Amilia Webinar – Bank Reconciliation



hi everyone and thanks for joining our webinar today my name is Naomi wah nice I'm an implementation specialist here at Amelia excited to deliver this training today on reconciliation with your bank statements I hope you'll leave this webinar with a better understanding of how to reconcile and find the dates you need to complete this task quickly and with ease each month our webinar is being recorded so you can share with colleagues who weren't able to join us today or watch it again if you'd like so today we'll start with the timeline of your payments from the date the payment was made in Amelia to the date that it is received by your bank keeping this timeline in mind we'll walk you through the three key dates needed to then work your way back and balance out your monthly statements we will then use these three dates a B and C to break down each step with you and walk you through the process of reconciliation after this we'll be applying this logic with a real reconciliation example and run through some tips and tricks at the end to help you with any exceptional cases we've reserved 20 minutes at the end for Q&A and after this we will talk to you about our help resources moving forward from this webinar if you have any questions please ask them in a question section on your screen so let's get started before we begin I'd like to start by going over a glossary just to make sure you understand some key terms that we'll be using in this training today starting with your payment processor this is what you use to process transactions online this allows you to take your payments from Amelia and send them directly to your bank most of you use paysafe as your processor then you have your EFT so this stands for electronic transfer of funds this is when your payment processor sends the payments from that account to your bank account and lastly your settlement amount so this is the total amount of your payments before the payment processor fees have been deducted so let's get into a timeline of your payments your payments can be made by Visa MasterCard or a cheque if you allow this so let's start with our different key dates starting in chronological order firstly you have the date that your client made a payment in Amelia which for the sake of this training we will refer to as date a after this these payments are then sent to your payment processor and of course they will then be received by your payment processor the next key date to keep in mind is the date when those payments are sent to your bank which is what we'll call date B and lastly these payments are then deposited into your bank account on date C these different dates they can be as close as one or two days apart from each other or as far as four to five days apart so why aren't your bank statements and your payment reports matching this can actually depend on a few different factors could be processing time weekends or holidays this is why it's important to use these three dates to match your monthly statements and your Emilia reports so let's review these dates and what they mean in terms of your actual reconciliation process chronologically we're going to start with our a1 and a2 dates so these are the first and last dates that the payments were made in Amelia that are included in your bank statement you can use these dates to pull your payment reports directly from Amelia then you have your b1 and b2 dates these are the dates that your payment processor sent to the money to your bank account you'll use these dates when pulling the payment processor settlement report also from Amelia keep in mind this report will only be found in Amelia if you're using pcs otherwise you may need to log directly into your payment processor account and access this report directly and lastly you have your c1 and c2 dates these are the dates that the funds were deposited into your bank account or also the dates found on your bank statement great so now we have our main dates what do we do with this information let's walk through what we need to do with these main dates and we'll start working backwards identifying first our C dates than our B dates and then our a dates so step one is starting with our C dates and working our way back all that needs to be done to identify these c1 and c2 dates is to look for the first and last deposit made from your payment processor in your monthly statement for this example our c1 is April 2nd and the last deposit made or our c2 is April 30th these are now our parameters for this month's payments and now we can work backwards using these dates step 2 is to find our ladies this can be found using your Amelia settlement report and using our seat dates as a reference so just as a reminder your B dates are the dates that the payment processor sent the money to your bank also to keep in mind this report will only be found in Amelia if you use pay save as your processor so to pull our settlement report take your c1 date and count backwards five business days to give us our tentative b1 date and to make sure that we're capturing all of the payments that were processed this is just to be sure we're taking into account any processing times weekends or holidays that may have delayed the transfer time we can use our c2 date as it is which was April 30th which is also our tentative b2 date as we can be sure all of the amounts will be incorporated within this date range so once we've pulled this report we'll look under the EFT column to find the sums that match with our first and last deposit from our bank statement just as a reminder your EFT is the amount that was transferred to your bank so these amounts under the EFT column they will correspond to a transfer date the transfer date is what will show us the dates that the amounts were sent to your bank or in other words your Rio be dates so here we can see an example of a settlement report pulled using our c1 and c2 dates as a reference we're going to pull this report counting backwards from your c1 date which in this case will be March 26th and using our exact c2 date which is still April 30th so here under the EFT column we can match the transfer amounts with our bank statement moving over to the transfer date column you can see that it will show us the exact dates which are now our B one dates are B dates so now that we've identified these dates let's pull this report again using these exact dates which are March 29th and April 27th so we can continue the reconciliation process so now that we have a clean settlement report pulled using our exact B dates we can find the first and last payments that were made in Amelia to correspond to our bank statement so these dates will be our a one and A two dates to do this you'll click on the deposit amount under the EFT column and this will show you all of the transactions that occurred in a meal yet that fall under this batch deposit so after we click on the first deposit that to place on our b1 date it will show you a list of all of the payments that occurred in Amelia that are included in that EFT deposit we will take our first transaction that occurred and this will be our a one date which in this case is March 27th we will then return to our settlement summary tab and do the same with our b2 deposit and locate the last payment included in the dispatch to find our a to date which in this case is April 26th now that we have our a1 and a2 dates which are March 27th in April 26 these are the dates we will use to pull our payment reports in Amelia so we've identified all of our key dates now what before we reconcile we need to first prove that all of our dates correspond so we can reconcile accurately to do this we'll start by confirming our B dates let's look at our we'll start by looking at our payment processor report and look at our EFT column the total of this column for that mode of payment which in this case is credit card should match the total of your deposits for that type of payment that can be seen in your bank statement now that we've proved our B date let's do the same thing for our a date so we'll start by going on the finance extra report tab at Amelia and pulling the payment summary report using our a date range using the information under the payment column you'll see a total amount of payments that were made in Amelia and this will correspond to the settlement amount on the payment processor report if the total amounts are the same we can be sure that our a dates are the correct dates now something important to note when looking in your payment summary report is just to be sure that you are looking at the column that pertains to the payment type that you're reconciling for this example we're reconciling credit card payments so we're sure to only look at the credit card payment column so let's take a look at the steps we just took and recap before we put this into practice so firstly we found our first and last deposit dates on our bank statement which were our C 1 and C 2 dates then we used our C 1 date minus 5 business days to generate the payment processor report this gave us our first and last deposit dates which are B 1 and B 2 dates then using those dates we generated a new payment processor reports using those exact if you want to be two dates then we clicked on the first and last deposit under the EFT column and we check the dates of those deposits which then gave us our a1 and a2 dates then to verify that all of our key dates are correct we pulled our payment summary report using our a1 and a2 dates and compared that summary with a payment processor report so now that we have all of our dates confirmed we can reconcile our bank deposits by matching our bank statement total with our transfer amount by matching our settlement total with our payment summary total so now let's get into the actual demo and put this into practice so let's follow the steps that we just saw in the presentation and we're going to start with opening up our bank statement where we're going to identify our c1 and c2 dates by looking at the first and last deposits from your payment processor so we can see here that our c1 date is April 2nd NR C to date is April 30th now that we have identified these dates let's pull our payment processor report using these dates as a reference to find our b1 and b2 dates to find the payment processor report you'll go into Emelia and click on the finance tab click on reports and go to the payment section here you can pull your net bank settlement report using your C dates as a reference we'll pull this report counting backwards 5 business days from our c1 which will be March 26th and use our same c2 date which is April 30th to generate this report just a reminder this report will only be found in Amelia if you use pay save as your payment processor if you don't you can log into your payment processor account and find this report online so now that we have our payment processor report we're gonna start by looking under our EFT column and finding the matching deposit sums to our bank statement so once we locate our first and last deposit amounts which are 1180 38 and 860 274 we'll look at the dates that these deposits occurred which will give us our B 1 and B 2 dates these are the dates that the amounts were sent to your bank we need to pull the same report again now using these as our parameters so now that we have our new date range from this report we can identify our a1 and a2 dates which are the dates that these payments were made in Amelia so to do this we'll click on the first deposit amount under the EFT column and in our first deposit we'll identify our a1 date which is going to be the date of the first payment in Amelia which occurred here on March 27th then we'll go back to our summary tab in the same report and we'll click on the last column under the EFT column to locate our a to date which is April 27th so now we have our a1 and a2 dates we can generate our payment summary report also found in Amelia so we'll do this by going back into Amelia clicking on the finance tab reports and into the payment section you'll pull the payment summary report using our identified a 1 and a 2 dates so that so that would be the 27th to the 27th so now we want to verify if the dates that we've identified are accurate to do this we'll start by verifying our B dates so we'll go back into our bank statement and we're going to add up all of the sums of our credit card deposits for that month and we're going to confirm that this total here matches the EFT total in our net Bank settlement report so when we scroll to the EFT column Internet Bank settlement report we can see that the total is 44 thousand and 30 $1.39 this is going to be the sum of all of our deposits in our bank statement so now we can be we can confirm that our B dates are correct so once this is done we can find out if our 8 dates are correct as well so let's start by looking at the net Bank settlement report so the same report that we have pulled up and we're going to scroll over to the settlements column so we can see here that our total is forty-five thousand six hundred and twenty seven dollars and twelve cents and we need to make sure that this total matches with our payment summary report on the credit card line which was also 45 thousand six hundred and twenty seven dollars and twelve cents so we can see here that these totals match and we can use the reports called to do now complete our bank reconciliation process sometimes however these reports may not match up on our first try this is almost always due to the a date or the date that the transaction occurred in Amelia that was called in the process this date can be off due to batch times which can make a payment that occurred on the same day in Amelia arrive in your payment processor account at two different dates so how can we then determine how to find the actual dates that we need so just show an example of how to troubleshoot this scenario let's take a look at a similar report payment after we've confirmed our B data's but not yet our a dates so let's open up this new report and in this new payment summary report we can see that the total for credit card payments which is forty six thousand nine hundred and seventy one dollars and forty seven cents doesn't match with our settlement amount total which is still forty five forty five thousand six hundred twenty seven under our settlement column so in this case we know that our eight dates are wrong to investigate we're going to start by looking at all of the transactions that occurred in our eft from the same report so we'll scroll over to our eft column and we're going to click on the last transaction that occurred in this batch we're going to focus on the amount total and the c a.o PID to identify each payment so we can see here that our c a.o PID is eighteen and the total amount is twenty five dollars so let's go back to our payment summary report and we're going to click on the credit card tab and look for the matching c a.o PID and the amount so in this example we can see that the last payment included in the net bank settlement report with this same CA o PID and the same twenty five dollar amount actually occurred on the 25th of April but we were using the twenty six of April as our a to date so now if we go back into Amelia and we'll pull a new payment summary report with our actual new a one and a two dates our new a two day being April 25th we will be able to match the totals of our settlement and credit card summary columns so we can see here that our totals forty five thousand six hundred and twenty seven dollars and if we go back to our payment processor report under the settlement column we'll be able to see here that we can now match these amounts so now when we need to reconcile we can pull our payment summary report match this with our net bank settlement column and we can still match our EFT column with our bank statement deposits so let's get into some tips and tricks so keep in mind if you have two deposits from the same day one will be your each check deposits and the other will be your credit card deposits another tip so you may see different deposits on your payment processor report versus your bank statement this is just due to a rounding up of cents between the net bank's report and Amelia another tip on the net bank's report if you see a line in red font of a few cents that's not shown on your bank statement this is caused by a rounding off of tax amounts and can be disregarded another tip to know is that your payments are backed by your processor two times a day this means that payments made on the same day can show up in two different deposits or days you can see here on the screen the different batch times additionally you may notice on your net bank's report that you have two deposits on separate lines that in your bank statement are shown together in one this is normal and it won't throw off your totals and then once you've found your three sets of dates the first time you'll know automatically which day that you need to start on your following month for example if your date range finishes on May 30th the next month your start date will be May 31st and finishing off with a bit of good news whether you're doing cash or accrual accounting you can reconcile your accounts by following these same ABC steps so any questions that were asked during the live webinar these will be sent to you via email in the upcoming few days and I would like to thank everyone for attending our webinar today any unanswered questions as I said these will be addressed over email in the next few in the next few days you think of any other questions you can always contact our customer care team at support at Amelia comm and if you feel you'd like more personal training or one-on-one training on this process you can always purchase this personalized training and set this up by emailing CSM at Amelia comm so all attendees will receive an email over the next few days including a link for the recorded version of this webinar with the document outlining these reconciliation steps and other additional resources you can also find documentation find documentation on this reconciliation process in our Help Center that you can find by clicking on the question mark at the bottom right hand side of your Emilia account thank you everyone for taking the time to attend this and I hope this was helpful for you

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