Rex PM allows you to do both Daily and Monthly reconciliations. This allows you to balance your bank account and Rex PM to ensure that everything is the same.
Monthly reconciliations will be created once the new month has rolled over and you will be prompted to complete this on the dashboard or in the reconciliations view.
When Due this will show as a yellow banner, however, if this is red your reconciliation is overdue.
For more information about Daily Reconciliations, please view: Daily Reconciliations
Reconciliation View
Within the Reconciliation screen, you will a few different things which I have noted in the below screenshot to assist in outlining each of these for functions for you.
- Variance - How much your reconciliation is unbalanced by
- Active Adjustments - Total value of any adjustments that are currently unresolved
- Unreconciled Deposits - Total value of deposits that haven't been reconciled
- Unreconciled Withdrawal - Total value of withdrawals that haven't been reconciled
- Unpresented Cheques - Total value of Unpresented Cheques
In this view, you can also see your Cashbook and Trial Balance values for the period you're reconciling.
Reconciling Transactions
Within Deposits, Withdrawals and Unrepresented Cheques you may have transactions you are yet to reconcile so you can use the below steps to reconcile these records:
- Click into Deposits, Withdrawals or Unpresented Cheques
- Select the records you'd like to Reconcile or select all
- Click Reconcile
This will move the transactions into the Reconciled Tab which you can access at any time. In the case you've made a mistake you do have the option to unreconcile.
Finalise & Report your Reconciliation
Finalise Reconciliation
Once your reconciliation balances you will see the option to Complete Reconciliation shows in the top right corner of the screen.
If you can't see this option to finalise it is likely that your reconciliation doesn't balance and you'll need to investigate further into this to understand why this is the case.
Reporting for Reconciliation
To create a full comprehensive report on your reconciliation you can select Actions > Download Report.
This will include all reporting your should need for each reconciliation. Rest assured you can access this at any time but some find it helpful to keep a copy outside of the system as well.