* Definition of a Bank Reconciliation statement?
- A bank reconciliation statement is the summary of the banking and business activities of the company which are made consistent with the financial records with the bank account.
Please note, the Bank Statement must have below fields in the sheet (i.e. Date, Description, Amount) for uploading conveniently in PayLogic:
* Importance of Bank Reconciliation section in PayLogic
Paylogic Facilitates you to reconcile your commission statements with the bank statement of your entity.
This allows you to ensure that the statement which is uploaded in the Paylogic for processing the payout is of the same amount and date which is present in their bank statement of that period.
* Glossary for Bank Reconciliation Screen:
Pagination: Helps the user to see as much as 100 entries on the same screen.
Date: The date as per the bank statement.
Description: Just as the bank statement uploaded.
Amount: The credited amount which comes in the bank statement.
Product Providers: The fund manager from which the commission amount has been received.
Statement ID: Name of the commission statement which needs to be reconciled with the banked amount.
Payment date: As per the file.
Upload date: As per the date uploaded.
Types of Bank Reconciliation:
- Reconcile – Once the amount gets matched the user must reconcile.
- Part Reconcile: It is used when there is a single statement uploaded for a Product Provider but has 2 transactions under Bank statement.
Eg: File uploaded for AIA $100
Bank statement has 2 transactions for AIA $50 each
- Sub Divide: It is used when there are 2 statements uploaded for a Product Provider but has 1 transaction under Bank statement.
Eg: 2 files uploaded for AIA of $50 each
Bank statement has a single transaction for AIA of $100
* Uploading of the Bank Statement in the Bank Reconciliation Screen
1. Go to the 'Bank Reconciliations' section under 'Data Management'.
2. You can 'Drag and Drop a file' or 'Browse' it from the respective folder and click on the 'Upload' button.
3. Once the file gets uploaded then you need to select Product Provider, Statement Id, Type as 'Reconcile' (refer screenshot)
4. Once the date gets reconciled it gets in the bottom part of the screen as 'Reconciled Data'.
5. You can see a column at extreme right having heading 'UnReconcile' which helps the user to rectify the incorrectly reconciled transactions.
6. When all the entries get reconciled, the user needs to select the ‘Bank Reconciled’ option on the process payout screen to do the payout for only those entries for which the reconciliation has been done.
*Please note, only the reconciled entries will be processed; the ones which are left not reconciled in the Bank reconciliations screen due to some reason would not be processed if the ‘Bank Reconciled’ option is ticked.