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Bank Reconciliations
Automated Bank Reconciliations

Bank Matching Screen

The Bank Matching Screen provides a way of reviewing bank transactions and matching them to Gravity's activity. Some of the features include:

  • Auto Match - using algorithms to match the activity between the bank and Gravity
  • Rules -Using rules to create transactions in Gravity from the bank activity. See Bank Reconciliation Rules
  • Creating Transactions - manually creating transactions in Gravity
  • Download - download bank transactions

The Bank Matchings screen can be utilized with or without conducting a bank reconciliation. In instances where a bank reconciliation is not being performed, transactions can still be created and will be staged for matching once the reconciliation is carried out.

Bank Matching screen in Gravity



Process

The recommended Bank Matching Process is as follows:

  1. Download new bank activity
  2. Auto Match - connect bank transactions to Gravity transactions
  3. Match - manually match transactions
  4. Rules - Select and process transactions with rules
  5. Create - create any transactions that are missing in Gravity

Bank Matching Screen sections

Bank Information (1)

Bank Account

Select the Bank Account to be evaluated

Bank Reconciliation

If an existing Bank Reconciliation is in process it will automatically populate or you can select an in process Reconciliation.

Reconcile Transactions

This can only be set to Yes if a Bank Reconciliation is selected. If set to Yes the form will allow you to complete the reconciliation process on the transactions. If set to No you will only be able to create but not reconcile transactions.

Reconciliation Information (2)

This section will show the status of a bank reconciliation. When the difference equals $0, the reconciliation is balanced.

Note: The balance do not automatically update. To refresh the balances select the Update Balances button. Also once the difference is $0 you will still need to set the Bank Reconciliation record to Completed.

Filters (3)

You can filter the bank transactions grid to see specific views:

  • All - see all transactions
  • Unmatched - only show transactions that are waiting to be matched with Gravity transactions
  • Investigate - only show transactions that have been marked for investigation
  • Matched - only show transactions that have been matched
  • Pending Matched - only show transactions that have a pending match status from the Auto Match process or have been created when the Reconcile Transactions was set at No. On this view you can process all pending matches.
  • Applied Rules - only show transactions where rules have been applied. On this view you can process all pending rules.

Actions (4)

Under the Actions are you can perform the following:

  • Create Rule - allows you to create rules that can be applied to unmatched transactions
  • Auto Match - will set transactions to a pending matched status when the amount and date range between the bank and Gravity match. (Note: if there is more than 1 valid match for a transaction the status will not be set)
  • Process - bulk process of selected transactions where rules have been applied.
  • Download - will download transactions from the bank or credit card accounts that have been connected.

Grid Selection (5)

You can select between the Bank Transactions view and the Gravity Transactions view. The Gravity transaction view is helpful to see unmatched transactions in Gravity.

Additionally in the "Select columns to Display" area you can turn on or off columns to make the bank transaction grid easier to work with.

Grid Actions

  • Select Rule - Select a rule to be used in creating a Gravity Transaction
  • Match - manually select a Gravity transaction to match to the bank transaction
  • Ignore - remove the transaction from the screen
  • Create - create a manual Gravity transaction
  • Investigate - set the transaction status to be investigated later

Rules

Rules can be created so they can automatically match based on information in the transaction (contains the word Gas) or be manually selected.

Rules are based on the direction of the transaction, money coming in or going out of an account.

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Match

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Allows you to match one or more Gravity transactions to the bank transaction. Potential matches are listed in the middle and can be selected with the "+" next to it.

If multiple transactions are need to complete the match you can change the search amount at the top, select the transaction.

To complete the form you will need all the transaction in the bottom section to equal the amount of the bank transaction.

Note: Transactions can be linked beginning with either Bank transactions or Gravity transactions. When initiating with Gravity transactions, users have the capability to associate them with one or more Bank transactions.

Create

Multiple transaction types can be created from the bank transaction

Creat multiple transactions in Gravity's bank transaction screen


Select the transaction type, complete the form and select Create Transaction.

Un-Match

Previously match bank transactions can be un-matched. This allows user to correct errors made in the matching process.



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Ignore

If a transaction is not needed in the matching process, the ignore option will remove it from the screen

Investigate

A transaction can be deferred for further investigation by selecting the Investigate option. At a later time, users may apply the Investigate filter to review the items that have been set aside.