Missed this Support Spotlight or want to revisit what we talked about? Look no further!
Scroll down to find the webinar recording as well as answers to the most frequently asked questions. We added video timestamps to the list of topics we covered, so you can jump to the part you are looking for:
What is reconciliation? (1:58)
What do all the different symbols mean? (4:33)
How to see what is reconciled together? (8:15)
How to reconcile - automatically and manually (9:24)
How to delete a reconciliation (11:29)
List of unreconciled items (12:10)
Let's practice! (12:47)
1. Under what circumstances would reconciliation not be automatic?
If a purchase was done without a payment and a payment was added to the account later on, the reconciliation would not necessarily be automatic. For example, let’s say your client registers for an activity and you decide to “Skip and pay later”, then collect the payment a week later. You’d need to reconcile the invoice for the activity with the payment you receive a week later in order to tell the system those two transactions go together. It might be clear to you, but the system will never assume and will always let you reconcile in cases like this.
2. Does an item have to be reconciled before it will appear in sales reports?
Reconciling or not reconciling doesn’t have an effect on whether a sale is completed or not. Invoices will appear in your sales reports with the ledger codes associated to them, whether they are reconciled or not.
3. Do credits and purchases have to have the same ledger code to be reconciled together?
Not at all. Typically, invoices are reconciled to payments, but it is possible to reconcile credits to invoices and they don't need to have the same ledger code.
4. Do installments automatically reconcile when they are processed?
Yes! As long as they haven't been adjusted in any way. If they are configured at checkout, they should automatically reconcile.
5. What happens if the red reconciliation error icon appears after I use the Reconcile all accounts function?
The red symbol is extremely rare and automatically a bug. Even if you tried, the system should not let you over-reconcile, so you can auto-reconcile without any fear :)
6. Do you recommend doing the reconciliations individually instead of doing the mass function?
Yes! We always recommend reconciling manually; it's the best way to ensure your items are being reconciled to the invoices you want. That said, the auto-reconcile button works great for quickly reconciling in chronological order :)
7. Is there a way to export all the unreconciled items?
You cannot export per say, but you can copy the information and paste it into an excel sheet if you wish!
8. Since payments and refunds do not have ledger codes, what’s the easiest way to alert our finance department of what ledger code the refund goes to?
The easiest way to notify your finance department would be to reconcile. As soon as the payment is created in the account or the refund is done, reconcile immediately to the corresponding transaction and this will avoid any confusion for other departments.
9. Is it possible to backdate fixes?
You can reconcile and unreconcile at any time, changing what transactions are reconciled to what. And your reporting will reflect those changes immediately!
10. When can we expect for there to be a link between payments and invoices?
Transactions will automatically be linked together when they are done simultaneously, for example, making a purchase in the store and paying for it immediately with a credit card. Or adding a payment to a client's account, the system will ask if you'd like to reconcile to anything specific.
11. How does this reconciliation work if a "payment" was made from a client’s credit balance rather than a traditional method like cash or credit card?
Essentially, it's the same process. You can reconcile a credit to an invoice if a class was cancelled for example and the client has a credit towards another activity.
12. Is there some rule of thumb on how often we should be going through and reconciling accounts? Or, is there a certain activity that triggers the need to go in and do reconciliations?
Usually when it comes time for monthly banking reconciliation, organizations will go through their accounts, but we recommend just reconciling immediately when a payment or transaction is added to an account. It saves you time later on.
13. Can my clients see reconciliations in their account?
No, they cannot! Only administrators can see reconciliations on your client’s accounts.