Bank reconciliation improvements

Posted by Wes Hooper on 15th February 2011 in Features

Reconciling bank transactions against your ledger is now much quicker and simpler to do. In final testing yesterday we reconciled 60+ transactions in hardly anytime at all!

The reconcile form now has a filter at the top to choose the contact whose remittances and expenses you want to reconcile the transaction to. Chances are it's the one thing you'll know about the transaction, so filtering by that really makes sense compared to listing everything.

To make that even better, we automatically pick the likeliest contact based on the transaction details. We consider the amount and any previously reconciled transactions to help give you the best option.

This also allows for reconciling contra payments, where your customer is also a supplier and you balance each others invoices. For example a transaction of £250 against your invoice for £750 and their invoice of £500.

If we find just one match based on the contact and the amount is identical, we've even ticked the box - you just need to confirm!

Lastly, we've made a few improvements to help you create new ledger entries when suggestions are available.