This module enables the user to import transactions from their bank into Uniconta. Once imported, these transactions can be viewed just like any other Uniconta transactions. They can then be matched to the bank transactions that have been entered into the account types “Bank” in Uniconta. Alternatively, they can be used to create new transactions that can then be transferred directly to the daybook and posted.
A bank reconciliation record will be created for every account in the Chart of Accounts that is set up as a “Bank” account type as shown in the screen shot below.
The purpose of bank reconciliation is to match the bank records with the posts in the “Bank” account types in Uniconta. Bank records are exported directly from the bank and imported into Uniconta. They are then matched to the posts in the relevant Uniconta ledger accounts. It is possible to match multiple bank accounts with multiple “Bank” account types in Uniconta, including accounts in foreign currency. Other kinds of accounts, such as credit cards, borrowing or leasing accounts, can also be reconciled. The bank reconciliation finds any differences, analyzes them and allows the user to post them if necessary. A manual reconciliation previously entailed checking off two print outs; one from the bank and one from the accounting system, or reconciling a screenshot of bank posts in the accounting system with an online bank. In Uniconta, the bank reconciliation is all performed electronically and any inconsistencies can be dealt with directly in Uniconta.
Overview of functions:
- Imports banking records from online banking into Uniconta
- Automatically matches records between the bank and Uniconta
- Transfers imported and reconciled bank records to the journals
- No risk of double importing, since Uniconta keeps track of the bank records
- Diagnoses any inconsistencies
- Automatically retrieves the customer/vendor when invoices are paid
- Unlimited number of bank accounts or other accounts can be reconciled
- Clearly marks reconciliations, inconsistencies and journal entries that are ‘on hold’
- Puts bank entries ‘On hold’
- Voids ledger entries that do not appear in the bank account
Bank reconciliation steps:
- First, set up reconciliation accounts. Indicate the account type “Bank” in each account in the Chart of Accounts that is a bank/account that needs to be reconciled in Uniconta.
- Next, export transactions from the bank in CSV format
- Then import the banking records to the relevant bank reconciliation account in Uniconta
- If imported banking records have not yet been posted in the Uniconta ledger accounts, they can be transferred from the bank reconciliation directly to the journals. Before transfer, the imported bank records can be checked and prepared for reconciliation, e.g. the offset account can be entered along with the VAT account etc.
Creating bank reconciliation accounts
Each account in the Chart of Accounts that has been assigned the account type “Bank” will be given a bank reconciliation record.
Use the navigation panel to go to General Ledger/Bank reconciliation and click on the ‘Add bank account’ button in the toolbar/ribbon.
(Click on the screenshots to enlarge).
Complete the detail form as shown in the screenshot below.
Description of detail form shown above:
Account: The account number in the Chart of Accounts used for posting banking entries. NOTE: A ‘Bank account’ is only available for selection in the dropdown menu if it has been set up as a ‘Bank’ (not just as an ‘Asset’ account) in the Chart of Accounts, as described at the beginning of this article. Read more about how to set up account types in the Chart of Accounts here.
Name: Name of the bank account.
Opening balance: Enter the opening balance from the bank statement on the first day of the bank reconciliation.
Number of days: Select the range for automatic bank reconciliation. The default setting is 3 days, but up to 60 days can be selected.
Maximum penny difference: Select the deviation from the exact penny amount required for matching.
Journal: Enter the journal that unmatched posts should be transferred to following the reconciliation.
Bank Routing number: Routing number for the bank.
Bank account: Bank account number.
Note that the above fields also indicate which bank account vendor payments should be made to.
Currency code: Enter a currency code for the bank account.
Export transactions from the bank and import the account statement
The first step is to export the transactions from the bank in CSV format.
It is possible to ‘Import bank statement’ either using the navigation panel in Uniconta and going to General Ledger /Posting or to General Ledger/ Bank reconciliation.
The advantage of importing via General Ledger/Bank reconciliation is that the same record cannot mistakenly be imported twice. Since the bank module contains all records from previous imports, it will simply not save the same record twice. Therefore, there is no need to worry that an export from the bank might contain records that have already been imported, since they will just be filtered out automatically.
As shown in the above screenshot, ‘Browse’ can be used to find the banking file to be imported from. ‘Attach’ is only used for additional documentation.
Country specific feature: In the Danish version of Uniconta, for example, “Import Fast Bank Længde” converts specific named large banks’ files automatically.
Read more on importing bank statements here.
Read more on automatic account selection here.
Once import is complete
After the import is complete, the line items from the bank import will appear in the upper section of the screen under ‘Bank Statement’. The transactions from the Uniconta “Bank” account types will appear on the bottom section of the screen under ‘Transactions’.
Now the account number, VAT, dimensions, invoice number, physical voucher, etc. can be entered in the top rows, just like when working in the daybook (journals) in Uniconta. This can also be considered a type of daybook. The ‘On hold’ field can also be used as described in more detail below.
Next, use the toolbar and click on “Transfer to journal”.
(English screenshots coming soon)
NOTE: There are two boxes at the bottom of the screenshot above that can be checked off. The first box ‘Only lines with account numbers’ can be checked off if the user only requires line items with account numbers to be transferred. This is recommended unless the import is replacing ‘Import to journal’. The second box, ‘Assign voucher number’, can be checked off if the user wants voucher numbers to automatically be entered in the journal.
Red circle = not posted
Yellow circle = transferred
Green circle = Matched and reconciled
Black circle = Voided. If a post in Uniconta and on the bank records is not relevant.
The goal is to get all line items to be green. Either because there is a match or, because they have been marked as either ‘reconciled’ or ‘voided’ as described below.
(Screenshot coming soon in English)
Having clicked ‘Transfer to Journal’, the records that have been transferred will now be marked in yellow. If any transactions were set to ‘On hold’ then they will not have been transferred.
It is possible to undo and delete posts, in which case a yellow line item will change back to red again.
(English screenshot coming soon)
Note there is also a column labelled ‘invalid’. Here line items can be checked off if they are deemed invalid. This may be due to, for example, a banking error which was later reversed. These entries will not be posted, but color will change to green as they have been dealt with or ‘reconciled’.
Posting the journal
When the journal is posted, the ledger entries will show up in the bottom half of the screen. Those that are reconciled will have a green circle. When a green line item is highlighted in the top section of the screen, the matching post will also be highlighted on the bottom section of the screen and vice versa.
(English screenshot coming soon)
It is possible to cancel a match and reassign it. When assigning, first click on the line item in the top section of the screen and then on the line item in the bottom section of the screen. Then select ‘Add match’.
If transactions have been created in the ledger that are not in the banking records, then click on the line item at the bottom of the screen and click ‘Void transaction’ in the toolbar/ribbon. The line item will now turn green as it as been ‘reconciled’. Just as posts may appear in the top part of the screen that are not matched to a line item in the bottom part of the screen, there may also be transactions at the bottom that are not at the top.
Again, the goal is to get all line items on green. This will either be because they have a match or, if there is no match then they can be turned green by either ‘reconciling’ or ‘voiding’ them.
In the first ‘bank reconciliation’ screen there is a column called ‘starting balance’. Enter the balance on the bank account on the day that transactions are first imported here. This way the bank balance will always be correct.
(English screenshot coming soon)
Delete bank statement
It is possible to delete a bank statement by clicking on the ‘Delete bank statement’ button in the ‘Bank reconciliation’ toolbar/ribbon. The user can enter a date interval here and the transactions within that interval will be deleted.