CosmoLex users should be reconciling monthly each of their bank accounts in CosmoLex, be it Operating, Trust, or Credit Card for proper bookkeeping. Users will also catch their bank's mistakes as well as their own. To make to process easier, CosmoLex now provides Automatic Bank Reconciliation. For users who wish to reconcile manually entered transactions, Click HERE.
- Navigate to Accounting > Bank
- In the Bank tab, click to highlight the requested bank
- Click Details
- In "Bank Details",click the Reconciliation tab.
- If you have not already, click "Add" to add a statement.
- Here, you will need to select your bank statement's end date, and also enter the bank ending balance as listed on your bank statement.
- There is an option to "Mark bank imported transactions as Clear as well as preserve clear status of excel imported transactions if any". Check this option if you want this applied to the bank statement.
- Click "Save" when finished.
- After your statement is created, click to highlight the statement, and click "Details"
- On the reconciliation details screen, click "Import Transactions".
- Click "Choose File". This will allow you to browse your computer and select the qbo file you wish to import.
- Click "Upload" when ready.
The "Import Statements" screen appears with the list of transactions from the qbo file. After uploading the statement, there are now 2 tabs:
Book - This tab is for transactions already entered into CosmoLex.
Bank - This tab is for transactions from the bank statement. This is only a reference for the reconciliation process. These transactions will not actually get imported into your transactions list.
In the bank tab transactions, you will see a green "Clear" button next to them. These transactions have been automatically matched to transactions previously entered into CosmoLex and are assumed to be cleared. The following are rules for auto-clearing transactions.
Deposits - identical dates & amounts
Checks - identical check numbers & amounts
- Click "Clear" in the Status column to individually clear the matched transaction(s),
- You can also clear transactions in bulk. Click "Clear All" above the reconciliation summary. This will clear all the transactions with the green clear icon.
- Transactions can be deleted individually or in bulk. Click the check box next to the requested transactions. Click "Delete" to remove them from the list.
- If you wish to see details on what a particular transaction is cleared to, click on the details icon on the right of the transaction. This will bring you to the "Match Details" screen, which shows you the transaction that it's linked to. Here, you can verify the transaction. If it's not verified, uncheck the transaction, and it will remain as uncleared.
- After clearing the requested transactions, in the summary, you may still have a difference other than 0. At this point, you can click the Bank and Book tabs to compare the difference.
- If you need to make any additions or changes to any transactions, click "Leave" which will save the work that you've done so far. Any cleared or uncleared transactions will remain the same.
- Once all the changes have been made, and the difference is 0, click the "Book" tab.
- In the "Book" tab, click "Reconcile" to sign off.
- Your statement for the month is now reconciled.