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: The Reconcile process does not affect your GL balances. This is 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 > Account Reconciliations.
- Click the button to start a new reconciliation.
- In the GL Account select the correct account.
- In the Statement Start Date text box, enter the beginning date from your statement.
- In the Statement Ending Date text box, enter the ending date from your statement.
- In the Beginning Balance text box, this should be the same as your closing balance from the last reconcile.
- 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 individual reconciliations.
- In the Statement Balance text box, enter the ending balance from your statement.
- Opening Reconciliation: Leave this unchecked.
- Cleared Opening Transactions: Enter the amount that has cleared the bank since your Go Live process. Once this amount has been cleared fully, it does not get used again.
- Filter Dates: Enter the right side date only. This will ensure that all prior transactions will be accounted for.
- Selected Increases: Shows the amount of increases selected on the lower left side of the screen.
- Selected Decreases: Shows the amount of decreases selected on the lower right side of the screen.
- Selected Balance: Shows the "Bank Balance">>Beginning Balance + (all increases +all decreases).
- Statement Difference: Shows the difference between the Statement Balance and all selected increases and decreases.
- The reconciliation screen shows additions/Increases on the left hand side and deductions/Decreases on the right hand side. The outstanding difference is shown at the top of the screen.
If you need to enter any adjusting entries, you can click save (not save and finalize) at the top of the screen. This will save your work up to this point and allow you to go and enter other entries into the system. You may need to enter journal entries for bank charges or other adjustments. You can then come back later and select the account from the list of reconciled accounts and resume your work.
Once you have completed your reconciliation and the difference amount is equal to 0, you may click on the save and finalize button. This will save your work and mark all selected transactions as cleared.
Checksum: Prior to closing the screen, click Print > Summary. The "Book Balance" of this report should match your Balance Sheet : Bank Account balance
NOTE: Once transactions are "Cleared" via Account Reconciliation, they will be locked from further editing. If you need to make an adjustment to a transaction(s), Open the reconcile that contains the transaction and click the OPEN button in the top right corner of the screen. You do NOT have to remove (uncheck) the transaction.
The Other tab allows you to enter Other Increases and Other Decreases, there are typically handled by using the Cleared Opening Transactions field. You can also enter comments for this Reconciliation in the Other tab as well.
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.