Amilia Reconciliation is the key process used to match payments with sales, resulting in more detailed financial reporting and a minimization of accounting errors. It's a best practice that will provide accuracy and consistency in your financial accounts!
Within any client's billing account, you'll notice icons on the bottom left of all transactions, representing the reconciliation status of each invoice, payment receipt, deposit, cancellation and/or credit. Each item on an invoice must be accounted for and Amilia helps you keep track of them all.
Full Reconciliation (green checkmark): An invoice was paid in full at the time of purchase or a payment (receipt), deposit, cancellation or credit has been fully matched with associated invoice items.
Partial Reconciliation (blue circles): Indicates items on an invoice have not been paid in full, or a payment has not been assigned in full.
Not Reconciled (yellow triangle): No reconciliation(s) exist.
Reconciled with Post-dated payments (blue checkmark): An invoice's items are fully associated with future payments (installments). As these payments have not yet occurred, the invoice is not yet considered fully reconciled.
NOTE: If the future payments don't cover the full amount of the invoice, the invoice will appear as Partially reconciled.
Reconciliation Error (red triangle): This can happen if an invoice is reconciled against more than its worth. For example, an invoice of $20 is reconciled to $50 worth of payments. OR A transaction is reconciled to the same item twice. For example, an invoice of $100 is reconciled to the same $50 payment twice instead of against two separate $50 payments.
How does Reconciliation work?
To reduce the risk of manual error, Reconciliation occurs automatically under these conditions:
When buying from an online store and the purchase is paid in full at checkout;
When buying from an online store and the purchase is paid in full using installments (at checkout); and
When a client makes a payment via their user account that is equal to the account balance.
If a payment does not reconcile automatically to an invoice's item(s), then an administrator must perform the reconciliation.
If a payment is not reconciled, it will not show as belonging to an invoice item nor a ledger code in your finance reports.
Find Unreconciled Items
To facilitate locating accounts with unreconciled items, click on the Accounting and finance > Unreconciled items sub-tab.
Select the name of the account owner to see the corresponding Client billing tab.
The Receipt ID is linked to the specific payment, refund, deposit and/or credit that has not been reconciled with invoice items.
Reconcile a Client's Transactions
If there are transactions in your client accounts that are showing as Not reconciled or Partially reconciled, we recommend looking at each one to ensure the accounts are in agreement.
There are 2 ways an administrator with the appropriate permission can reconcile payments, deposits, refunds and credits with invoices:
Reconciling your client accounts allows for more detailed financial reporting, including payment reports showing the amount that was paid for a specific invoice item.
NOTE: If your organization is based in Quebec and you emit RL-24's, then it is mandatory to apply reconciliation to provide representative tax receipts.
Remove a reconciliation
To remove specific reconciliations, follow this procedure:
To remove a reconciliation on an item, access the transaction by clicking +.
Click on Reconciliations and click on the trash icon.