Processing a Bank Rec with a Bank File to Auto Match
Issue/Symptom/Question
How do I use the Bank File to complete the Bank Reconciliation
Applies To
PENTA Web > Accounting Module > Bank Reconciliation
Creating a Bank Rec with a Bank File
Auto Matching PENTA and Bank Transactions
PENTA Version 21.2 and up
Resolution/Fix/Answer
If a Bank File is selected during the creation of the Bank Rec, PENTA will load the Bank Transactions to be used to compare against the PENTA Transactions.
Once the load of the Bank File is complete (see Bank Reconciliation Bank File Specifications if questions on file format), the Bank Transactions section becomes available (in green box above). All the Bank Transactions loaded are on the list on the right side of the screen.
The Auto Match feature can be used to match transactions to quickly reconcile PENTA with the Bank.
Clicking the Auto Match button displays the rules available to streamline the reconciliation. (click the info button (exclamation mark) to learn more info about the rule)
The rules can be ranked on the right, by placing them in the order you want them used from top to bottom. Once the rule finds a match, the process makes the match. If no match is found, the process checks if the next rule can match, and so on. Starting with more specific rules (Check #s) at the top is best practice and less specific at the bottom (Amount).
Once a match is found, both boxes appear as checked.
Manually matching occurs by checking the boxes of the PENTA transactions and the corresponding Bank Transactions (if more than one PENTA transaction = one Bank Transaction), when the "Selected Difference" is zero, click the Match button to record the selected transactions as reconciled.
An example of many PENTA transactions to one bank would be the payment to Acro Office Supply. This will likely show as one bank transfer for $58.60 below when it shows on the bank statement.
To Unmatch selected transactions, uncheck the box of a matched transaction. PENTA opens a popup to confirm the Unmatch. Situations where this will need to occur:
Auto Match put incorrect transactions together and they need to be corrected
Manually matched incorrect transactions and they need to be corrected
Once all Bank Transactions have been Matched, the Adjustments can be completed along with the Bank Rec. See Bank Reconciliation Process for tips to complete the bank reconciliation.
Note: You can manually check all Bank Transactions that have not been auto matched and then perform the reconciliation with the PENTA Transactions to hit the Match button once. However, if an issue occurs and there is a need to unmatch, then all need to be checked again when starting over.
With that said, if you prefer to manually reconcile, it is faster to do so without loading a bank file with the statements transactions.