Introducing the Payment Reconciliation Journal
The Payment Reconciliation Journal is designed to efficiently match payments with all types of ledger entries, including customer, vendor, employee, and bank account entries. Unlike the Bank Account Reconciliation, which moves multiple entries into separate journals for posting, the Payment Reconciliation Journal reconciles ledger entries directly within the journal. This means you can apply payments and perform reconciliation at the same time, or choose to complete reconciliation later when the journal is posted.
Continia Banking enhancements to the Payment Reconciliation Journal
Continia Banking offers the following enhancement to the standard Payment Reconciliation Journal:
- Import - import and match bank statement transactions manually or automatically.
- Automatic matching - matches bank statement transactions with open ledger entries using configurable rules. See Introducing reconciliation with Continia Banking for more information about the matching procedure.
- Apply proposals - automatically suggest matches for payments and ledger entries.
- Search rules - implement criteria to improve matching accuracy. For more information on search rules, refer to the Introducing Search Rules article.
- FactBox - access an extended FactBox that provides detailed matching information, aiding in accurate reconciliation.
- Posting groups - posting group fields (General Posting Type, Gen. Bus. Posting Group, Gen. Prod. Posting Group, VAT Bus. Posting Group, and VAT Prod. Posting Group) are available on the Payment Reconciliation Journal page. They’re pre-filled from the G/L Account or source rule defaults, but you can change them as needed.
- Show more columns/actions – customize the page by showing additional data columns or actions via the Page tab.
When you configure a bank account in the Payment Reconciliation Journal using Continia Banking, these enhancements become available.
The actions available on the Payment Reconciliation Journal
The Payment Reconciliation Journal page offers a range of actions designed to simplify matching payments with corresponding ledger entries.
Import actions
| Action | Procedure |
|---|---|
| To import a bank statement | Click Home > Import and Apply Bank Statement/Import New Bank Statement/Import Existing Bank Statement. To see these actions, first select Page > Show More Actions. For more information, refer to the Importing a bank statement manually article. |
| To import payments | Click Home > Import and Apply Payments/Import New Payments/Import Existing Payments for importing CAMT.054 files. |
| To import CSV payments | Click Home > Import CSV Payments. |
Matching and application actions
| Action | Procedure |
|---|---|
| To apply automatically | On the Payment Reconciliation Journal page, on the Home tab, select Apply Automatically. |
| To apply entries | Click Home > Apply Entries. You can select multiple lines and apply actions to all of them. |
| To work with application proposals | Navigate to the line and in the Proposals column, select the number. Alternatively, select the line, and on Home tab, select Application Proposals. For more information, refer to the Working with payment application proposals article. |
| To transfer amount differences to an account | On the Payment Reconciliation Journal page (and the Payment Application Review page), you can manually trigger the action to transfer an amount difference to an account. On the Payment Reconciliation Journal page, on the action bar, select Manual Application > Transfer Difference to Account. You can then select the account details. |
| To add a search rule | On the Payment Reconciliation Journal page, on the Home tab, select Add Search Rule. This allows you to quickly add a rule and apply the journal line. For more information, refer to the Introducing Search Rules article. |
| To show a bank transaction | On the Payment Reconciliation Journal page, on the Related tab, select Details and select Show Bank Transaction. This will show the source data received from the bank statement file. |
| To delete and set as Imported | On the Payment Reconciliation Journal page, on the Related tab, select Details and select Delete and set as Imported. This will allow you to delete the lines in the journal and mark it as already processed. |
| To accept and remove account applications | You can accept or remove an application after the matching procedure has been run. On the Payment Reconciliation Journal page, on the Home tab, select Apply To Account or Remove Account Applications. |