfer. See link Entering a Bank Transfer

If there is a slight variance in the Deposit of Cash/Cheques or Eftpos use the Correct Value option from within the bank reconciliation.
Before you use this please investigate to see why there might be a variance between what was banked and what is in Readysell. Performing a bank reconciliation manually (not importing the bank statement)

Once all entries of the Imported Bank Statement Lines have been reconciled and the Bank Statement balances with No Variance values you can Finalise the Bank Reconciliation by clicking on the Finalise action button.