Automatic Bank Reconciliation

Automatic bank reconciliation allows your bank statement to be imported via the XML Gateway straight into Accounts and Fees.

The system will automatically match like entries, for example cheques, and provide a list of unmatched entries to be manually reconciled. Before this function can be used you will need to contact Accounts and Fees to set up the XML Gateway and ensure that your banks are set up in services and your account number and bank name are showing on your bank in Utilities, Core PMS.

  1. Import your bank statement onto your computer.
  2. Open ALB.
  3. On the Home menu, click Bank Enquiry.
  4. Right-click on the bank you want to reconcile, and select Automatic Reconciliation.
  5. From the Auto Reconciliation screen use the magnifying glass to load your statement from your PC.
  6. Under Exact Match Options there are up to 3 options you can tick that have to match. You normally need to tick at least Reference and Amount.

    Note If you tick Date you will not be able to auto match any cheques.

  7. Once you have ticked the relevant Exact Match options click on Auto Reconcile and you will see on the right hand side all items that have been matched as per your Exact Match criteria. These items will already be ticked and the balances at the bottom of the screen will reflect these items.
  8. Any item that is partially match will show under the separate heading as will all items that do not match any of the criteria. Partial matches can be ticked accordingly as can items from the Exceptions list. The summary box will show the total number of bank entries posted that exactly match, partially match and all exceptional transactions.
  9. View Statement option allows you to view the statement and the items that have been Automatically matched and those were the amounts do not match the statement.
  10. Once all items on the statement have been reconciled and the Cleared Closing Balance matches your closing statement balance go to Actions and select Save.
  11. Go to Bank Reconciliation and select Cleared and continue as normal to produce your cleardown reports and move the items to History.