Webinar Rewind: Bank Reconciliations, Manual and Electronic

MicrophoneBack to your weekly-scheduled program: a dose of web excitement… and, as always, we’re featuring K.C. and Chris G. on the Rent Manager®tip, the dynamic duo devoted to helping you customize your Rent Manager program and improve your efficiency.

This week K.C. talked us through how Rent Manager meets your bank reconciliation needs. We learned the how, what, and why behind reconciliation, to ensure quality control over your financial data!

Bank Reconciliation 101

Getting down to basics, K.C. first defined bank reconciliation as a process that allows you to compare your Rent Manager bank register and ALL transactions to the statement you receive for your real-life bank account. In other words, this is how you keep your money straight!

With her savvy demos, K.C. helped us take more control of our fiscal life. Balance your register. Make sure your data is accurate. Match your overall cleared balance’easy stuff, right?! We also learned how to find banking and data entry errors that need to be corrected. It’s like money-in-the-bank, so to speak!

Two Methods to Reconcile

If you’ve been wondering, what’s the difference between manual and electronic reconciliation? Or which one should I use?, this webinar is definitely for you!

Going all business, K.C. walked us through full bank reconciliation, beginning to end, manual and electronic. And first thing’s first, you need to make sure you have your bank statement with your ending, cleared balance available. (You can’t exactly reconcile without your statement).

Miss K.C. schooled us in two ways to start a reconciliation:

  1. Activities>Bank>Reconcile; select your bank
  2. Go straight to Bank Register; select Bank Account from the list; select the Reconcile option

And we learned that the last reconcile date is VERY important, as is the Difference line (or your cleared balance from the previous month. If it’s not your cleared amount, something has changed.)

Tips and Tricks

Does your bank reconciliation process ever get thrown off?

Inspired by her Rent Manager prowess, we learned some tricks-of-the-trade to make reconciliation easier and faster. Like how to manually enter and clear bank fees or service charges.

Do you fully understand the Account Reconciliation form?

K.C. illuminated how any transactions that aren’t cleared in the account reconciliation form will continue to show up. We learned when and how to clear transactions, what to look out for, and how to prepare for future reconciliations. It may seem old-school, but manual reconciliation works!

The difference in Difference.

When reconciling, the Difference line is the ultimate litmus test. K.C. made it crystal clear: until the difference=0, there’s still work to do!

Recognize Reconciliation Options:

  • Check box: allows you to (temporarily) exclude all future transactions
  • Save for Later button: Saves your progress on the bank reconciliation form up to that point. Need a break? Any time in the reconciliation process, select Save for Later, the report will even remind you that the reconciliation is unfinished!

Let K.C. help you get your checks and balances in order! For the complete lowdown on getting reconciled in Rent Manager®, catch the entire lesson at RentManager.com>Services>Training Videos.

And if you haven’t already, get with the program! Participate in our weekly webinars and make Rent Manager work harder for you!

Photo credit: Foter/Creative Commons Attribution 2.0 Generic (CC BY 2.0)