Reconciliation in SkySlope Books

When reconciling in SkySlope Books, you can match bank transactions to transactions in SkySlope Books in just a few clicks! You can follow the steps below to complete the reconciliation in your account.

In this article, we will go over:

• Getting Started
• Matching Transactions for a Speedy Reconciliation
• Manually Adding an Expense
• Reconciliation
• Undo/Delete Reconciliation

Getting Started

If you haven't done so already, you must activate your bank feed prior to reconciliation!

1. In the navigation menu, navigate to Accounting. Then, go to the Reconciliation page.

2. Once on the Reconciliation page, you will see a list of your bank accounts that have been added. Click to select the bank account you're ready to reconcile.

Note:  If you haven't yet added your bank accounts, reference the Reconciliation and Bank Feeds to learn more.

3. After you've selected a bank account to reconcile, you will see three main sections:

1. Bank Feed: A list of bank transactions that still need to be reconciled.
2. Transactions (Not Matched): A list of SkySlope Books transactions that still need to be reconciled.
3. Reconciliation: The page where you will complete reconciliation after transactions have been matched to items on the bank feed.

For quick reference, you can also see the account name, the last four digits of the account number, and the account's balance at the top of the page.

Matching Transactions

Now, you're ready to start matching transactions from your bank feed to your transactions in SkySlope Books. Your goal is to match any items from the Transactions Not Matched list to a Bank Feed transaction.

1. On the Bank Feed page, you will see a list of transactions (deposits and withdrawals) from your selected bank account. 

2. When you click on a transaction, a Match Transactions window will open to the right. This is a list of SkySlope Books transactions that still need to be matched.

IMPORTANT:  If you utilize the Payload.co integration, please review this resource for additional information on matching transactions.

3. Use the checkbox to select the SkySlope Books transaction that matches the Bank Feed transaction. Then click Match. After matching the transactions, they will be removed from the list.

Helpful Tips for Matching Transactions:

	In the Match Transactions window, you can use the search bar to search by a keyword or dollar amount and quickly locate a specific transaction.
	You can only click the match button once the dollar amounts are identical.
	If you have multiple Books transactions that match one larger Bank transaction, you can select multiple from the Match Transactions list.
	If your brokerage utilizes Payload.co for transfers, you will see Recommended Matches for bank transactions that match multiple Books transactions. Learn more.
	If you have duplicate items on your bank feed, click the checkbox to the left of the date, select the Bulk Action icon and then select Delete to remove them.

4. If necessary, click Add Adjustment to manually add an adjustment. For example, you could do this to counter any rounding discrepancies or correct manual errors.

Manually Record an Expense:

If a transaction in your Bank Feed hasn't been recorded in Books as a transaction, you can use the Categorize Manually option to track that expense. This process is quicker than separately creating the line item in Invoices or Bills to match the bank transaction. 

To track the expense:

1. Click on Categorize Manually.
2. Enter the required details (Category, Date, Expense Account, Vendor Name and Notes). 
3. Click Create.
4. This creates a Books transaction and matches it to the selected Bank Feed transaction automatically.

Reconcile

Prior to reconciling, your bank opening balance needs to be entered as of the start date of your first reconciliation in SkySlope Books.  Please reach out to Support / CSM if you need assistance adding the opening balance.

Once you've reviewed the list of Transactions Not Matched and matched them all to their applicable bank transactions, you're ready to move on to reconciliation. Reviewing your transactions before reconciling makes the process simple and speedy!

1. Navigate to the Reconciliation tab. Then click on Reconcile in the upper right corner.

2. Enter your start date, end date and closing account balance (as of the end date selected). Then click Start Reconciliation.

• If you have yet to reconcile this account previously in SkySlope Books, the start date will default to the date you activated the bank feed in Books.
• Alternatively, the start date will default to the date following the end date of your last reconciliation.

3. On the next reconciliation page, you will see a list of all line items from the selected time range. 

• All matched transactions will show a link icon next to them.
• To select all line items quickly, click Add Them to Reconcile in the upper right. Then click Reconcile in the bottom left.

Undo/Delete Reconciliation

If you have made an error during reconciliation, you have two different options available:

• Undo Reconciliation: This action will undo the finalized reconciliation and "re-open" it. Its status will change to In-Progress. Click on the in-progress reconciliation to open it in its current state and make any necessary adjustments. When you are ready to finalize, click Reconcile in the bottom left. 
• Delete Reconciliation: This action will completely delete the reconciliation and restore any transactions as though they were never reconciled. Any matched transactions will still be matched, but they will no longer be reconciled. 

If you have any questions about reconciling in SkySlope Books, please reach out to our Customer Support team!

Updated April 30, 2024 22:29