A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
In Optimum, we have enhanced the user experience by introducing a cutting-edge automation feature: Auto Bank Reconciliation.
Now, you can effortlessly upload your bank statements and have the system handle the reconciliation process, eliminating the tedious manual clearing tasks.
- In the Navigation Pane, select General Ledger and below it, choose Bank Reconciliation.
2. Next, choose your Bank Account.
3. In the top section, click Auto Recon under the Home tab.
4. When you click on "Auto Recon", a prompt window will appear presenting your options:
On the left, there's a list of available banks. If your bank isn't listed, you can choose "Other banks" as an alternative.
On the right, you may opt to import your bank transactions using the QNE CSV Template to ensure the efficiency, accuracy, and effectiveness of the data upload and reconciliation process within the platform.
Listed Available Banks
- Upon selecting your bank, you will be introduced to an enhanced bank reconciliation interface, featuring an additional section below that lists your uploaded bank transactions.
Statuses that could appear in the Status column include the following:
- Matched Found – There is a matched transaction to the uploaded file.
- Transaction Not Found – There is no matched transaction to the uploaded file.
- Duplication Found – There is already matched or saved transaction with same date and amount.
2. The system effortlessly handles the matching process with precision, yet for added assurance, it's recommended to perform a quick review before finalization.
Once you've confirmed the accuracy, click the Save button to apply changes.
- By picking "Other Banks", you can upload your own bank statement. This flexibility ensures that end-users can smoothly use other bank statements even if it's from a bank that is not currently supported.
Once file is located, click Next.
2. Each column in your uploaded CSV File Bank statement is displayed in the 1st column. Navigate to the Map To column, where a dropdown selection allows you to match it with the system fields.
If your file has any unnecessary columns, feel free to skip them. Click Import to proceed with the next step.
3. Once you have successfully imported the file you can click Finish.
4. It will return to the Bank Reconciliation screen and can now Save the records.
QNE CSV Template
- An alternative is utilizing the QNE CSV File for Bank Statement. Populate it manually or paste data from external sources of bank transactions. This option ensures a standardized format for your bank statement data, reducing the risk of errors during the upload process.
Given that amounts may be presented differently in bank statements, with either a (+/-) per row or separate columns for deposits and payments, ensure to select the correct option on this screen (One Column or Two Column).
If you don’t have a template of QNE CSV format, you can directly download from the
system by clicking Download QNE CSV Template here. The generated template will depend to the column you will choose from the option.
2. After you have chosen the template and the file, it will return to the Bank Reconciliation working screen as shown earlier. Once finalized, you can now Save the records.
Automating the reconciliation of your bank transactions with Optimum not only streamlines your workflow but also guarantees accuracy, minimizing the potential errors linked to manual data entry.
Say goodbye to tedious clicking! Auto bank recon does the heavy lifting by reading your statement and clearing transactions for you.
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