The primary purpose of performing a daily CoreBridge Reconciliation is to confirm that all payments were keyed correctly for the day. Each Reconciliation also provides a snapshot of the current financial position of your company. By reviewing payments you can determine if the amount you actually took in is the same amount that is recorded in your system. If there is a discrepancy you will need to make any necessary adjustments before saving the Reconciliation. 


Primary Concepts:

  • IMPORTANT:  Performing a daily CoreBridge Reconciliation is CRITICAL to the accounting Sync.
  • For a Lump Sync, each Reconciliation contains the data that will export to your accounting software. If there is no Reconciliation there will be no data to export.
  • For a Full Sync, each Reconciliation contains the payment data that will export to your accounting software. If there is no Reconciliation there will be no payments to export.
  • If you are "Live!" in CoreBridge (entering real orders and payments), you should be performing a CoreBridge Reconciliation daily.
  • CoreBridge Reconciliations represent a summary of your financial transactions in CoreBridge during a given period of time.
  • CoreBridge Reconciliations are made up of the NET Lump Changes in Amounts during a given period of time.
  • CoreBridge Reconciliations CANNOT be back-dated.
  • If your company has multiple locations in CoreBridge, a separate reconciliation is performed for each location.


This article will cover the following topics:


Performing a daily CoreBridge Reconciliation produces a daily summary report of your Sales, Payments, Assets and Liabilities. Reconciling your system should take place at least as often as you make a bank deposit or each business day (typically at the end of the day). 


NOTE:  Reconciliations should only be performed once you are Live! in your system. If you've only entered test orders and payments, do not perform a Reconciliation.


How to Perform a Reconciliation

This will walk you through each of the steps necessary to perform a reconciliation in CoreBridge.


Starting a Reconciliation

Select the Accounting Module > Reconciliation > Reconcile Accounts.

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If you have multiple locations, select the appropriate location in the Select Location dropdown. Otherwise, this will automatically populate.


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  • All financial information since the last reconciliation is retrieved.
  • The date and time appear at the top of the page where it lists the date of the last reconciliation as well as the date of the reconciliation you are now working on.
  • It is important to remember that employees can keep working in the system while you are performing a reconciliation as any changes (i.e. payments received) during the process will be posted to the next reconciliation.


Review and verify payments received


Cash Transactions –  The Cash section of the Reconciliation not only helps in Reconciling your cash payments for the day but it also helps you track your petty cash (cash drawer). 


Be sure to follow the on-screen help guides for additional information.
  • Count the amount of cash on hand, plus any paid out amounts, and enter the total in the Actual Counted box (should equal the Calculated Total).
  • Enter any Cash Adjustments needed using the on-screen help guides.
  • The Ending Cash amount should match what will be left in the drawer after this reconciliation.

Cash Adjustments

  • Cash In: Enter an amount here to add cash to your cash drawer that is not coming from customer payments. 
  • Cash Out (Paid Out): Enter an amount here to reduce the cash in your cash drawer. Typically this would come from receipts on a cash transaction for things such as office supplies.
  • Cash Out (To Deposit): Enter the amount of cash that will be deposited.
Cash Adjustments - how they affect your accounting application when you export data
  • Cash In: This transaction will not appear. You will need to enter a manual journal entry to account for the amount taken from a bank account to fund your cash drawer.
  • Cash Out (Paid Out): This transaction will not appear. You will need to enter a manual journal entry to offset your cash account against the expense incurred.
  • Cash Out (To Deposit): This transaction will appear. The memo appears as "Cash Out (Deposit)" reminding you that this amount needs to post to your bank account.
  • When you receive a cash payment and do not enter adjustments, you are telling CoreBridge that the cash received will be kept in your cash drawer. This will appear. The memo appears as "Cash (Other)" reminding you that this amount needs to post to your cash account and not your bank account.


NOTE:  To view details of any cash or other transaction types, simply click on the number of transactions with the line under it.


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Check Transactions

  • Sum up the total of all checks and enter the total in the Actual Counted box (should equal the Calculated Total).

    NOTE:  For checks, EFT and credit card transactions, the reconciliation window will display both the number of payments and the number of transactions. These numbers may be different depending on how the payments were recorded.

    • # of Payments – Represents the actual number of payments received.
    • # of Transactions – Represents the number of times a payment has been applied to an invoice.



      EXAMPLE:  If a single check was used to pay off two invoices, the # of Payments would show as 1 and the # of Transactions would show as 2.


      EFT Transactions (EFT, Electronic Funds Transfer, groups both ACH and Wire transaction types)

      • Sum up the total of all EFT transactions and enter the total in the Actual Counted box (should equal the Calculated Total).

  • Credit Cards

    • Sum up the total of all Credit Card transactions and enter the total in the Actual Counted box (should equal the Calculated Total).

      NOTE:  Credit cards display the total transactions for all cards and number of transactions by type (Visa, MasterCard, Discover or American Express).


  • Review In-Store Credit, Bad Debt, and Voided Order Transactions for Accuracy


    Found on the far right side of the reconciliation screen, In-Store Credit, Bad Debt, and Voided Order transactions should be reviewed for accuracy as part of the reconciliation process. Similar to other types of payments, the transactions can be viewed by clicking on the number below # Transactions.



    Correct any Out of Balance or Incorrect Transactions


    On occasion, you might have Actual Counted totals that are not equal to the Calculated Totals from the system. This difference is due to someone entering one or more payments incorrectly. You may also have other errors such as a Visa payment entered incorrectly as a MasterCard payment or a check payment.


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    IMPORTANT NOTE:  PAYMENT DISCREPANCIES SHOULD BE CORRECTED PRIOR TO COMPLETING THE RECONCILIATION PROCESS.


    To rectify this you must first determine which payments were entered in error. Click on the # of Payments link to display the details. Compare the amounts for each transaction to your records and find the payments that are incorrect, taking note of the corresponding invoice number for each incorrect transaction.

    After all incorrect payments have been found, close the reconciliation box by clicking on the “X” in the upper right-hand corner. Then follow the steps outlined in the Editing Payments article.

    After saving any corrections made, return to the Reconciliation page and continue.


    NOTE:  This step is very important to accurate financial records and should not be skipped over.


    NOTE:  When exporting data to your accounting software, payments will not sync over until this step has been completed and a successful reconciliation saved.


    NOTE:  If you do not fix discrepancies and instead enter wrong numbers just to finish the reconciliation, the wrong numbers will sync to your accounting software which will result in payments and deposits with wrong amounts.  



    Proceed to Step 2 and Review Financial Summary


    When the payments have been fully resolved, proceed to step 2 by clicking on the Go To Step 2 button on the lower right side of the window.


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    The Step 2 page shows income, expense and payment summaries along with balance sheet information. Each section is explained below.


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    NOTE:  It is important to remember that all values displayed are only those that occurred during the time period of this reconciliation, displayed at the top of the window.


    Income Summary

    As orders are moved to Completed, the revenue from these sales will be recognized in the appropriate income accounts in this window. Each income account that has recognized revenue along with the amount for that account will be shown. The total of all income accounts is displayed along the top.


    Expense Summary

    Bad debt payments or changes to In-Store Credit through an add or reduce transaction will be shown in the expense summary. The total of all expense accounts is displayed along the top.


    Payments Received

    Cash, Check, EFT or Credit Card payments received are recognized in their respective rows. If there was an offsetting transaction to a previously reconciled payment, it will also be shown here. Any refunds given, no matter the type, will be shown on the refunds row. The In-Store Credit field will show any payments made toward invoices using available In-Store Credit. The total of all payments is displayed along the top.


    Balance Sheet Information

    The balance sheet shows the financial position of your company at the time of the reconciliation. There are two columns on both Assets and Liabilities labeled Change and Current. The Current column always displays the current total value as of the date and time of this reconciliation (shown at the top of the section). The Change column always displays the change in value since the last reconciliation. A negative value represents a decrease where a positive value represents an increase.


    Assets

    Shows assets of the company or assets owed to the company.

    • Undeposited Funds:  This row only shows the change in capital for this reconciliation period and not the current value. The change represents how the balance of your bank account will move, considering payments received and refunds given.
    • Accounts Receivables:  Represents the money your customers owe you.
    • Orders in WIP:  Represents the total of orders with a WIP order status, not including sales tax.
    • Order in Built:  Represents the total of orders with a BUILT order status, not including sales tax.

  • Liabilities

    Shows liabilities of the company or amounts that are still owed by the company.

    • In-Store Credit:  Represents the amount of credit that your customers have with your company.
    • Deposits:  Represents the amount of payments made toward an order that has not yet been completed.
    • Orders Not Complete:  Represents the total of orders with a WIP or BUILT status, not including sales tax, that the company has committed to produce.
    • Sales Tax:  This row only shows the change for this reconciliation period and not the current value. This change in your sales tax liability considers completed or voided completed orders during the reconciliation period.


  • Complete the Reconciliation

    Enter any notes in the Reconciliation Notes box that you want to have saved along with your reconciliation.

    Click the Reconcile Now button.

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    Once you have successfully completed this reconciliation, all payments and values are locked and can no longer be edited or changed. The system logs the user that performed the reconciliation and everything is saved to be viewed or printed at a later time.



    Print Reports

    If you like, you can now print a Reconciliation Report and Deposit Slip. The deposit slip will print all the necessary information including company information and all cash and individual checks to be deposited. All you need to do is manually enter your account number or attach it to your bank’s deposit slip.




    Grouping Reconciliations

    Individual Reconciliations can be grouped to more easily view totals across multiple reconciliation periods. This is helpful to look at a week or even a month all at once. To group Reconciliations together, select the Accounting Module > Reconciliation. You’ll see a section titled Reconciliation History. On the far left of the history grid, you will see the Group column.


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    To group reconciliations, start by selecting the checkbox next to the reconciliation matching your desired beginning date.


    NOTE:  If your system has multiple locations, you'll only be able to group reconciliations from the same location.


    Next, select the checkbox next to the Reconciliation matching your desired ending date. Notice that all reconciliations in between these two selections will automatically be checked.

    Once you have chosen your beginning and ending Reconciliations, you are ready to group them together. The Group Selected button has now been enabled. Click this button to assign your grouping a name. 


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    Assign a name that will be easily identifiable to you at a later time and then save it.


    EXAMPLE:  Oct 2014 Week 1 or Oct 1–7, 2014


    Once your grouping has been saved, it will be displayed under the Groupings tab under the Reconciliation History section. You can view a group and print related reports just like a single reconciliation simply by clicking on the name and a modal will appear with all of your combined information for the time period represented in the grouping. Another helpful feature is that you can also group existing groupings to more easily combine them into a single group covering a larger time period.


    EXAMPLE:  This could be useful to combine the following existing groups: Oct 2014 Week 1; Oct 2014 Week 2; Oct 2014 Week 3; and Oct 2014 Week 4. These 4 previously created weekly groups can now be easily combined to create a new group for the entire month called Oct 2014.


    NOTE:  Reconciliations should only be performed once you are Live! in your system. If you've only entered test orders and payments, do not perform a Reconciliation.