How to Reconcile Bank Accounts and Resolve Discrepancies Using PayHOA

Bank reconciliation is a critical step in ensuring the accuracy of your financial records in PayHOA. This guide walks you through the reconciliation process, troubleshooting discrepancies, managing journal entries, and understanding the resources available from the PayHOA support team.

Overview of Bank Reconciliation

To reconcile your bank accounts successfully, follow these key steps:

Reconcile one month at a time, starting with the earliest unreconciled month (e.g., January 1st - 31st).
Pull your bank statement for the specific timeframe you’re reconciling.
Compare the transactions in PayHOA to those on your bank statement, verifying that all transactions match.
If transactions are missing or mismatched, identify and correct these discrepancies before proceeding further.

Troubleshooting Discrepancies

Discrepancies in bank balances can arise for various reasons. Here’s how to address them effectively:

Investigate Unreconciled Transactions: Use the Transactions section in PayHOA with Advanced Filters to find unreconciled entries. Investigate these transactions for potential errors such as duplicates or incorrect categorization. This is critical for resolving imbalances.
Ensure Accurate Reporting of Transfers: To reconcile bank statements while incorporating reserve transfers in reports like Budget to Actual, complete a journal entry that debits the reserve expense and credits the reserve equity or liability. Always double-check these entries.

Editing and Recreating Reconciliations

Sometimes, issues may require you to delete and recreate a previous reconciliation. Here’s how to manage such cases:

Navigate to Reports > Bank Reconciliation > Reconcile Bank Account in PayHOA.
Select the account and scroll to the period you want to delete (e.g., January).
Click on the three dots beside the reconciliation you wish to remove and select 'Delete Reconciliation.'
Recreate the reconciliation as needed by following the steps under bank reconciliation.

Missing Transactions

If transactions are missing from reconciliation and other balances appear correct, the issue may involve previous reconciliations. Delete the old reconciliation and recreate it:

Delete the old January reconciliation following the steps outlined above.
Reconcile again using accurate transaction data.

Using PayHOA Support Resources

While the PayHOA support team cannot perform reconciliations for you, they are available to guide you through the process. They can provide step-by-step resources, troubleshooting tips, and thorough instructions to ensure you complete the reconciliation successfully on your own.

How can I reconcile bank accounts and resolve discrepancies using PayHOA?