Bank Account Reconciliation

With Vantaca, bank account reconciliation is a largely automated process!  Vantaca’s auto-reconciliation is an overnight process.  The reconciliation process is performed by matching or reconciling transactions with matching information such as dollar amount, check number and date range.  Transactions that don’t have enough matching information will remain unreconciled and will need to be manually reviewed from the Accounting > Reconciliation screen. 

Note: Please note that Vantaca's Auto-Reconciliation process is only available for Bank Accounts that are through a partner bank which has been integrated through our API.  If you have questions about whether a bank is integrated through the Vantaca API, please contact your System Administrator.

Reconciliation 

Navigate to the Reconciliation page, hover over the Accounting menu item at the top of your screen, scroll down and click on Reconciliation.  When you arrive at this page, the main operating account and the current month will be displayed by default.  The Account and End Period are both drop down lists that can be changed.

Note: Changing the Account will cause the End Period to automatically revert back to the current month.

Posting Ending Balances and Interest for Non-integrated Bank Accounts

For non-integrated bank accounts, to input your ending balance, interest and bank fees, click the Statement button once you’ve selected the appropriate Association, Bank Account and End Period.  Using the pop-up in the figure below, you’ll complete each appropriate field.  The Attachments field allows you to upload the bank statement.  Uploading your statements allows you to easily view them by clicking on the Paperclip next to the statement button. Uploading bank statements here also automatically pushes them into your association documents. Once you’ve entered the statement information, click Update.  If, for any reason, you make an error on ending Balance, Interest Earned, or Bank Fees, you can simply come back to this screen and resubmit this with the correct information.  See Below:

Note: The process of uploading bank statements is fully automated for integrated bank accounts! This means that instead of having to upload your statements and enter interest/bank fees, for integrated bank accounts, those statements will automatically be pulled in and can be accessed by clicking on the paperclip button for the period you would like to view.

Starting and Ending Balance

The starting balance generates from the prior month’s ending balance.  The Credits and Debits will be tracked and the ending balance will be generated from your Statement (image above) pop-up. On integrated accounts, the Credits and Debits will be pulled from the actual bank statement and will bring to your attention, below in red, if there is a difference (not matching).  The below example shows an account that wasn’t reconciled in the previous month, has no activity recorded yet, and no recorded ending balance.

Reconciling Transactions

Integrated accounts will have a Bank Item (left side) and a Vantaca Item (right side) to pair together.  When this is the case, click both check boxes and click the Reconcile button to reconcile them together.

External or non-integrated accounts will not have bank activity pushed into Vantaca so they will only have the activity that’s been processed through Vantaca (On the right-side of the Reconciliation page).  You will need confirm these items against your bank statement and reconcile the one-sided items by selecting the checkbox next to item and then clicking the Reconcile button.

Anything processed in an external bank and not in Vantaca will require an item to be posted so that it can be recorded on the bank register and GL.

Post Deposit (for Integrated Bank Transactions)

The Post Deposit feature records and reconciles a transaction that’s been pushed into Vantaca through the bank integration, but does not have a book-side transaction (associated transaction in Vantaca).  Posting this item using the + Post Deposit button will record the transaction on the bank register and automatically create a journal entry for you!

To use the Post Deposit feature, check the box next to the credit on the list of bank transactions (left side) and click the + Post Deposit Button.

The Date, Check No, and Amount are pre-populated.  Enter a description, choose an attachment if applicable and click the + New Item button to enter the GL. You may enter multiple GLs.  Click Update to complete.

The deposit will record to the Bank Register and the GL Entry screen. You can make any edits after posting by editing the item on the GL Entry screen.

Post Expense (for Integrated Bank Transactions)

The Post Expense feature records and reconciles debit items that have been pushed into Vantaca through the bank integration, but do not have a corresponding book-side.  An example scenario for using this feature would be an Autodraft payment to a utility company.  Posting this item will record the transaction on the bank register and simultaneously create an invoice action item.

To use the Post Expense feature, check the box next to the debit on the list of bank transactions (left side) and click the  - Post Expense Button.

The Date, Check No, and Amount are pre-populated.  Enter a description, and choose an attachment if applicable. 

If this item correlates to an existing association service contract, or if you want to create a contract so that the item will auto-reconcile in the future, use the Contract Select Button.

For more details on using Contracts, please see our Service Contract support article. 

If you wish to choose a service provider, you can select the provider from the dropdown menu.  This is not required.  If you do not select a provider, the invoice will be linked to a system service provider and listed as "Post Item". 

Click the + New Item to enter the GL.  You may enter multiple GLs or Funds.  Set the next step of the invoice at the bottom of the window.  This will allow you to choose whether the invoice should be recorded as Paid and closed (most cases) or whether it needs to be sent to the manager or other role so that documentation can be added.

Items recorded through the Post Expense function will record on the bank register.  Unlike Post Deposits, they will not be shown on the GL Entry screen.  To research or edit these items after posting, you will find them on the Service Provider > Invoice screen and can interact with them as you would a normal invoice.

Post Deposit or Expense (No Bank Transaction)

This is used when an item has been processed outside of Vantaca in an external bank account. An example would be a cash deposit from a fundraiser into a non-integrated (maybe local) bank account.  This screen allows you to create the bank register item and the journal entry to match.  

Note: Make sure the date of the item being created is in the correct month of reconciliation.

Without checking a box on the bank transaction list, click either + Post Deposit or - Post Expense.  Populate the Date, Check No, and Amount.  Next, complete the form as you would for an integrated item.

Reconciled Tab

This tab can be used for research and allows you to see all reconciled items within the selected period and can be filtered by text in the Search for field. There is also an option to sort by either Ledger Transaction Dates or Bank Transaction Dates.

• Checkboxes are used to filter to any One-Sided or Mismatched transactions.
• Vantaca will highlight items it wants you to review in the errors column.

Checking a box and clicking the Unreconcile button will unreconcile the associated item(s), returning it to the unreconciled tab to be reconciled correctly. 

Note: It is possible for the system to incorrectly reconcile items. Typically this happens because a user manually reconciled an item together that shouldn't have been which then can throw off the auto reconciliation process.