NetCash Reconcile Page
Overview
Bank reconciliations can be done daily, weekly, or monthly depending on the size of your operations and the desired timing of data visibility. To assist with the reconciliation process for individual bank accounts, Netgain has developed the reconcile page.
Import statement balances for many accounts at once
If you reconcile many bank accounts, you do not have to enter each Statement Ending Balance by hand. Upload them from a CSV on the Statement Balances tab of the Import Bank Activity page. NetCash creates or updates a reconciliation for each account and date in the file. See NetCash Importing statement balances from a CSV.
Step-by-step process
Navigate to NetCash > Bank > Reconcile
Select the Account and Reconciliation Date
Enter the Statement Ending Balance from the Bank Statement.
On the left side of the screen the system will calculate the ending balance using the prior reconciled bank balance and the bank activity since the last balance.
If the Difference is not 0, then this means that the bank account has not been fully reconciled and matches are not complete.
On the right side, there is a line for the Bank Balance, GL balance, and the difference between the two balances as of the reconciliation date selected.
If the Difference is not 0, then this may mean that there are transactions that need to be created on the GL side or there are some outstanding checks/deposits that haven't hit the bank side yet and may require further investigation.
If all differences have a 0 balance , then select the Mark Complete or Submit for Review button.
If no review is required, the system will now show who prepared the reconciliation, a status of complete, the last reconciled date, and the last reconciled amount.
If it is desired for another individual to review the reconciliation then this needs to be configured on the NetCash Go-Live Bank Page. Once configured, reviewers will have the option to Approve or Send Back for Edits.
Upload Documents
Users can attach documents, such as a Bank Statement, to each Reconciliation Record on the Reconcile Page. The attached documents are then viewable on the Reconcile Page and on each Reconciliation Record on the Reconciliations Report Page. Once a file has been attached it can be deleted until the Reconciliation is submitted for review or completed.
NetCash only creates a Reconciliation Record after a user clicks Submit for Review or Complete. This means that if a user attaches a file to specific Reconciliation on the Reconcile Page and navigates away from that page without clicking Submit for Review or Complete, then the file will not be stored because the record was not created.
Balance Sheet Timing Differences
The GL Balance on the reconcile page is based on GL Transaction Date not GL Posting Period. In situations where there is a transaction dated on or before the reconciliation date but with a posting period after the reconciliation date, then reporting based on the GL Posting Period will not match the GL Balance shown in NetCash. The Balance Sheet Timing Differences Section displays both the GL Balance per Transaction date and the GL Balance per Posting period to highlight those differences, which we call the GL Timing Mismatch. Users can click the GL Timing Mismatch amount to be taken to a report that list all the transactions causing the difference.
Below is a quick walkthrough of the Balance Sheet Timing Differences.
