Matching Transactions

As your bank feed is downloaded by Zoho Books, its important to match the transactions up to ensure accuracy and to catch any transactions or fees that we may not have been notified of.

To check for unmatched transactions, go to the Banking dashboard. In the list of accounts, it will show the number of uncategorised transactions next to the account (see image below).

Fig 3 - The red banner shows the number of uncategorized transactions

To match any uncategorised transactions:

• Click on the red note (the number of transactions) to go to bank feed screen

• Click each transaction line one-by-one and a sidepanel window will appear

• Any possible expenses that have already been entered and are close to the details of the transaction (ie. amount, date, etc) are shown

  • To match the transaction, click the 'Match' button next to the expense it matches to.
  • Before msnuslly entering, do a bit more digging to make sure it hasn't been entered already and just had an input error (check dates, extra numbers mistakenly entered)
  • If the expense needs to be entered in, click 'Categorize Manually' and enter any relevant information. Ensure that the below information is entered:
    • Category
    • Customer/Vendor
    • Expense/Income account (if applicable)
    • Tax (if applicable)
    • Received via method (if applicable, and only for income

  

  Fig 4 - Manual Input screen when adding an expense

  

  Fig 5 - Manual Input screen when adding income

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  Bank Reconciliation

  The bank sends an account statement regularly, and when it arrives it must be reconciled against what we have recorded down. Because we regularly matchup transactions, the reconciliation shouldn't take very long to check.

  Note - This task will work better if you use the digital version of  the bank statement.

  When the time comes and you have a statement to check the transactions against, open Zoho Books and open the 'Banking' dashboard.

  • Click the heading of the account needing to be reconciled to open the account dashboard.
  • In the top right, next to the 'Add Transaction' button is the maintenence button (⚙️). Click this for the dropdown menu. Then click on 'Reconcile Account'.

  The Reconciliations window lists any past reconciliation that has been completed and submitted. To start a new reconciliation, click 'Initiate Reconciliation'.

  Before jumping into the transaction list, a few details need to be entered first:

  • Confirm the start date is correct (if it is, it means that the previous statement wasn't reconciled. Complete that one first)
  • End Date - Enter the end date stated on the account statement (usually labeled closing date)
  • Closing Balance - Enter the closing balance as per the bank statement

  

  Fig 6 - Before checking off transactions, check that the start date matches the bank statement

  On the next window, you'll see the transaction listing with checkboxes next to them.

  • Working down the transactions, cross check the statement listing against the on-screen listing.
  • When you find the transaction's match, highlight the amount on the statement and tick the checkbox next to the on-screen one
  • Add any extra transactions that are listed on the statement by clicking 'Save And Reconcile Later'. After you have added the new transaction, resume the saved reconciliaton by locating in the history listing.
  • The reconciliation can only be submitted when the amount displayed next to 'Difference' is $0.00
  • To finalise the task click 'Reconcile' at the bottom of the screen
  • If you used a hardcopy of the statement, scan it in or take a photo, so as to save PDF file to; //Google Home/My Drive/1. Singing Lad/Admin/Statements/NAB

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