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Accounts Payable Reconciliation
- From the black module, select the Reconciliation Icon.
- Under the section of Accounts Payable, you select Go to Accounts.
The Reconciliation screen consists of 4 stages:
- Statements
- Active
- Completed, not paid
- Paid.
As you work through the process the statement will flow down through the 4 sections.
- STATEMENTS - This will show what statements have been uploaded. Only certain statements can be uploaded here.
- ACTIVE – This section will display those statements that have been uploaded and need to be reconciled.
- COMPLETED, NOT PAID – Reconciliation is completed and is waiting to be paid.
- PAID – This section shows which statements have completed the reconciliation process and are paid.
Stage 1 is to upload the insurer statement (or other account payables). As mentioned above, you can only add a statement into this section IF it is the correct format for the black module. Currently the only two statements that can be added are those from Exhale and SGI.
You can still complete the Account Payable reconciliation for other insurers, however you would miss this stage and go to Stage 2 - Add New Reconciliation.
- Click + New Statement
- This pop up will appear, and you need to complete these fields to add the statement into this module.
NAME: Enter a name for the statement (suggest a standard naming system like ‘MMYYYY Insurer’).
STATEMENT DATE: Enter the statement date applicable to the statement being uploaded (what is the statement date that appears on the statement).
TYPE: Choose the correct option from the dropdown list, for example:
SGI and Exhale = reconciling underwriter statements
Bambora and Versapay = reconciling credit card fees etc.
STATEMENT FILE: Drag the file or click to upload the EXCEL statement (Note: the format of the EXCEL spreadsheet cannot be changed from the original format).
- Click Save to upload and complete this stage. A green pop up will appear at the bottom of the screen, confirmed how many rows are in the statement.
- The statement will now be uploaded to the Statements section, as shown below.
Now that the statement is uploaded, the reconciliation can begin.
- Click + Reconciliation to start this process. A pop will appear, to be completed.
TYPE: Agency Bill, Credit Card Payments, Direct Debit Payments (to reconcile an insurer statement, choose Agency Bill).
INSURER: Choose the correct insurer from the dropdown.
END DATE: Choose reconciliation date. This is the end date for the items to be pulled into the reconciliation from the platform and should be identical to the statement date.
REF ID: Enter a name for the reconciliation (again using the standard naming system like ‘MMYYYY’).
- Select Save to create the reconciliation. A green pop up will appear at the bottom of the screen.
This relevant of completing the fields above is that this is the criteria used and the transactions that are going to be pulled into this reconciliation meet that criteria. In the example above we want the transactions that are pulled to be for Exhale up to and including the 30th November, 2021.
- Click Edit to open the reconciliation.
The system will automatically match transactions from the platform to those from the statement and mark in yellow.
- If the transaction is matched correctly, you can check the green check
to accept the transaction.
The other actions are Adjust and Remove:
Select this Icon if you need to Adjust the transaction (if there is a small discrepancy to adjust between the statement and black). In the example below, the platform is matching an item with a difference of only $0.01, so if you are happy to reconcile on that basis, you can select the Adjust icon and adjust it to accept it on that basis. - If the match is showing a small difference, it will display that amount when you try to adjust. As shown here.
Select this Icon if you want to Remove the transaction. This will ‘kick’ it out of this reconciliation so there will be no action taken on it this time. It will not delete it nor permanently remove it, it will appear on future statements until action is taken and it is reconciled or written off or adjusted (sometimes if the transaction is made near the end of the month, it wont show on the insurer statement until the following month). See Additional Information 1 at the bottom of this guide.
- Once you have checked all the items (reconciled), the transaction will turn green.
This Icon can be selected to undo the reconciliation. This action will take its status back to what is was when you started the reconciliation.
- A faster way to reconcile all matched, instead of individually checking the green tick is to select ‘Reconcile All Matched’.
- The reconciliation cannot be completed until all transactions have been handled, either reconciled or 'kicked out'. The Complete icon, shown below, will not be active until this process is complete.
- Once you have completed this process for all the transactions, the totals at the bottom of your screen will change depending on what actions have been taken. You will want the Reconciled to match the amount that you want to pay on the insurer statement and the Remaining to be $0.00 for that reconciliation to be completed.
- Click Complete the finalize this reconciliation. A green pop up confirmation will appear to confirm this is complete.
*For those using Quickbooks, please see the separate article : 'QBO Integration'.
Selecting Complete in the above stage will move the reconciliation from the Active to Completed, not paid.
- Once the physical payment has been made (in Quickbooks or EFT/CHQ) select $ Pay in the actions column to mark the reconciliation as Paid. A pop up will appear.
PAYMENT TYPE: Cheque or EFT - Select how you paid the insurer.
PAYMENT DATE: Enter the date the payment was made.
PAYMENT REF ID: Enter reference number (Chq #, EFT confirmation #). Put here what makes sense to you.
- Click Save. The reconciliation has now been marked as Paid and has moved to the bottom section – Paid.
There is no action required from this final stage. This section will display your past Paid reconciliations as a log of what you have completed, however it will only retain up to 3 months of Paid reconciliations. You can view past payments in a report in insights.
The Trial Balance report (available in insights) will show all the payments that have been marked as paid, in the Accounts Payable reconciliation. They appear under the section called Payments to Carrier, which you can slice by carrier/insurer or year or month. That report is only updated once per month, so will not show immediately. For example, January 2022 payments will not show after 1st February.
Remove transaction icon
As mentioned earlier in the guide, using this icon will ‘kick’ the transaction out of the reconciliation that you are working on. You can continue to complete your reconciliation of the other transactions as per the instructions above. Here is what happens to the remainder of those removed transactions.
The statement that the ‘kicked out’ item appears on will sit on the Statement section of the Reconciliation page, as shown here:
The statement stays here until all items are dealt with, either reconciled, written off/adjusted.
This indicator shows that we still have items that are not reconciled. According to this example, out of 32 transactions, 19 are reconciled.
When you have dealt with these transactions (adjust or accept) and the Matched/Totals in the same (in the above example it would show 32/32), we then select the Complete Icon under Actions and the statement is cleared.
Transactions that are $0, and are the policy type “Change” or “Change Payment” will now be pulled into the reconciliation (Stage 2) and will be marked with a status as a 'Match'. They will be highlighted yellow and, therefore, allow you to promptly reconcile without having to individually check them off or review.
Previously they showed as a white line with the status “Unreconciled” and we would have to click through one by one. (Using the green tick icon = time consuming!)
With this feature, you can now select “Reconcile all matched”, and the $0 changes & payment changes will update to reconciled and turn green, in one quick click. YAY!
