Bank Account Reconciliation

Summary: Provides an overview of how to access the Reconciliation page; how and where to input ending balances, interest, and bank fees for non-integrated bank accounts; where the Starting and Ending Balance information comes from; where and how to Reconcile Transactions; how to create a Post Expense or Post Deposit without a Bank Transaction; and how to use the Reconciled Tab for research and reporting purposes.

Auto 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 

To access the Reconciliation screen, go to Accounting > 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 dropdown 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

To manually reconcile 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 or Expense (No Bank Transaction)

Post Deposits and Post Expenses are 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.

To create a Post Deposit or Post Expense without a Bank Transaction click either + Post Deposit or - Post Expense, without checking a box on the bank transaction list. Populate the Date, Check No, and Amount. Continue to complete the form as you would for an integrated item.

Reconciled Tab

The Reconciled 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.