SME Professional works on a line-matching basis whereby two bank transactions are matched together to form a complete transaction.
Bank line one
This will be a manual bank line generated by the system when the user marks a rent, deposit or contractor payment as paid.
This is listed as unmatched funds until the payment is actually made through the bank and the cleared transaction is uploaded into SME Professional.
Bank line two
When a processed payment clears the bank, a client bank line (transaction) is imported into the system.
These two bank transactions will be matched together to complete the payment process. This matching process will mark the manual bank transaction as having cleared and confirm that both lines refer to the same transaction.
1. Checking for unmatched transactions
Any manual transactions not matched to a client transaction (to demonstrate that the payment has cleared) will show in the Unmatched lines. 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.
Card, cheque or cash payments logged on the system will be added to unmatched lines (and will appear in red) until they are matched to the cleared payment. This allows a user to ensure that payments have been received.
Navigate to Bank > View bank lines
From the top left corner, 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 top left to do so
Review any transactions listed that are more than 1 week old (more recent transactions may still be processing in the bank)
2. Resolving unmatched transactions
Two things need to be checked when resolving unmatched transactions:
Review bank statements to determine if the payment has been made
Check the reconciliation balance to determine if it is missing from the system
Based on the findings, choose the appropriate option below.
Option 1: The payment was not made
To resolve this, manually make the payment through your bank. Once this transaction is imported into the system, it can be matched to the manual line, removing the item from unmatched lines.
Option 2: The payment was made, and the reconciliation balance matches the bank balance
The transaction has likely been added to the system but incorrectly assigned. The client bank transaction will need to be found and correctly matched to the relevant manual transaction:
Navigate to Bank > View bank lines
Locate the transaction and click on the edit pencil icon
Within the Select bank line to match field, locate the correct transaction
Click Submit
Option 3: The payment was made, and the reconciliation balance does not match the bank balance
The transaction might be missing from the system and may need to be added. The reconciliation balances should be reviewed to determine if this transaction contributes to an incorrect reconciliation balance before taking action to correct it.
Users should check the ignored lines page for the missing transaction:
Navigate to Bank > View bank lines
Click Ignored lines from the top left dropdown
Ensure that the date range is set to capture the transaction date
If the transaction is found, click on the pencil icon to edit
Within the Select bank line to match field, choose the correct transaction
Click Submit
If the transaction is not showing in Ignored lines, the transaction can be manually added to the system:
Navigate to Bank > View bank lines
From the top right corner, click Money out (for a debit) or Money in (for credit)
Expand the Bank account dropdown and select Client
Add in the details of the transaction, making sure that the correct date is chosen for this transaction and the correct balance is entered
Click Submit
Once this has been added, click the edit pencil icon against the new bank line and select the correct transaction under Select bank line to match.