The aim of bank feeds in SILQ is to match each statement line in the bank account to an existing transaction in SILQ, or create a transaction during the reconciliation process.
SILQ makes the bank reconciliation process easier by letting you know when bank statement lines are ready to reconcile. The bank account panel on your dashboard shows how many bank statement lines have been imported and need to be reconciled. Read more about knowing when to reconcile here.
For each individual statement line imported from your financial institution, you can either:
-
Match it with an existing transaction in SILQ, such as an invoice or a spend money
- Create a new spend or receive money transaction
-
Start a discussion with your accountant, bookkeeper or someone else in your firm if you’re not sure how it should be reconciled, by adding a note for them to read
How you reconcile each statement line depends on whether a transaction has already been created in SILQ to reflect it or not.
Filter or search for statement lines
You can filter the list of statement lines by date or by searching for a word or number (for best results, do not put $ symbols).
Create a new transaction
Where a transaction doesn’t already exist in SILQ that relates to the statement line, create the transaction during the reconciliation process.
This can be done using the create tab.
Find more information on this here.
Match to an existing transaction in SILQ
If an existing transaction has already been created in SILQ that relates to the statement line, the reconciliation process is simply matching the two.
You find this under the 'Match' tab.
1. Search for existing transactions in SILQ that match your statement line. You can either search by name or reference, or search by the amount.
You can select from multiple transactions, if appropriate.
Note - The search will only show you results up to 1 month before and including the date of the bank statement line.
2. View your selected transactions and add any new transactions as needed,
3. You need to ensure that the sum of your selected transactions match exactly the money received or spent.
4. Click Ok and you are done.
Discuss it with your advisor / another member of your practice
If you're unsure what a bank statement line relates to, start a conversation with your advisor (such as an Accountant or Bookkeeper) or other users in your practice.
Do this by entering a comment in the Discuss tab when reconciling.
