A bank reconciliation is a comparison between your company's banking records in ManageCasa’s accounting module against your real 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.
We recommend that you perform a reconciliation when you receive your bank statement at the end of each month. You should plan to print out your statement and keep it close by to compare the records that you find in ManageCasa’s reconciliation app. Follow the steps in this guide to learn how to make the process simple and straightforward.
Reconcile your accounting data and your bank statement on ManageCasa:
Log into your ManageCasa account and select Accounting from the left sidebar.
From there, select Bank Accounts to view a list of all bank accounts you have associated with your properties on ManageCasa. You’ll need to reconcile each account separately.
Choose the bank account you wish to reconcile from the list, and click on the green dots to the right of the Balance column. Choose Reconcile.
4. Here, you’ll be required to input the unfinished reconciliation period, as well as your bank statement’s Ending Balance and Ending Date, which you can find on the statement you printed out. Once you’ve confirmed this information is correct, click the Start Reconciling button.
5. You’ll be taken to a page where you can quickly see the degree of difference between your ManageCasa Accounting Balance and your Bank Statement Balance for the reconciliation period. The goal is to close your books with a $0 difference. So how do you accomplish this? Simply add any missing transactions to ManageCasa, mark them with a check box once you have cleared them, and then finish your reconciliation.
Note here that once the transaction for $185 has been marked as cleared, the difference total decreases by $185. In this case there remain $900 worth of transactions to reconcile.
6. When all transactions have been entered and marked as cleared, you should reach a balance of $0 in the difference box.
7. Select Finish Now to complete your reconciliation. Note that it is still possible to close out a reconciliation period with a non-zero balance. If you close the reconciliation with an amount that is not $0, the system will create a journal entry for the amount that is different.
Hopefully this article has cleared up many of your questions about how to perform bank reconciliations on ManageCasa. Keep in mind that we suggest getting into the habit of reconciling your accounts at the end of each month.