Workamajig allows you to reconcile a selected G/L account against your monthly statement. You are able to reconcile any general ledger account in Workamajig. Typically, you would reconcile bank accounts, cash accounts (such as petty cash), and credit card accounts. You should systematically reconcile accounts each period, so you can quickly detect bank errors, match real-world data with Workamajig data, and identify possible mysterious activity.
The reconciling run is saved for each account reconciled. This allows you to print previous reconciliations prior to starting a new one.
NOTE: Transactions cleared in the reconcile and any Other Increase/Decreases amount entered do NOT affect the GL Account being reconciled. This is only used as a checksum for your accounts.
Account Reconciliations Listing
The account reconciliation listing screen provides a summary level view of all account reconciliations. You are able to modify the listing to display the information that is pertinent to your team. You may also view the data in PDF or export via CSV and excel file formats.
Add a New Reconciliation
- From Menu > Accounting > Today-Accounting
- Click the button at top of screen > Account Reconciliation to start a new reconciliation.
- Account, select the correct GL account.
- Beginning Date, select the beginning date from your statement.
- Statement Date, select the ending date from your statement.
- Starting Balance, confirm the value is the same as previous periods' closing balance.
NOTE: This number is calculated by adding together all credits/debits that have targeted the GL account, including journal entries, payments and receipts, since the beginning of time plus any other increases/decreases that have been entered on prior reconciliations.
- Statement Balance, enter the ending balance from your statement.
- Click SAVE and the system will then redirect to the reconciliation screen.
- select the appropriate increases and decreases that are accounted for on your statement
- Confirm the Statement Difference equals $0.00
The Rec Balances area will display the Beginning Balance + (Selected Increases - Selected Decreases) = Statement Balance.
- Confirm Book Balances section: Book Balance and Ledger Balance MUST match (see Book Balance description below)
- Click Finalize at top of screen.
The account reconciliation is now complete.
NOTE: Once transactions are "Cleared" via Account Reconciliation, they will be locked from further editing. If an adjustment is needed to a transaction(s), Open the reconcile that contains the transaction and click ...more>OPEN RECONCILIATION. Prior to re-Finalizing the reconcile, confirm that Rec Balances are correct.
This section of the reconcile shows the Book Balance vs the Ledger Balance.
Prior to finalizing the reconcile, these two numbers should match.
Beginning Balance displays the amount from the Beginning Balance field. This should be the same as the Ending Balance from the previous statement.
Cleared Transactions is the total of all selected Increases and Decreases.
Bank Balance is the total of the Beginning Balance and the total of all Cleared Transactions (all increases + all decreases).
Uncleared Transactions is the total of all posted transactions that have not been cleared.
Remaining Opening Transactions is the remaining amount of Uncleared Opening Transactions (Uncleared Opening Amount - total of all Cleared Opening Amounts).
Book Balance is the Bank Balance amount + the Uncleared Transactions (all uncleared Increase transactions and uncleared Decrease transactions). This should match the Ledger Balance
Ledger Balance is the Bank’s balance on the Balance Sheet. This should match the Book Balance
NOTE: If there is a difference between the Book vs Ledger balance and are unable to determine the cause, please contact your Workamajig Account Manager via Support@Workamajig.com.
Edit a Reconciliation
You may find it necessary to edit certain settings on a reconcile.
Open Reconcile by clicking the ...more>Open Reconciliation
Edit Rec Balances
Next to Rec Balances, click on the pencil icon
This allows you to change the following:
- Beginning Balance: not recommended
- Statement Balance
- Other Increases - used to track increase to the account that do not have a transaction associated with it
- Other Decreases - used to track a decrease to the account that do not have a transaction associated with it.
- Opening Transaction: default unchecked: used to designate a reconcile as an opening reconcile
- Cleared Opening Amount: used to account for transactions that were part of your Opening Balance Uncleared amount. Once this amount has been cleared fully, it does not get used again.
Edit Transaction Date Search
Located in the top right corner of the reconcile. The date can be changed to display transaction that may fall outside the initial as of date.
Following the date selection, click the Refresh icon to update the reconcile