Automated Bank Reconcilation from a imported Bank Statement

• 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 a number of Bank Deposits/Bank Payments if you have set up a set of Bank Reconciliation Rules correctly based upon what is in the field of 'Search Reference' on the bank reconciliation rule itself.
• Not until you review and finalise these auto created Banking Payments/Deposits, will the check box of 'auto match' be ticked 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 recreate the same bank deposits/payments. You must check the auto generated bank payments/deposits either finalise or delete them if you indeed 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 entry of Customer or Supplier Payment on a card.
• If whilst in a Bank Reconciliation, you insert a New Bank Payment and/or Bank Deposit the system will not auto match unless you reimport the Bank Statement lines again. 

Procedure

1Exporting 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 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 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.

Extracting Bank Reconcilation from Readysell

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 to commence a new bank reconciliation
4. Click on Extract Bankings from the top task bar
5. Select the same bank account (that is, the one in Readysell that 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 bank reconcilation lines filter (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 Reconcilation, 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

Finalising the auto created Bank Payments and/or Bank Deposit from the Import

1. If the Import created any bank payments and/or bank deposits, go to the Bank Payments module and then the Bank Deposits module. 
2. Click on the filter in the top ribbon on each module and change it to outstanding once in each module.
3. Check them, make any changes to the bank payments and or bank deposits that were auto created. 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 you Finalise each auto created bank payment and then bank deposits, 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’ and/or unmarked in both detail areas
7. Then start matching working from the statement lines to readysell lines by clicking in the Matched check box on the statement lines and marked check box in the readysell lines.

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 or the transactions are not yet entered into Readysell.

If you have a transfer of money from one bank account to another, then insert a Bank Transfer from within the Bank Reconcilation>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 the Bank reconcilation Balances click on Finalise.