Bank Reconciliation 2.0 (Beta version - December 2024)

We’re excited to introduce a series of updates designed to make managing your financial workflows in ManageCasa even more seamless and efficient. From navigation improvements to enhanced transaction handling and automation tools, these changes will streamline your day-to-day operations, save you time, and give you greater control over your financial data.

Check out the overview and demo video below:

Here’s a detailed look at the key updates and how they enhance your experience

Key Changes to the Navigation Panel

We’ve made several updates to improve navigation and streamline your workflow. Here’s what’s new:

Navigation Panel Updates

1. Accounting Renamed to Transactions

   • The "Accounting" tab is now called Transactions for greater clarity.

2. New Additions to the Navigation Panel

   • Bank Accounts: Moved from within the Accounting tab to a dedicated section on the navigation panel.

   • Recurring: Similarly, Recurring Transactions are now accessible directly from the navigation panel.

                
     Comparison of the updated version (left) and the previous navigation panel (right).

3. Recurring Transactions Status Update

   • A new On/Off Status for Recurring Transactions allows you to temporarily disable scheduled transactions without deleting them.

   • Important: If turned back on, transactions will resume from the current date. Missed days while the status was off will not backdate!

Updates to the Transactions Tab

The Transactions Tab (formerly Accounting) has undergone significant enhancements for improved usability:

1. User Interface Enhancements

• Bank Selector: You can now easily select a bank from a dropdown menu at the top, unlike the previous system where each bank required separate navigation. 

  If you cannot find your bank, bank connection may not be supported through our U.S.-based data integration partner. Skip to the "manual upload" section.

• Enhanced Filtering: Improved User Interface for filtering transactions makes finding specific records more intuitive.

2. New Tabs Added

• Bank Register: Previously found in Bank Account Details, this tab is now directly accessible for improved visibility.
• Reconciliation Statement: The reconciliation feature has been revamped:
  • Access reconciliations for all banks seamlessly.
  • A cleaner interface with improved functionality.
  • "Reconcile" action replaces the checkbox method, and the cleared date updates automatically when a transaction is reconciled.
• Bank Transactions: A new tab to sync your bank with our system:
  • Bank Integration: Connect to major banks such as Chase, Bank of America, Citi, Wells Fargo, and more, including advanced integrations with Pacific Premier and Alliance Association Bank.

  • Manual Upload: Upload bank statements in .csv (comma separated values, "check number" column is optional) or .qbo (QuickBooks Online) format to match or create transactions in ManageCasa. This is especially important if your bank account cannot be connected due to limitations with our U.S.-based integration partner. 

Bank Transactions Page

The Bank Transactions page introduces three tabs for streamlined management:

1. For Review: Review uploaded or synced transactions.
2. Categorized/Matched: See approved transactions from the "For Review" page.
3. Excluded: View transactions excluded from matching.
   • Important Note: Excluded transactions can be undone and returned to the "For Review" tab.

Matching and Categorization Features

• Suggested Matching:

  • The system will recommend matches based on amounts or check numbers.

  • You can approve or override these suggestions.

• Match with Existing:

  • Manually match transactions to existing records in ManageCasa, ensuring amounts align.

  • Supports single or multiple transaction matches.

• Categorize/Add:

  • Create new transactions if no matching record exists.

  • You can also create rules for recurring categorizations (details below).

• New Payment Record:

  • Add a payment record to an existing transaction without creating a new transaction.

Automation with Rules

The Rules Tab introduces automation to categorize transactions:

1. Set Up Automated Categorization

   • Define parameters such as income/expense type, description, or amount.

   • Transactions matching these criteria will automatically categorize based on your rules.

2. Automatic Approval

   • Enable auto-approval to skip the "For Review" tab and directly categorize matched transactions.

3. Flexible Rule Management

   • Pause or resume rules as needed using the status toggle.

   • Note: Rules cannot be edited. To make changes, you’ll need to delete and recreate them.

Key Takeaways

These updates are designed to simplify navigation, streamline transaction workflows, and save time. Whether you’re managing recurring transactions, reconciling bank accounts, or automating categorization, these changes make it easier to stay on top of your financial data with less manual effort.

Note: Beta version

We are launching this new feature as a Beta version in December 2024.
There are some known limitations, for example:

• Initially for manual uploads only the .qbo and the 3-column .csv (date,amount,description) bank file formats are supported. We may add the 4-column .csv format later.

The traditional reconciliation functions (manual and with BankSync) are still fully functional.

We are looking for feedback from early adopters. Just send us an email with suggestions to support@managecasa.com.