Record a cash transaction not already entered in SILQ by adding a spend or receive money transaction within the bank feed window.
The bank feed reconciliation window has been designed to allow you to create spend and receive money transactions directly from this window.
SILQ uses smarts to pre-populate some of the information which includes:
1. Whether the transaction is an expense or a receipt
2. The amount will be automatically populated at time of reconciliation based on the amount that came in from your external bank transaction. The amount field is not editable
3. The note section will pre-populate with the description imported directly from your external bank transaction
4. If it is a receipt, SILQ will pre-populate the next receipt code in the sequence
Reconcile a Receipt (Receive Money)
Invoice Receipt
1. The receipt code should already be pre-filled
2. Choose the payor
a. If the payor is already entered as a contact you can:
i. start typing in the field and the contact should appear as you narrow down. Simply click on the correct contact.
ii. click on the contact icon on the right hand side of the field and choose that contact from the list
b. If the payor is not already entered, you can click on the contact icon on the right hand side of the field and click on New Contact to add them in. Once added, select them from the list
3. Choose the income type from the dropdown (i.e. how were the funds received in the external bank account)
4. The Show? section gives you 4 options to choose from:
a. Show specific unpaid invoice - if you are aware of the invoice that this receipt is in payment of, you can search for it in the field to the right. The relevant invoice/s will appear below
b. Show unpaid invoices for matter - this allows you to narrow down all unpaid invoices within a specific matter. The relevant invoice/s will appear below
c. Show unpaid invoices for client - this allows you to narrow down all unpaid invoices for a specific client. The relevant invoice/s will appear below
d. Show all unpaid invoices - this will show you all unpaid invoices across the firm, irrespective of matter or client. The relevant invoice/s will appear below
5. Allocation - As you can see from the below example - $480 was received. The Show? field has been set to show all unpaid invoices.
The first invoice was automatically allocated the $480, which will reduce the outstanding balance of that invoice, but in this instance not fully pay it off.
SILQ, will always automatically allocate to the first invoice.
If you do not want to allocate to that invoice, click on the green clear allocations button and then manually select the invoice you want to allocate to. Scroll to the bottom, enter the amount you want to allocate and then either press tab or click apply.
6. Click OK. That transaction is now successfully reconciled.
General Receipt
If this is a general receipt, and not a receipt that pays off an invoice, then you will need to click the green general receipt button at the bottom of the create window.
The window will change to look like this:
1. Class - Choose the type of income that it is from the dropdown
2. Choose the payor
a. If the payor is already entered as a contact you can:
i. start typing in the field and the contact should appear as you narrow down. Simply click on the correct contact.
ii. click on the contact icon on the right hand side of the field and choose that contact from the list
b. If the payor is not already entered, you can click on the contact icon on the right hand side of the field and click on New Contact to add them in. Once added, select them from the list
3. Choose the relevant income account that you would like this amount to be allocated to. Use the button on the right hand side of the field to choose the relevant account
4. Choose the GST type. Some receipts such as interest do not include GST, and other receipts such as an Infotrack refund may incur an amount less than 10% GST
5. Click OK. That transaction is now successfully reconciled.
Reconcile an Expense (Spend Money)
You can choose to reconcile the item as a single expense, or if the amount pays off multiple expenses you can click on the green button called multi line.
Single Expense
1. Class - Choose the type of expense that it is from the dropdown
2. Choose the payee
a. If the payee is already entered as a contact you can:
i. start typing in the field and the contact should appear as you narrow down. Simply click on the correct contact.
ii. click on the contact icon on the right hand side of the field and choose that contact from the list
b. If the payee is not already entered, you can click on the contact icon on the right hand side of the field and click on New Contact to add them in. Once added, select them from the list
3. Choose the relevant expense account that you would like this amount to be allocated to. Use the button on the right hand side of the field to choose the relevant account
5. The note field should be pre-populated based on the description that comes through from your bank transaction. You are able to edit and amend this if need be
4. Choose the GST type. Some expenses such as interest do not include GST, and other expenses such as an Infotrack searches may incur an amount less than 10% GST
5. Click OK. That transaction is now successfully reconciled.
Multi line Expense
1. Choose the payee
a. If the payee is already entered as a contact you can:
i. start typing in the field and the contact should appear as you narrow down. Simply click on the correct contact.
ii. click on the contact icon on the right hand side of the field and choose that contact from the list
b. If the payee is not already entered, you can click on the contact icon on the right hand side of the field and click on New Contact to add them in. Once added, select them from the list
2. The GST, Amount, and Out of Balance amounts will remain greyed out and updated automatically based on the line items entered below
3. The note field should be pre-populated based on the description that comes through from your bank transaction. You are able to edit and amend this if need be
4. The note field should be pre-populated based on the description that comes through from your bank transaction. You are able to edit and amend this if need be
5. To add your first expense click on the green add button
6. Class - Choose the type of expense that it is from the dropdown
7. Matter - If the class you chose is a matter expense, choose the relevant matter
8. Enter the inclusive of GST amount for that specific line item and choose the type of GST calculation. The GST field will populate automatically, please confirm this is correct
9. Choose the relevant expense account that you would like this amount to be allocated to. Use the button on the right hand side of the field to choose the relevant account
10. Type in a note relevant to that expense item
11. Once you have filled in all the relevant and mandatory fields, click on the save button and the expense will be recorded and displayed in the list
12. To add another expense click on the add button, which will make the fields at the bottom of the window active and allow you to enter the details of the next expense item. Repeat the steps above
13. If you need to edit an item, click on it once in the list and then click on the edit button. Once all the changes have been made, click on the save button again.
14. To delete an item, click on the item in the list and then click on the delete button at the bottom of the window.
15. Once you have added all the expense items, click on the OK button at the bottom of the window and these items will be recorded. NOTE: You will only be able to click OK if the individual expense items add up exactly to the amount of the original bank transaction. To confirm it is correct, refer to the out of balance field and correct any errors if relevant
16. Once you have clicked OK, that transaction is successfully reconciled