When a customer pays your business by cheque, credit card, cash or direct transfer to your bank, you need to record the receipt of payment in Wiise. Recording payments from your bank statement straight into Wiise means less data entry and fewer errors.
In Wiise, you'd use the payment reconciliation journal to record a customer payment when you get your bank statement. The payment reconciliations journal automatically records customer payments from your bank statement straight into Wiise. You can then match the payments to the right sales or purchase document in Wiise. You can also use this process to import and match the payments manually at a time that suits the way you work.
1. In your banking software, download the bank statement for the period you need. The format of the file will depend on the bank you’re using.
2. Then save the downloaded statement to a folder on your computer.
3. Log into Wiise.
4. Search for Payment Reconciliation Journals and select Payment Reconciliation Journals — Lists. This will display the Payment Reconciliation Journals page.
5. Select Process and then select New Journal.
6. Select the bank account that you want to receive payment for, then select OK.
7. The Payment Reconciliation Journal window will open for the selected bank account.
8. Select Process and then select Import Bank Transaction. (If you're using the automatic SISS bank feed, you can miss steps 8, 9 and 10. Find details here on How to set up your bank feed.)
9. This opens the Select a File to Import window.
10. Click Choose to select the bank statement file you downloaded before.
11. The bank statement transactions will be imported into the journal with the Transaction Date, Transaction Text and Transaction Amount filled in.
12. To automatically apply the transactions to documents (sales invoices and purchase invoices) already created in Wiise, select Process and select Apply Automatically.
13. Wiise will use the transaction date, transaction text and transaction amount to apply the transaction to the most suitable document. For example, if the transaction text from the bank statement file matches a purchase invoice number in Wiise, the transaction will apply to that document automatically.
14. If it finds a match, Wiise will fill in the Applied Amount, Document No., Description, Due Date, Account Name, Account Type and Account No. fields.
Note: The Match Confidence field will give you an idea of how good a match Wiise thinks it's made. Find details about match confidence fields in the related article below.
15. If you don’t want the transaction to match to the selected document in Wiise, select the relevant line and select Review. Then select Remove Applications.
16. If you want to apply the transaction manually to an entry in Wiise, select the relevant line, select Manual Application and then select Apply Manually.
Note: Alternatively, you can select Search Entries to Apply and set a filter to apply payments to a specific document or documents. Find details in the related article below - How to filter documents to apply or review payments
17. The Edit – Payment Application window will open. This shows you a list of open entries for customers and vendors.
18. Review the entries and tick the Applied field on the relevant line.
19. You can select more entries, or select Close to return to the Payment Reconciliation Journal window.
20. When you’re ready to complete the payments reconciliation, select Posting and then Post Payments and Reconcile Bank Account.