Reconciliation of Clients Accounts

Reconciliation is a simple action that allows you to link a payment to one or more invoices. Amilia has succeeded in developing a more comprehensive way to reconcile transactions, that will allow you to link a payment to one or more ITEMS of invoices.

HOW WILL RECONCILIATION BY INVOICE ITEM SAVE ME TIME?

The reconciliation by invoice item and the use of ledger codes will allow you to have:

  • More detailed reports;
  • Payment reports showing the amount paid;
  • More representative tax receipts (RL-24 for Quebec).

HOW DOES RECONCILIATION WORK?

Initially, reconciliation will take place automatically under certain conditions. Because of this we can considerably reduce manual error.

Here is how the reconciliation process through the Amilia platform works:

When buying from the online store (whether by a client or an Administrator)

If the purchase is paid in full:

  • The reconciliation by invoice item will be automatic.

If the purchase is paid by installment:

  • The reconciliation per invoice item will be done automatically for the first payment.
  • The reconciliation by invoice item will be done automatically for future payments.

When a payment is made to the account by a CLIENT.

If the payment is equal to the account balance:

  • Reconciliation by invoice item will be automatic

If a partial payment is made to the account:

  • Reconciliation by item of invoice will NOT be automatic. An administrator will have to reconcile by invoice item manually since the system cannot guess at which invoice item the payment should be associated.

On a payment made by an Administrator to a customer's account:

The administrator will always have the choice to reconcile OR NOT reconcile when adding a payment.

NOTE: If reconciliation is not made when the payment is added, reconciliation cannot be shown in the financial reports. Therefore, it is important to ensure that each payment is reconciled.

For this purpose, you have a sub-tab under Client entitled: Payments not reconciled. This sub-tab lists all payments that have not been reconciled.

HOW TO RECONCILE BY INVOICE ITEM?

By accessing a client account, on the Account> Client Billing:

  • Access either the invoice to be reconciled or the payment to reconcile
  • Click on the +

  • Click on “Reconciliations”

  • Select the Invoice to reconcile

  • Enter the amount per item to reconcile and save

 

 

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