As you may have already heard us say, when importing data into SILQ you are effectively drawing a line in the sand where any reporting etc for transactions captured in your old Practice Management Software would still be accessed via the old PMS (or via exported reports if access to the old PMS is no longer viable) and therefore any new transactions captured in SILQ would use SILQ for reporting from the transition date.
The first thing that you need to remember is that SILQ does not import every single transaction from your old software into SILQ. (We have an article on what can be / is imported to SILQ).
For that reason, there may be instances where the calculated balance in SILQ as at the day before your transition date is different to your actual bank balance.
Therefore, an adjustment general journal entry may be required to bring the balance to where you expect it to be. Please refer to our opening balances article to gain information on the steps you should take prior to doing your first reconciliation after a data migration.
Assuming you have followed the steps in the above opening balances article and there was an adjustment entry required for the bank account, then you should see that entry present as a transaction in the bank reconciliation window.
If an adjusting entry was not required, you would still follow the below steps, however you would not need to look for the adjustment entry.
You will now need to reconcile up to the day before your transition date. To do so:
1. Navigate to the Accounts tab and click on Reconcile Account:
2. Choose your bank account
3. Set your statement date to be the day before your transition date (e.g. if your transition date is 1st of January, then you would be setting the statement date as 31st December)
4. Enter your statement closing balance (this amount should be exactly what is shown on your bank account for the date in number 3 above)
5. Tag all items - if you have an adjustment entry, make sure this is tagged as well
6. The Calculated Closing Balance amount should match your Statement Closing balance and therefore your out of balance amount should be $0. If that is the case, move onto point 7. If that is not the case, you will need to review your adjustment general journal entry to ensure it is correct. Once you have found the error and corrected it, then move onto point 7. Do not move to point 7, unless both balances match and your are not out of balance.
7. Click on Reconcile Account
8. You are now able to start your bank reconciliation as at your transition date and reconcile as normal moving forward