Standard Reconciliations

The Reconciliation feature in RIMSS allows you to reconcile any account in your General Ledger.  In this document, we will be reviewing the standard reconciliation process of reconciling an ending balance to a statement balance.  This is normally completed monthly with bank statements, but it can also be used for Credit Card Statements and other accounts where you will have an ending balance to reconcile against.

To begin a new reconciliation, navigate to:

Banking > New > Reconciliation

This will open a blank Reconciliation document in RIMSS.  To begin a reconciliation, you will first need to add the G/L account to the document.  Click on the ellipse (3 dots) in the Account field to prompt the pop-up of G/L accounts to choose the account you wish to reconcile.  You may reconcile any active account within the G/L. Select the account that you want to reconcile and double-click to load the account onto the Reconciliation.

Once you have added the G/L account, the system will populate initial Reconciliation information on the screen.

1. Statement Ending Date: You will need to enter the ending date of the statement that you are reconciling.
2. Recon Date: This is the Ending Date of the last Reconciliation that you completed for this account.  
3. Beginning Balance: This will pre-populate with the ending balance of the most recent reconciliation that you completed for this account. You do not want to change this amount unless there is evidence that a prior beginning balance was changed in error or unless you are reconciling months out of order.  There should be a chronoligical review of ending and beginning balances to ensure that ending and beginning balances from one reconciliation to the next are correct.
4. Ending Balance: Enter the Statement Ending Balance that you are reconciling.
5. Net Statement Activity: This amount is calculated by subtracting the Ending Balance from the Beginning Balance.
6. Selected Items: This is the calculated total of all selected items in the Grid.  Once this amount matches the Net Statement Activity, the reconciliation will be in balance and ready to be finalized.
7. Difference: This is the difference between the Net Statement Activity and the Selected Items.  This must be a value of 0.00 to finalize the reconciliation.
8. Grid with Transactions: The grid populates with the list of all unreconciled transactions posted to the G/L account.  It includes a checkbox that allows you to select transactions for reconciliation.

To reconcile the account, check the box on the left of each line item in the grid that matches a line item in your statement. As you select each line item, that amount will be calculated in the Selected Items box and will update the amounts.  Continue with the process until all line items from your statement have been found and checked in the RIMSS reconciliation grid. Your Difference should be at $0.00 once all line items are identified and selected.

If you have not finished the reconciliation and you need to save your progress to continue working at a later time, click the option at the top to Save and Finish Later. To re-open the reconciliation in progress, navigate to Banking > New > Reconciliation and add the G/L account.  RIMSS will populate reconciliation in the same state as when you had clicked to Save and Finish Later.

NOTE 1: If you open a reconciliation that is in process and click the X at the top right to close, be certain to always choose "Yes" in the pop-up to save the reconciliation or you will lose your progress.

NOTE 2: Banking > Find > Reconciliation will populate a list of finalized reconciliations.  

If you need to enter a missing transaction or edit a transaction that is listed in your reconciliation, you can make the changes in RIMSS then click on Save and Refresh in the Reconciliation to populate the new information.  If a transaction that you have already selected to reconcile was modified, the system will check the box in the Was Modified column to indicate that the transaction amount may have changed since you selected it on the Reconciliation.

While working to find all transactions, there are features within the reconciliation to assist.

1. Auto-Filter Row: Search for transactions by entering filters in the auto-filter row.

1. Find Box: Search for text within the entire grid by entering filters in the Find box.  You can access the Find Box by clicking on the magnifying glass at the top right of the grid.  This is the most powerful search option in RIMSS as it will search within text across all columns.

1. Sorting: Sort your transactions to more easily find line items in the grid.  To sort by a column click on the column header for the field.  Click a second time to sort in the opposite direction.

Once you have all line items selected and your Difference is at $0.00, click Save Finished Reconciliation to finalize and reconcile selected documents. You will get a pop-up that will allow you to proceed or cancel.  Click OK to proceed with the reconciliation.

Upon saving, the system will reconcile all checked line items and save the report of reconciled and unreconciled line items as an attachment to the reconciliation. To access this report, navigate to:

Banking > Find > Reconciliation

Set the date range and fetch the list of finalized reconciliations.  Double click on the reconciliation to open. Navigate to the Attachments tab and click on the attachment to download and review the report in Excel.