Account Reconciliations
This page provides all the details related to our account reconciliations module.
General
Our account reconciliation module is the heart of Equility. The first step of every bookkeepers job is to ensure that the accounts are reconciled properly. This ensures data fidelity between the accounting system and the actual business transactions.
Equility helps to ensure that your business transactions and balances are properly recording within the accounting system, which for our purposes would be QuickBooks Online. We do this by identifying the transaction details that are recorded within QuickBooks and making sure that these details match those within your online banking portal.
We are presently looking at the following details, which can be found both of QuickBooks Online and within your online banking portal, in order to identify matches:
Transaction Dates
Transaction Amounts
Transaction Ref Numbers/Check Numbers
Transaction Descriptions
As our platform analyzes more of your business data, we will be able to suggest more detailed matches based on our machine learning capabilities.
How To Reconcile Your Account
Step 1: Start Reconciliation Process - Within QuickBooks Online
There are two ways to start your reconciliation process using Equility. The first thing that you'll need to do is to make sure that you've installed install our plugin, which works on the Chrome, Edge, and Brave browsers. This allows us to add a 'Reconcile with Equility' button directly within your QuickBooks Online reconciliation module for easy access to our platform:
Once you click the 'Reconcile with Equility' button, you will be taken directly to our reconciliation's 'Run' page. By using the plugin, the application will be able to fill out a large majority of information needed to complete your reconciliation.
Step 2: Enter Reconciliation Details
In order to proceed with the reconciliation, you will need to fill out the following details on the reconciliation's 'Run' screen above. These details include:
General Ledger Account
Choose the general ledger account that you'd like to reconcile.
Last Completed QuickBooks Online Reconciliation Date
Please enter the ending date for the last completed reconciliation within QuickBooks Online for the general ledger account that is being reconciled. If the account has never been reconciled then please input 2000-01-01 as the date.
Ending Date For This Reconciliation
Please enter the ending date for the last completed reconciliation within QuickBooks Online for the general ledger account that is being reconciled. If the account has never been reconciled then please input 2000-01-01 as the date.
Beginning Balance
Enter the beginning balance for this reconciliation.
Ending Balance
Enter the ending balance for this reconciliation.
Matching Date Range
Specify the number of days before and after a transaction's date Equility should look for potential matches between bank and QuickBooks data.
This is important part of the matching process. You might write a check on January 1st but it might not get cashed and show up on your bank statement until January 4th. In this case, we want the matching date range to be at least three days, to ensure that the application knows that the date differential is within our margin of error.
Once these details are entered, you will be ready to link the transactional source data that you'd like us to use for this reconciliation.
Step 3: Link Transactional Source Data
For reconciliation purposes, this source data is your bible or single source of truth. If you connect Equility directly to your bank account, we will be able to automatically grab your transactions once you click on the appropriate account listed under the 'Source Data Import' section:
If you're banking institution does not support our direct connection, then you have the option of uploading your transaction information via CSV file using the 'Upload' button on the left side of the screen.
A video tutorial of this upload process can be accessed by clicking the 'View CSV Upload Tutorial' button within the application or by clicking this link here.
Once the transactional source data is connected, simply click the 'Run Reconciliation' button on the bottom right part of the screen and Equility will start it's matching process. Once this has been completed, you will be redirection to our 'Results' section, where you will (you guessed it!) see the results of our automated reconciliation process.
Step 4: View Auto Reconciliation Results & Complete Reconciliation
QuickBooks Online Transactions
After our system has completed its auto-matching process, you will be taken to our results screen where you can get details about the matches that we were able to make. On the left side of the screen, you will see a list of the QuickBooks transactions, which you can toggle based on the status of the transactions: Matched, Unmatched, or All.
The details associated with the transactions in each of these sections are as follows:
Matched
We were able to find a match for these transactions from within your transactional source data.
If you'd like to see the details associated with any of the matches, then click the green checkmark icon under the 'Matched' column and a 'Matched Transaction' pop-up window will appear. In this pop-up, you will be able to see the details associated with the match. You can also click the 'unmatch' button if you feel like this match was made in error.
Unmatched
We were unable to find a match for these QuickBooks Online transactions from within your transactional source data.
All
This section shows all of your transactions, regardless of their match or unmatch status.
Source Data Transactions
On the right side of the screen, you will see a list of the source data transactions, which you can toggle based on the status of the transactions: Matched, Unmatched, or All.
The details associated with the transactions in each of these sections are as follows:
Matched
We were able to find a match within QuickBooks Online for these source data transactions.
If you'd like to see the details associated with any of the matches, then click the green checkmark icon under the 'Matched' column and a 'Matched Transaction' pop-up window will appear. In this pop-up, you will be able to see the details associated with the match. You can also click the 'unmatch' button if you feel like this match was made in error.
Unmatched
We were unable to find a match with QuickBooks Online for these source data transactions.
If you believe that there is not a match within QuickBooks Online for any of these transactions, then you can choose to add this transaction to your QuickBooks Online general ledger. To do this, click the blank square to the left of the transaction(s) date to activate the green checkmark associated with each transaction. You can then click the 'Add to QuickBooks' button.
You will then see an 'Export To QuickBooks' pop-up where it lists all of the transactional details that you can define before adding the transactions to QuickBooks Online: account, name, class, and type.
All
This section shows all of your transactions, regardless of their match or unmatch status.
Step 5: Complete Reconciliation & Export Results to QuickBooks Online
Once you've gotten your reconciliation's difference to $0.00, you will be able to click the 'Done' button to export these results to QuickBooks Online. If you're difference is $0.00 but the 'Done' button is still disabled, then this is likely due to the fact that you have unmatched source data transactions that either need to be a) matched to a transaction with QuickBooks Online or b) added to QuickBooks. A video representation of this type of issue and how to resolve it can be found here.
After you click the 'Done' button, you can export your results back to QuickBooks Online, where our application will automatically add a blue checkmark next to all of the reconciled transactions, so that you're difference in QuickBooks Online is shown as $0.00 as well. A video of this process can be found here.
Last updated