Module 15.5 Bank Reconciliation UPDATED
By the end of this module, you'll know where to link your bank up using TrueLayer and how to reconcile transactions by matching to invoices and customers in Squeegee.
MODULE 15 - PAYMENTS
15.5: Bank Reconciliation
To get set up for bank reconciliation Go to settings > invoicing and payments > connected services to set up bank reconciliation by linking your bank account.
Go to ‘sync’ with truelayer’ and select the dates you wish to import the data from your bank.
This will bring back everything that has come in and gone out of your account for reconciling.
For incoming payments, select just 'in' at the top
To match, press on payment type and for a customer payment select this option then you’ll see the customer suggestions come up underneath.
Press customer suggestions
When matching for the first time, make sure that you’re carefully selecting the correct customer, you can always search for the customer by opening the customer page and searching, which on a pc or mac, will keep the bank reconciliation open on the right while you search on the left.
Once you’ve selected the customer, this will be saved this for future matches making the process much quicker.
Just under here, you’ll see auto invoice allocation, or you can switch to manual.
Auto will just record the payment against the whole account paying off the oldest invoice first, with any overpayments put down as credit. You can do this or switch to manual invoice allocation to be more precise and record things like tips.
Once you’ve selected manually allocate, create as new customer payment and any outstanding invoices will come up for you to select, then if there is an overpayment, you can record this as either an overpayment or a tip
When reconciling against exact matches on customer names and invoice amounts, the process is simpler returning only a limited set of results or one result. In this case rather than manually allocating or auto-allocating, the option pops up for the match itself to be selected. Once you've gone through these steps, you’ll then see the option come up create a template to match future similar transactions.
If you have looked through all the unmatched transactions that have a confirm button and you’re happy, you can press ‘run match on all’ to save going through each individually. This will likely only be an option for work on a repeating schedule once you’ve matched one payment like this for the customer already.
