Completing the month-end reconciliation allows the user to verify where balances have been allocated on the system and lock transactions for a given period.
This should be completed before completing any revenue reporting for the same period.
The date this process is actioned should consider that bank transactions are only imported until the previous working day. For example, if a user intends to complete this process for the month of June, the earliest they can complete this would be 1 July.
Completing this process
Navigate to Financials > Unassigned lines and ensure that all bank transactions for the period have been assigned
Navigate to Financials > Reconciliation
Click Change End Date on the top left corner of the screen and set this to the end date of the previous month
Check the total sum of the reconciliation page and compare this to the balance in the bank for the close of the same date to ensure these match
If these balances do not match, please click here for guidance on investigating the cause.
Click to generate the Reconciliation PDF using the option in the top-right corner of the screen
Download and save this PDF and then review this to ensure there are no negative balances
From the top right corner of the main reconciliation page, click on View running balance
Set the filter as below to view all transactions for each bank account managed on SME Professional
Account - Client account (or whatever the bank account managed on SME Professional is named)
Start period - The start date of the reconciliation period (typically the first day of the previous month)
End period - The end date of the reconciliation period (typically the last day of the previous month)
Tick the box to set the opening balance as the system running total before the start date
Click Filter
Check that all transactions are assigned correctly
Click Mark all as reconciled from the top right corner, leaving the date set to the current date
This will reconcile and lock the transactions, and the user can then move on to revenue reporting where applicable.
Note: At the end of each month, users should also check the system for any unmatched lines.
Any manual transactions not matched to a client transaction (to demonstrate that the payment has cleared) will show in the Unmatched lines section. These entries represent payments that have been instructed but may not have been processed by the bank. These should be regularly checked, and any unmatched payments should be reviewed.
Checking for unmatched lines
Navigate to Bank > View bank lines
From the left sidebar, click the filter to view Unmatched lines
Users may need to update the default date range to see all uncleared lines; click on Change date range from the left sidebar to do so
Review any transactions listed that are more than 1 week old (more recent transactions may still be processing within the bank)