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Version 1.0 (2017)
Generate your Reconciliation Report
Generate your Reconciliation Report

How to generate your reconciliation report

Rafael avatar
Written by Rafael
Updated over a week ago

Generating and keeping a copy of your reconciliation report in case you are audited is a great idea. Use our built-in reconciliation module to track funds being managed for your clients. We follow ICCRC standards with report creation as shown in the sample below.

Sample Reconciliation Report

Before you can reconcile your accounts, you will be required to use our Billing module to track your client payments and Client Account entries.

Billing Module

  1. Navigate to a case record, then click Billing from the top menu bar.

  2. Go to the Invoices section and click Create Invoice to add your first invoice.

  3. After you have added at least one line total to an invoice, to add an adjustment (taxes, discounts, etc.) simply add under the Adjustment Entries section.

  4. Having generated your invoice, you may now add the Trust Account entries by going to the Trust Account tab. Ensure to first start by adding the Deposit via the Type dropdown menu. Once you have received payment from the client, enter the deposit entry to the Client Account, and when you withdraw funds to transfer to your general operational account, enter a withdrawal entry. The withdrawal entry confirms that the fees are now earned.

    You may also add the Trust Account Deposit entry first, then create the invoice and automatically pay the invoice using funds from the trust account by activating the auto-pay slide bar. This will automatically add the Withdrawal entry to the Trust Account section.

    Reconciliation Report Generation

  5. Navigate to the Main menu then go to Reporting/Reconciler.

  6. To commence reconciliation, we will need your actual bank transactions. You can download your bank transaction files directly from your banking platform, ensure to download the Microsoft Money format then upload that file using the Upload Bank Transaction File feature. Here is a simple step-by-step guide for BMO bank transaction file:

    You may find similar guides from your banking website to help you download your bank transaction file in the specified format.

    An alternative to uploading your bank transaction file would be to manually add the bank transaction entries, by first adding the transaction date, description and amount. Ensure you have entered your opening balance as well if this is the very first entry. The system will track this going forward.

  7. After you have uploaded your bank transaction file or have entered your bank transactions manually, you can then begin to assign each entry to the respective Client Account transaction. Do this by selecting the client name from the dropdown menu, then select the transaction that is being reconciled, add a description, then click save, and your transaction would be considered reconciled. Continue for each transaction until you have fully reconciled your Client Account entries to your Bank Account transactions.

  8. Ensure you have selected the reporting period, then click on the Compliance Audit button. You will be presented with the screen below where you can download your generated Reconciliation Report. You’re done!

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