Account Reconciliation

The Account reconciliation view is designed to help you gain an overview of the balance sheet accounts that need reconciling and make reconciling practical in the bottom view.

To make sure no transactions are missed we have no financial year constraint when working with the reconciliation and can select a to-date only.

The top view: Account overview

The top section is designed to give you an overview of the balance sheet accounts and the status of reconciliation. Here all unreconciled balances are displayed in Red. 

From this view, one also selects the accounts for which transactions are to be displayed in the bottom part of the view. 
If you have activated the account information column, it will be displayed in this view.

The view can be collapsed to offer more space when working with the reconciliation in the bottom view.

Note: The Information displayed for the Opening balances, Period, and Closing balance are for the financial year of the To-date you have chosen while the Unreconciled Balance is from the beginning of time and looks at all financial years available in the system.

The bottom view: Accounting transactions

The view only appears and is populated with transactions, when accounts are selected in the Top view: Account Overview.
Similarly, the view can be collapsed to offer more space when working with the Account Overview in the Top section. 

User Rights

The following user rights under Accounting govern the reconciliation view.

Account reconciliation: allows you to reconcile transactions in the Account Reconciliation view.

Lock / Unlock accounts: will give you the right to lock an account to a certain date or unlock it if necessary. The functionality is accessible from the Account Reconciliation view as well as from Registry - Chart of Accounts.

Mass Reconcile

Before getting started, you may need to bring your Briox reconciliation up to date if you have not worked with it previously.
For this, use the Mass reconciliation functionality to reconcile all transactions on an account up to a certain date. You can reconcile many accounts simultaneously.

Workflow:

1. In the main menu, go to Accounting - Account Reconciliation.
   The default selection is:
   
   
   • That all accounts that have a balance to be reconciled up until today's date are displayed in the view under the section called Account Overview.
     
     
   • The default date is up until today. There is no financial year constraint in the Account reconciliation view so all unreconciled transactions are displayed up until the selected date, regardless of which financial year the transactions belong to.
     
     
2. Step 2 consists of finding and selecting the accounts in which transactions you actually want to work with. You can select several accounts to work with simultaneously if you wish.
   
   You can choose accounts by using:
   
   • the drop down menu.
   • or the filter where you can type account names or numbers
     
     
   • The To-date will limit the transactions that will be displayed for each account when you select it. 
     
     
   • Finally check the boxes in front of the accounts for which you want the unreconciled transactions to appear in the bottom part of the screen under Accounting Transactions.
     The new section, as well as the transactions, will appear immediately.
     Transactions appear according to the account number in ascending order.
     
     
     
     
3. Once the transactions are available in the bottom view under Accounting transactions, you can start reconciling.
   If you need more space, you can collapse the top section by clicking on the arrow beside the account overview.
   
   
   
   To make the reconciliation process easier we also display:
   • Transaction information.
   • Linked documents which can be viewed directly in the reconciliation view.
     
     
     
   • A search amount functionality makes it possible to filter on the transaction amount.
     
     
     
     
   • A calculator at the bottom of the screen shows the sum of the checked transactions before they are reconciled.
     

     When reconciliation takes place, when the reconcile transactions button is clicked, then the calculator is emptied, ie: reconciled transactions are not counted in the calculator.

     
     
     
     
4. To reconcile transactions:
   • Check the boxes in front of the transactions to be reconciled 
   • Click Reconcile Transactions
     
     
     
   • The reconciled transactions will then disappear from:
     • the Accounting Transactions list
     • the reconciliation report
     • the balance specification report.
     • In the account analysis report, the reconciled transactions will be displayed with a green check in front of them.
       
       
       
5. If you need to undo a reconciliation proceed as follows:
   • Select the account the transaction(s) belongs to under Account Overview.
   • Under Accounting Transactions select: Reconciled Transactions in the drop down menu.
   • A date selector appears so that you can enter a from date and limit the amount of transactions that appear.
   • You can also use the search amount field to locate the correct transaction.
   • Select the transaction(s) to un-reconcile by checking the boxes in front of them.
   • Click the Undo reconciliation button
   • The status of the transactions will then be open once again.
     
     
     
     
6. Once you are satisfied with your reconciliation you can lock the account to a certain date.
   

   Locking an account means that no-one can post anything to that account or make changes to that account within the locked-until period. 

    

7. Print Reports 
   From the reconciliation view you can print the following report which are also available under Reports - Reports - Accounting:

   • The Reconciliation report, for which the reconciliation selections are automatically loaded to the report.
   • The Balance Specification report
   • The Account Analysis Report which has an option to display both reconciled and unreconciled transactions and be printed for many accounts simultaneously.
     
     

Automatically reconciled transactions

Transactions reconciled under Banking and Customer and Supplier Invoices paid in full are automatically reconciled to avoid double work.

Automatically undoing a reconciliation

A reconciliation is only undone when the corresponding journal entry is cancelled. In this case, the transaction is returned to an open status.

Any other changes to the journal that affect the reconciled transaction, such as adding or modifying a cost centre or transaction details, will trigger a warning but will not undo the reconciliation.

Read more: Create groups in the Account Reconciliation