To help you check your accounts balances match, and keep track of money spent and received, you'll need to match and reconcile your bank transactions and then post them. You can also match your transactions with the right open sales or purchase transactions in Wiise as well.
To do this, you'll need to link bank feed transactions from the Transaction Entries list to either the Bank Account Reconciliations or Payment Reconciliations Journals.
You can set this up to happen automatically or manually. And reconciliations can be split daily if you prefer.
You'll need to set up these options on the Bank Account card for each bank feed as it can be different for each feed if that works best.
Here are the steps to configure bank and payment reconciliations on a Bank Account Card:
- On the Bank Account card select an option in the Bank Feed Setup field. This is where your bank feed transactions will be sent for reconciliation on the next import. Here are the options:
- Bank Reconciliation – when you select this option, imported transactions are linked with a Bank Account Reconciliation. Your bank transactions will be reconciled (balanced) with your accounts in Wiise, without applying payments to the matching open sales or purchase document. This is the default option
- Payment Reconciliation – when you select this option, imported transactions are linked with Payment Reconciliation Journals. And payments are applied to their related open invoices and CR/Adj notes or other open entries.
2. Now select a frequency for the reconciliation.
- Automatic Daily – imported transactions are added to a new reconciliation for processing each day. You may end up with multiple outstanding reconciliations if you don't process these daily.
- Automatic Single – imported transactions are added to an existing open reconciliation. If none exist, a new one is created. Wiise attempts to keep just one outstanding reconciliation for you to process all outstanding items. This can be posted at any time. And a new reconciliation will be started the next time a transaction is imported.
- Manual – no reconciliations will be created automatically, and transactions will not be linked. This could be useful if you wanted to align your reconciliations with paper statements for example.
How to set up bank and payment reconciliations manually
If you've set the reconciliation frequency to Manual, or if some transactions were deleted from a reconciliation, you may be left with unlinked transactions.
But that's ok, you can still link these transactions. You'll need to start a new reconciliation for the bank account and manually import the unlinked transactions. Here are the steps to take:
First, check the Bank Feed Setup field in the Bank Account card to make sure you select the right reconciliation type.
How to set up a Bank Reconciliation:
- From the role centre, select Cash Management > Bank Account Reconciliation.
- Then select +New to start a new reconciliation.
- Select the required bank account in the Bank Account No field.
- Then on the Bank Menu, select Import Bank Feeds (be careful NOT to select import bank statement, this is a separate feature)
- You can now enter a date range of transactions to add to this reconciliation. Or you can choose to link all unlinked transactions to this reconciliation.
How to set up a Payment Reconciliation:
- From the role centre, select Cash Management > Payment Recon. Journals
- Start a new reconciliation by selecting Process, then New Journal.
- Then select the required bank account from the list.
- When the new journal opens, select Process, then Import Bank Feeds (be careful NOT to select import bank transactions, this is a separate feature).
- You can now enter a date range of transactions to add to this reconciliation. Or you can choose to link all unlinked transactions to this reconciliation.
How to record and apply payments using the payment reconciliation journal
You can find detailed steps on how to use the Payment Reconciliation Journal to record and match your transactions.