Overview

The CoreBridge Reconciliation is a daily closeout process that performs two important functions:

Helps you catch incorrect payment entries so they can be fixed.
Captures data that can sync/export to your accounting software.

The name of the process, reconciliation, implies that you are reconciling something against something else. What you are reconciling is (A) actual payments received against (B) what was entered in CoreBridge. It is similar to reconciling your bank statement to your accounting software. You are confirming that what actually happened matches what is recorded.

If wrong amounts are captured in a reconciliation, those wrong amounts will always exist on the customer record in CoreBridge and the wrong payment amount will sync/export to your accounting application. Fixing payment entry errors before capturing them on a reconciliation is much easier than fixing them once they have been saved.

This article covers the following topics:

Reconciliation details
How to Perform a Reconciliation

General Information

Performing a daily CoreBridge Reconciliation is critical to the accounting sync/export.
If your CoreBridge system is "Live!" (entering real orders and payments), a CoreBridge Reconciliation should be performed at the end of each business day.
Reconciliations should be performed while you are waiting for your 1st sync/export. There is no need to wait until the sync/export happens.
If your CoreBridge system has multiple locations, a Reconciliation should be performed daily for each location.
Users can keep working in the system while a Reconciliation is being performed. Any transactions that happen during the process will be captured on the next reconciliation.
The date and time of the current Reconciliation will be set when the Reconcile Accounts button has been clicked. The date cannot be changed. A different date cannot be selected.
Each Reconciliation contains all financial activity in CoreBridge that happened between the Reconciliation start date and end date:
Start Date = Previous Reconciliation Date
End Date = This Reconciliation Date
Financial activity includes: Income / Bad Debt expense / In-Store Credit / Payments / Accounts Receivable / Deposit liability / Sales Tax

Reconciliations and Summary Sync

The values that are captured on each Reconciliation are the values that will sync/export to your accounting application. Without Reconciliations no data will sync/export.
On Page 2 (step 2) of each Reconciliation are the summary values that will post to the Journal Entry in your accounting application.
Each Reconciliation in CoreBridge will create a Journal Entry in your accounting application.
If a location is open 6 days per week you will have 20-25 Reconciliations in CoreBridge per month for that location which will give you 20-25 Journal Entries in your accounting application.

Dates

When viewing the list of completed Reconciliations, the Date column shows the date of each Reconciliation.
The Reconciliation date is the same as This Reconciliation Date.
The Reconciliation date from CoreBridge will be the Journal Entry date in your accounting application.

Income Summary

There will be one line on the journal entry for each income account captured on the Reconciliation.

Expense Summary

There will be a line on the journal entry for each of these expenses captured on the Reconciliation. If there was no activity there would be no lines on the journal entry.
Bed Debt payment
In-Store Credit that was manually added to the customer account

Balance Sheet Information

On Page 2 in the Balance Sheet Information section, the values that sync/export are the Change amounts. The amount is what changed between the Reconciliation start date and end date.
- A positive amount increases the value of the account in your accounting application
- A negative amount decreases the value of the account in your accounting application
For Example, A/R went down by $100.00 which will reduce the A/R account balance in your accounting application by $100.00.

Payments

Payments post to the Undeposited Funds account in your accounting application.
Deposits must be manually recorded in your accounting application so that the CoreBridge payments that sync/export show up in the appropriate bank account.
Each payment type, except Credit Cards, will be an individual line on the journal entry so that each payment type can be deposited as needed.
Payments post as summary amounts only. Individual payments do not sync/export.
For example:
The journal entry line for checks will have a value of $500.00. There won't be 5 individual lines for each of the 5 checks.

Payments - Credit Cards

Visa and MasterCard payments are added together and will be an individual line on the journal entry.
Discover and American Express will each be individual lines on the journal entry.
For Example:
There will be 3 lines on the journal entry.
- $750.00 - Visa plus MasterCard
- $350.00 - Discover
- $160.00 - American Express
Before manually recording deposits, be sure to determine how your merchant deposits your Discover and American Express payments. Some merchants deposit those together with Visa/MC and others deposit them separately. You want to know because you want your manually recorded deposits to match the deposits that will appear on your bank statement.
Before manually recording deposits, you will also want to know if your merchant takes out their fees per deposit. If merchant fees are deducted from each deposit we recommend recording the fees when the deposit is recorded so the deposit in your accounting application matches to your bank statement.

Reconciliations and Full Sync

The payments that are captured on each Reconciliation will sync to your accounting application. Without reconciliations, no payments will sync.
In QuickBooks, payments post to the Undeposited Funds account. Deposits must be manually recorded so that the payments that sync show up in the appropriate bank account.
All payments sync individually.
Each payment, besides refunds and NSFs, will be recorded with the same transaction number from CoreBridge: CB-XXX
Refunds and NSFs will have unique numbers in your accounting application that differ from the transaction number in CoreBridge.
Refunds post directly to the bank account configured (A) on the sync tool for QuickBooks desktop sync or (B) in CoreBridge for QuickBooks Online and Xero.

Viewing Payment Details

During the reconciliation process and in completed reconciliations, individual payments can be viewed.

To view individual payments, click the link showing the number of payments.

# Transactions – The quantity of orders paid. A single payment may pay more than one order.

(screenshot showing result when clicking "5" in the Checks section)

How to Perform a Reconciliation

1. Gather Source Documents

Source documents are what you will use to calculate the actual amounts that were paid by customers. These are the amounts that are being reconciled against what was entered in CoreBridge.

PAYMENT TYPE	SOURCE DOCUMENT
Cash	Cash and receipts for cash purchases (from a cash drawer, box, till, etc)
Checks	Checks
EFT	1. Report from the financial institution where EFT payments are processed. 2. e-mail or text notice
Credit Card	Report from your credit card processor. Could be from a terminal or online merchant website.
Other	Report from the source where Other payments are generated
Refunds	Could be any of the above

2. Start the Reconciliation Process

A. Navigate to Accounting Module > Reconciliation

B. Click the Reconcile Accounts button. The Reconciliation window will open.

C. If your system has multiple locations, select the location you want to Reconcile using the Select Location drop-down. If your system has only one location it will automatically populate.

For systems with multiple locations, each location should be Reconciled daily.

D. All financial information since the last reconciliation is retrieved for the specific location.

Previous Reconciliation Date: This is the date and time of the previous Reconciliation for the specific location.

3. Review and Verify Payments and Refunds

INSTRUCTIONS

Working through each section, calculate the total of each payment type using source documents.
Enter the total in the Actual Counted box.
Actual Counted should match Amount / Calculated Total.
Amount / Calculated Total is the system-calculated total of payments entered.
If the amounts don't match, the discrepancy will show in Difference. The Reconciliation cannot be saved if there is a difference.
If there is a difference, close the Reconciliation, identify and fix the discrepancy, then start the Reconciliation again.

Cash

The Cash section not only helps in Reconciling your cash payments for the day but it also helps you balance your petty cash (cash drawer). If you are syncing/exporting, the cash total should be the same in three places after your sync/export and after making deposits in your accounting software:

Cash Drawer
Ending Cash on the most recent reconciliation
The Petty Cash account in your accounting software
The on-screen help guides can be found by hovering your mouse over the blue question marks.

A. Closing Cash

Count the amount of cash on hand, plus any paid out amounts. Cash paid out will typically reflect the value of receipts from cash purchases.
Actual Counted should be what you have in your cash drawer plus whatever cash was paid out.
Calculated Total is Starting Cash plus payments entered.

B. Cash Adjustments

Cash In: Enter an amount here when adding cash to your cash drawer that is not coming from customer cash payments. You may be funding your cash drawer when opening a new store so that you have change for customers. Amounts entered will increase Ending Cash in CoreBridge only. Amounts entered in this field will not sync/export to your accounting software.
Cash Out (Paid Out): Enter an amount here when using cash from your cash drawer. This will typically reflect the value of receipts from cash purchases. Amounts entered will decrease Ending Cash in CoreBridge.
Cash Out (To Deposit): Enter the amount of cash that will be deposited. Amounts entered will decrease Ending Cash in CoreBridge and sync/export to your accounting software. It will show in QuickBooks as Cash (Deposit), this should be deposited to the bank account.

Note: If the petty cash account in your accounting software doesn't match CoreBridge, you should balance the account with your cash drawer then use Cash In and Cash Out to get CoreBridge to match since those amounts don't sync/export.

C. Ending Cash

This section doesn't require an entry. It is a calculation of results from A and B.
The Ending Cash amount should match what will be left in the cash drawer after the reconciliation is saved.

D. Cash Adjustments - how they affect your accounting application when you sync/export

Cash In: This amount will not sync/export. If the amount needs to be recorded in your accounting application it will need to be recorded manually.
Cash Out (Paid Out): This amount will not sync/export.
Cash Out (To Deposit): This amount will sync/export.

E. Cash with Lump Sync

Cash Out (To Deposit): The memo in your accounting software will be "Cash Out (Deposit)" and the amount should always be posted to a bank account.
When you receive cash payments and a portion will remain in your cash drawer, the memo in your accounting software will be "Cash (Other)" and the amount should always be posted to a petty cash account.
To summarize, when recording cash deposits:
- "Cash Out (Deposit)" should always be deposited to a bank account
- "Cash (Other)" should always be deposited to a petty cash account

Checks

A payment type of Check should represent an actual physical check that can be brought to the bank. Even if you use remote check deposit by scanning or taking a picture of a check, the payment type should still be "Check" since you were given an actual check.

Total all checks
Enter the value in Actual Counted: Total $
If difference = 0 there is nothing else to do.
If there is a difference, close the reconciliation, fix the problem, then start a new reconciliation.

EFT

Electronic Funds Transfer

A payment type of EFT should represent an electronic payment.

This section groups both EFT types: ACH and Wire.

Determine the total of all EFT payments from source documents.
Enter the value in Actual Counted: Total $
If difference = 0 there is nothing else to do.
If there is a difference, close the reconciliation, fix the problem, then start a new reconciliation.

Credit Cards

A payment type of Credit Card should represent a payment processed through a credit card processor.

Determine the total of all credit card payments from source documents.
Enter the value in Actual Counted: Total $
If difference = 0 there is nothing else to do.
If there is a difference, close the reconciliation, fix the problem, then start a new reconciliation.

Other

A payment type of Other should represent a payment that doesn't fit the other categories. (e.g. clearinghouse, barter)

Determine the total of Other payments from source documents.
Enter the value in Actual Counted: Total $
If difference = 0 there is nothing else to do.
If there is a difference, close the reconciliation, fix the problem, then start a new reconciliation.

Refunds

A Refund can be any payment type.

Click the link under # Payments
A new window will appear showing the refunds entered by users.
Review each refund to determine if it is valid.
If there is a refund that is not valid, close the reconciliation, fix the problem, then start a new reconciliation.
If all refunds are valid, close the transaction window then enter the value from Amount in Actual Counted: Total $

4. Review In-Store Credit, Bad Debt, and Voided Order Transactions

These three sections don't require an entry. They are for review only.

In-Store Credit

This section displays In-Store Credit activity.

Manual addition of credit
Manual reduction of credit
Refunds to in-store credit
Refunds from prior credit given

Bad Debt

This section displays Bad Debt payment activity.

Voided Orders

This section displays orders that have been voided.

If you need to open a voided order that must be done outside of the Reconciliation window.

5. Finish the Reconciliation

When payments have been reconciled, click the Go To Step 2 button on the lower right side of the window.

Go%20To%20Step%202.png

If any discrepancies remain they will be noted in Red and you will not be able to proceed to Step 2.