Once you have imported transactions from the bank files, you need to reconcile a transaction. There are different ways you are able to perform this depending on the transaction.
Here is how to reconcile a transaction:
- Click Finance on the Navigation Menu.
- On the Transaction Processing screen, click Banking and then Reconcile
- If the Reconcile button(as in the screenshot above) is not showing then that means that you have no transactions waiting to be reconciled. If you use Xero, and are expecting a transaction to come through, then wait for the next import from Xero (usually they happen every 3 hours). A quick way to keep track of any new transactions that have been imported from Xero and are waiting to be reconciled is to add the Finance widget to your dashboard. This widget gives you a summary of your transactions by month as well as the batches waiting to be reconciled. You can click on the Reconcile button alongside a particular batch to reconcile it.
- Once you have clicked on Reconcile on the Transaction Processing screen(step 2 above), choose a batch that requires reconciling. You also have the option to choose and Rename a batch.
- Click RECONCILE.
- You have a number of options to choose from:
Match shows a selection of boxes that enables you to provide the information infoodle needs to create a transaction in the batch.
Split allows you to split the transaction between a number of individuals or account codes e.g. if the amount represents donations from 3 different individuals.
Don't import is used when the transaction does not relate to individuals e.g. it may be an amount received that is a refund for overpaid expenses and therefore not relevant to your donation tracking. Clicking this will hide the transaction.
- Infoodle defaults to Match. In order to match the transaction, start typing the name of the individual in the Who field. To search by another category, click change alongside Search by Name to select a different category to search by. This allows you to search by Giving number, household name, etc depending on what information has been provided on the bank statement.
- If infoodle has already automatically populated the Who field with an individual, you do still have the opportunity to change it by clicking Change if necessary.
- If you are reconciling a transaction that has been received via an infoodle form and or an Ezidebit transaction then click on the relevant link for more details.
- Select the relevant account code in the What field.
- Select whether this transaction attracts a tax rebate, if GST is included in this amount, whether you want to receipt or not. This gives you the option to select whether the transaction is to be receipted at the end of the year(Combined), or ad-hoc(One-off).
- Select who to receipt. This allows you to choose whether to issue the receipt in the name of the Organisation (or household) or individual.
- If this transaction is likely to be a one off amount from this individual then click OK. Infoodle will simply create the transactions according to the information entered and mark the record as reconciled. If you click Auto reconcile? then infoodle does the same as per 'reconcile' but also records the information in its own lookup system. This way next time infoodle sees the combinations of name and amount whilst importing – it will present to you this option to quickly reconcile the transaction so you don't have to complete the information again. At that point you can also simply click Reconcile all to quickly reconcile the selected transactions.
- To Split the transaction between more than one individual go to splitting transactions for more information.
- Click RECONCILE.
- As you reconcile the transactions the batch total and total to process figures will change.
Note: As mentioned, this reconcile process is simply a quick and less error prone way of entering individual transactions, in the same way that the individual transaction and bulk add screens do. If you need to edit a transaction for any reason click here for the steps on how to edit a transaction.