Prior to proceeding, you must have a Financial Account associated with a Cash GL Account and that Financial Account must be set as type: Escrow.
In coManage, you tie out cleared bank account statement items to your coManage accounting and then you tie out uncleared items to your ending bank balance (subtract them out of your ending coManage accounting balance). These should both tie out and if they don't you should know or find out why.
To perform a reconciliation, navigate to Reconciliations via Accounting > Reconciliations.
You can view prior reconciliations and create new ones by clicking "Create Reconciliation" in the top right.
Select a Financial Account, enter an End Date and Ending Bank Balance from your Bank Statement and click "Load Reconcilables". By selecting a Financial Account, you are implicitly selecting all Cash GL Accounts associated with that Financial Account. The form then loads everything that is reconcilable through the selected End Date that has not been reconciled.
You can check each item off as you locate it on your bank statement or select all select off the things that aren't on the bank statement, whichever way you prefer. Checking an item puts the end date of the reconciliation by default but you can put the actual date the item cleared if you prefer. This may prove useful in the future.
Once your Cleared Balance difference is zero, you have completed Tie Out 1. Tie Out 2 should also equal zero. It does not in this example but we know why and have made a note in our records as to why.
Unlike other software that make Unreconcilable items invisible and force you to guess as to what is being added or subtracted from Tie Out 2, we show everything that is contributing to your GL Account/Book Balance and simply make those items uncheckable.
If you are having a problem with Tie Out 1 or Tie Out 2, please reach out to us. We are very much still in beta and want to understand any issues you are having. We want to make this as easy as possible.
When you're satisfied, click "Create Reconciliation." A new tab/window will open that shows you your completed reconciliation and a PDF will be attached to your Files index. The completed reconciliation view shows a Summary as well as schedules with links for all of the reconciled and unreconciled items.
The completed reconciliation view page is also where you can cancel a previous reconciliation.
On the original tab/window, the reconciliation form will have stepped through to the next period and is ready for your next reconciliation.
For GL Balance Comparison report, click here: https://intercom.help/comanage/en/articles/4925312-reconciliations-pt-2-gl-balance-comparison-report
If you have any questions or ideas, please let us know.