Managing open payments from the bank account reconciliation

Statement Intelligence automatically reconciles the bank statement lines when these are imported to the bank account reconciliation. If there are open customer or vendor payments that have not yet been posted in the cash receipt or payment journal and therefore do not appear in the list of bank account ledger entries for application, it will not be possible for Statement Intelligence to perform automatic reconciliation.

Based on parameters such as amount, description, and date, Statement Intelligence will assist you by searching for a match in the open payments. If there is a match based on information from the payment line in the bank account statement, the payment entries will be created in a temporary table as reconciliation suggestions. You will then be notified by the status box on the bank statement lines that reconciliation suggestions have been created, after which these entries can be posted directly from the bank account reconciliation.

To post open payment entries

Follow the guide below to post accounts receivable or vendor payments created in a temporary journal by Statement Intelligence.

Note

This guide presupposes a setup where journal lines are handled with the setting Create Suggestion.

  1. Use the Search for page or report icon and search for Bank Account Reconciliations, then select the related link. This opens the list of bank account reconciliations.
  2. Open the bank account reconciliation.
  3. In the action bar of the bank account reconciliation select Matching > Match Automatically.
  4. Navigate to the Bank Statement Lines and see the column Status. Bank statement lines with reconciliation suggestions based on open customer, vendor, or employee payments will have the status Awaiting General Jnl., Awaiting Payment Jnl. or Awaiting Cash Rcpt. Jnl.
    • In the column Selected Recon. Found By you'll get more information about the reconciliation suggestion, such as parameters used to identify a match.
    • In the column No. of Reconciliation Suggestions, you'll see how many reconciliation suggestions have been identified for the bank statement line.
  5. To apply the reconciliation suggestions, the suggested open ledger entries related to the reconciliation must be posted. In the action bar select Journals > General Journal / Payment Journal / Employee Payment Journal. This will open the journal with a filtered list of open ledger entries. You can also open a non-filtered list of all ledger entries that have been created to match all non-reconciled bank statement lines with status Awaiting. To see all ledger entries awaiting to be posted, navigate to the action bar of the journal and select Page > Show More Columns.
  6. In the action bar select Post/Print > Post, to post the open ledger entries in the journal. After having posted the ledger entries, the open payments must be posted as well.
  7. In the bank account reconciliation, navigate to the action bar and select Journals > Cash Receipt Journal or Payment Journal depending on whether the reconciliation suggestion is based on customer or vendor payments. This will open a list of open customer or vendor payments will.
  8. In the action bar select Post/Print > Post, to post the open customer or vendor payments.

When the payments in the cash receipt journal or payment journal have been posted, bank account ledger entries are generated and the bank account reconciliation will automatically be processed. The bank statement line will now have the status Ok.