The Payment Reconciliation Journal

  • 01/10/2024
  • 6 minutes to read

In the Payment Reconciliation Journal, the primary goal is to match payments with corresponding ledger entries. Unlike the Bank Account Reconciliation, which transfers transferring multiple entries into different journals for posting, the Payment Reconciliation Journal doesn't transfer the lines to a journal. Instead, the reconciliation of bank ledger entries created in this journal happens when the journal is posted. You have the flexibility to either reconcile the bank ledger entries at this stage or simply apply payments and skip the reconciliation. If you choose to skip reconciliation, it can be completed later when the journal is posted.

When working in the payment reconciliation journal, you can efficiently manage payments and other transactions. Additionally, you can post journal entries and handle reconciliation at the same time using the Post and Reconcile button.

Continia Banking enhancements to the Payment Reconciliation Journal

Continia Banking offers the following enhancement to the Payment Reconciliation Journal:

  • Import - lets you import bank transactions.
  • Apply proposals - automatically suggest matches for payments and ledger entries.
  • Search rules - implement criteria to improve matching accuracy. For more information on search rules, refer to the Introducing Search Rules article.
  • Show more columns - customize your journal view by adding extra data columns for enhanced insights. Navigate via the action bar to Page > Show More Columns to display more information.
  • FactBox - access an extended FactBox that provides detailed matching information, aiding in accurate reconciliation.

When you configure a bank account in the Payment Reconciliation Journal using Continia Banking, these enhancements become available.

The actions available on the Payment Reconciliation Journal

The Payment Reconciliation Journal page offers a range of actions designed to simplify matching payments with corresponding ledger entries. These actions enable you to

ActionProcedure
To import a bank statementOn the Payment Reconciliation Journal page, on the Home tab, select Import Bank Transactions. For more information, refer to the Importing a bank statement manually article.
To work with application proposalsOn the Payment Reconciliation Journal page, navigate to the line and in the Proposals column, select the number. Alternatively, select the line, and on Home tab, select Application Proposals. For more information, refer to the Working with payment application proposals article.
To apply entriesOn the Payment Reconciliation Journal page, on Home tab, select Apply Entries. You can select multiple lines and apply actions to all of them.
To transfer amount differences to an accountOn the Payment Reconciliation Journal page (and the Payment Application Review page), you can manually trigger the action to transfer an amount difference to an account. On the Payment Reconciliation Journal page, on the action bar, select Manual Application > Transfer Difference to Account. You can then select the account details.
To add a search ruleOn the  Payment Reconciliation Journal page, on the Home tab, select Add Search Rule. This allows you to quickly add a rule and apply the journal line.

For more information, refer to the Introducing Search Rules article.
To show a bank transactionOn the  Payment Reconciliation Journal page, on the Related tab, select Details and select Show Bank Transaction. This will show the source data received from the bank statement file.
To delete and set as ImportedOn the  Payment Reconciliation Journal page, on the Related tab, select Details and select Delete and set as Imported. This will allow you to delete the lines in the journal and mark it as already processed.
To show more columnsOn the  Payment Reconciliation Journal page, on the Page tab, select Show More Columns or Show Fewer Columns. This allows you to get more detailed information.
To apply automaticallyOn the  Payment Reconciliation Journal page, on the Home tab, select Apply Automatically.
To accept and remove account applicationsYou can accept or remove an application after the matching procedure has been run. On the  Payment Reconciliation Journal page, on the Home tab, select Apply To Account or Remove Account Applications.