This article will cover the following topics:
The primary purpose of performing a daily CoreBridge Reconciliation is to confirm that all payments were keyed correctly for the day. 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 between those amounts the discrepancy should be fixed before saving the Reconciliation. The payment amounts that are captured on each Reconciliation are the amounts that will export to your accounting application so wrong amounts will export if they are saved.
- Performing a daily CoreBridge Reconciliation is critical to the accounting sync/export.
- For a Lump Sync, each Reconciliation contains the income and payments that will export to your accounting software. Without Reconciliations nothing will sync.
- For a Full Sync, each Reconciliation contains the payments that will export to your accounting software. Without Reconciliations no payments will sync.
- If your CoreBridge system is "Live!" (entering real orders and payments), a CoreBridge Reconciliation should be performed at the end of each business day.
- If your company has multiple locations in CoreBridge, a separate Reconciliation should be performed daily for each location.
- Employees can keep working in the system while you are performing a reconciliation. Any changes (i.e. payments received) during the process will be posted to the next reconciliation.
- Reconciliations should be performed while you are waiting for you 1st sync/export. There is no need to wait until the sync/export happens.
- CoreBridge Reconciliations represent a summary of your financial transactions in CoreBridge during a given period of time; from the time of the previous Reconciliation through the time of the current reconciliation.
- The date and time of the current Reconciliation will be set when the Reconcile Accounts button has been clicked (see below). It cannot be set manually.
How to Perform a Reconciliation
- Navigate to Accounting Module > Reconciliation
- Click the Reconcile Accounts button. The Reconciliation window will open.
- 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.
- 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.
- This Reconciliation Date: This is the date and time of the current Reconciliation for the specific location. This is the historical date that will be saved in the Reconciliation list.
Review and verify payments received
The Cash section of the Reconciliation not only helps in Reconciling your cash payments for the day but it also helps you balance 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.
- The amount entered should equal the Calculated Total.
- Enter any Cash Adjustments needed using the on-screen help guides.
- 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.
- The Ending Cash amount should match what will be left in the cash drawer after this reconciliation.
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. If the amount needs to be recorded in your accounting application it will need to be recorded manually.
- Cash Out (To Deposit): This amount will sync/export.
- Cash Out (To Deposit): The memo in QuickBooks is "Cash Out (Deposit)" and the amount should always be posted to a bank account.
- When you receive cash payments and any portion will remain in your cash drawer, the memo in QuickBooks is "Cash (Other)" and the amount should always be posted to a petty cash account.
NOTE: To view details of any transaction types, simply click the link showing the number of transactions.
(screenshot showing the partial result when clicking "7" in the Checks section)
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, 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).
- 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.
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 the Go To Step 2 button on the lower right side of the window.
Page 2 page shows income, expense and payment summaries along with balance sheet information. Each section is explained below.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.