(This is a premium feature, currently only available in the United States.)
A bank reconciliation is a comparison between your organization's banking records in ManageCasa’s accounting module against your Bank Statements. Performing relatively frequent bank reconciliations allows you to ensure your financial data is being reported accurately and to uncover any accounting errors like typos, missing transactions, or duplicate transactions that could lead to inaccurate reports.
ManageCasa BankSync is accesses your bank statements and uses machine learning algorithms to suggest matches between your accounting transactions in ManageCasa and your bank statement.
Limitations may apply, as our partner, Plaid connects to most, but not all banks in the U.S.
Suggestions made through self-learning algorithms will improve over time as the AI registers your history of confirmed matches.
BankSync will help you to save a lot of time as it greatly reduces your manual effort as it allows you to:
a) reduce recording manual payments in ManageCasa,
b) automate reconciling bank accounts.
Please watch a quick demo here:
In case you have all your payments flowing exclusively through your bank, you could just use Bank Sync to record payments in ManageCasa and completely eliminate recording payments in ManageCasa manually!
You may still need to create manual payments in ManageCasa though if payments are received outside your bank account, through providers like Zelle or Venmo.
Reconcile your accounting data and your bank statement on ManageCasa using BankSync:
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If you subscribed to BankSync and want to utilize this feature, go to “Accounting” and select the “Bank Accounts” tab.
- From the list of Bank Accounts, you can see which bank is enabled for Bank Statement downloads.
In the above example, the Operating Account is one of the bank accounts that is enabled for Bank Downloads. - Click on Operating Account then hit on the “Matches” tab. You will see two different lists.
The list on the left hand side are the transactions from your ManageCasa account.
The right side displays transactions that were imported from your bank account.
BankSync is suggesting matches for your review.
If you do agree with a suggested match, simply mark the match as “OK”. - There are some cases wherein some transactions from your bank account are not visible from the transactions within ManageCasa. This could occur in case you are behind entering transactions in the system. If that is the case, you may create a new transaction directly from this page to create a matching transaction.
- You can pair the new transaction with the transactions you had from your bank account thus making the reconciliation process much smoother.
- To create a new transaction, select “Find & Match” then click “+ Add New Transaction”.
- Fill-out this form then hit “Save”.
- You will see the new transaction on the same page, then click on “Back to List”.
- Next, you can approve the match by clicking the “OK” button in the center.
The BankSync feature will optimize your user experience and helps you to save a lot of time for bank reconciliations.
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