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While reconciling a bank account, if the cleared balance of the bank register is exactly the same as the last time you reconciled the account, but there is a difference after selecting transactions according to the bank statement, troubleshoot by checking the information listed below:
Verify the cleared balance of the bank register is the same as the previous reconciled balance:
Verify the cleared balance of the bank register:
- Go to Activities > Bank > Bank Registers.
- Select the bank from the Bank Account drop-down list.
The cleared balance will display in the upper right-hand corner.
Compare the cleared balance with the previous reconciled balance:
- Go to Reports > Banking > Reconcile Report.
- Select the bank from the drop-down list.
- Select the last Reconcile date from the drop-down list.
- Select Saved PDF and click View Report.
In the Summary at the end of the report, verify the Reconciled Balance is the same as the cleared balance found on the bank register and that the last reconcile difference was $0.
If the cleared balance on the previous reconciliation report is different than the cleared balance displaying in the bank register, see troubleshooting instructions on Knowledgebase article 446751.
Narrow the discrepancy as either a payment or deposit:
The bank statement should provide a total of all payments which have cleared and separately a total of all deposits which have cleared. While in the account reconciliation form, compare these values to the Selected Payments and Selected Deposits values. If the values do not match, you will know if you are looking for a discrepancy with either a payment, deposit, or both.
Verify check and deposit amounts:
If you selected transactions which have cleared in Rent Manager based on the check number or date, verify the amount of each transaction. The amount could have been mistyped in Rent Manager or possibly the bank cleared the item for the wrong amount.
You can correct inaccurate amounts from the account reconciliation form by double clicking the transaction. When the transaction opens, correct the amount and save it. When you click Refresh on the account reconciliation form, the updated amount and updated difference will display.
Verify only those transactions (and all of the transactions) on the bank statement are checked as cleared in Rent Manager:
When selecting transactions in Rent Manager, if you did so by making sure they appeared on the bank statement, do the reverse: verify that all transaction on the bank statement appear in Rent Manager. If a transaction has not been entered into Rent Manager, you may have missed it.
Disable (uncheck) Exclude after reconcile date:
If a transaction appears to be missing in Rent Manager, deselect (uncheck) Exclude after reconcile date to display future transactions which could reveal a transaction as possibly misdated.
Bank Fees and Interest:
Verify that you have entered any bank fees and/or interest appearing on the bank statement. If fees and interest were not entered when you started the bank reconciliation, you can add them as a journal entry, date the entry according to the bank statement, click Refresh on the account reconciliation form and clear the entry.
For step by step directions on entering fees or interest after starting the reconciliation see Knowledgebase article 242456.
If any transaction has been entered or edited, click Refresh on the account reconciliation form to see the new or updated transaction, clear it and see the affect on the difference.
Verify you have accurately typed the correct ending bank balance according to the bank statement. If you find you have mistyped it, click Save For Later. When you reopen the reconciliation, you will be able to correct the Ending Balance according to the bank statement.
REQUIREMENTS / PERMISSIONS
Go to File > Administration > Manage Users:
- Bank / CC Accounts group: Enable (check) the appropriate Bank
- Banks / Checks group: View bank registers Enabled
- Banks / Checks group: Add reconciled transactions
To run the previous reconcile report:
- Letters / Reports group: Run reports Enabled
- Reports tab: Banking group: Enable (check) Reconcile report
To edit or add transactions:
- Properties group: Enable (check) the appropriate Properties
- Banks / Checks group: Edit reconciled transactions
To edit or add checks:
- Banks / Checks group: Add, View and Edit Checks
- Payables group: Edit Bills (if an edited check pays a bill)
To edit or add deposits:
- Banks / Checks group:Edit bank deposits Enabled
- Banks / Checks group: Add and Edit Step three deposits
- Receivables group: Make customer deposits Enabled
To edit or add journal entries:
- Accounting group: Add, View and Edit Journal entries
This article can also be viewed within the Knowledgebase.