Bank Reconciliations

As you receive Rents, Deposits and make payments to your Landlords and Contractors each of these Transactions are recorded in Acquaint and should be periodically matched to your Bank Account Statements to ensure nothing has been missed. This process is called Reconciling.

The Bank Reconciliation feature in Acquaint allows you to compare the monies you’ve received or paid out in Acquaint with the monies in your actual bank account for a given period of time. It can be accessed via the Bank Reconciliations icon on the Financial tab of the ribbon menu.

Bank Reconciliations screen

This screen displays the following information of previously performed Bank Reconciliations:

ID
Start Date
End Date
Bank Account
Start Balance
End Balance
Variance

Filters are available for:

Date Range and Bank Account.

The Menu button includes options to:

New
Edit
Delete
Print
Export
Find
Export Grid to Excel
Refresh

Performing a Bank Reconciliation

Creating a Bank Reconciliation will automatically create a Closed Period for the accounting period. Transactions dated on or before the Closed Period cannot be changed without clearing the Closed Period warning.

On the Bank Reconciliations screen click Menu -> New.
Select the Bank Account you wish to reconcile (this defaults to the Client account).
Specify the Start and End dates to be reconciled.
Always set the End Date to before today otherwise there is a possibility that transactions have not yet been finalised.
Enter a Start and End Balance to be reconciled.
Optionally, you can select to show Past or Future transactions for up to 0-12 months or All transactions. Acquaint will remember and store these selections for next time.
If you’ve received any Interest Earned or incurred any Service Charges for the Bank Reconciliation period enter them in the relevant fields.
Once you’ve selected the Start and End Dates and Balances click the Load Transactions button. This will load transactions, which were either received or paid out between the specified dates, into the grid on the lower half of the Bank Reconciliation screen.
Go down the transaction grid and cross reference the transactions listed with the ones in your bank account. Select the Include field for the transactions in the grid that appear in your bank account, this will tick the transaction including it in your Bank Reconciliation.
Once you’ve selected all transactions in the grid that appear in your bank account the Variance field will display the difference between the balance of the transactions that you’ve selected and the End balance that you’ve entered . When all Transactions have been processed the Variance figure should be Zero i.e. all Transactions in Acquaint match those on the Bank Account Statement. Any differences will be noted on screen and on the report. If there is a Variance it could be that a Transaction has been missed or incorrectly entered. If this is the case it should be corrected against the relevant ContactAccount.
Click the Save button to create the Bank Reconciliation this will also save it too.
Alternatively Exit will return you to the Bank Reconciliations screen.
On the Bank Reconciliations screen the Completed Reconciliations shows Completed Reconciliations a Green / Red icon in the Variance column indicates zero / non-zero Reconciliations.

Service Charges will be written to the Company Account as a Debit
Interest Earned will be written to the Company Account as a Credit
The Bank Reconciliation will mark uncleared credits as cleared when they are included on a Bank Reconciliation.
The Bank Reconciliation screen stores / remembers ticks per Bank Account. NB the ticks are only reloaded if the start/end dates are exactly the same.
Deleting a Bank Reconciliation will remove the respective Closed Period.

You can export the Transactions in the Bank Reconciliation before Reconciling it by right-clicking on the Transactions and choosing Export Grid To Excel.
Double-clicking on the Transaction will enable you to view the Transaction's details.
By default the transactions are sorted by Date and then Amount. Click on the field headings to change the sort order of the data in the grid.
Use the Find option to search for Transactions.

To print / view a Bank Reconciliation report:

1. In the grid on the Bank Reconciliations screen highlight the Bank Reconciliation you wish to print.

2. Right-click and select Print.

3. A Bank Reconciliation report will load on screen and can be printed.

To export a Bank Reconciliation:

1. In the grid on the Bank Reconciliations screen highlight the Bank Reconciliation you wish to export.

2. Right-click and select Export.

3. A .CSV file will be produced and a prompt will ask 'if you would like to open the file now'.

The report includes a section at the end for 'Unpresented Transactions'. These are transactions not included on the Bank Reconciliation that aren't after the end date. For example a cheque is sent to a Landlord who may not actually bank it for days / weeks /months.