What is reconciliation?
In Amilia, reconciliation is the act of associating a payment or a credit with an invoice.
Reconciliation in Amilia can be full , partial or absent and these notification icons will accompany invoices, payment receipts, cancellations and credits, to show whether they have been matched and to what extent.
Full Reconciliation: When an invoice has been immediately paid in full at the time of purchase or when the payment (receipt), cancellation or credit have been fully matched with relevant invoices.
Partial Reconciliation: Only part of this item has been matched with an invoice (or if accompanying an invoice, this icon may indicate that the invoice has not been paid in full or that one of the payments received to cover this invoice has not yet been reconciled).
Note: Invoices for which only a partial payment has been received in the form of multiple installments (recurring payments) and that have not yet been paid in full will show as partially reconciled. Installments must be manually reconciled if you wish to associate them with the proper invoice.
No reconciliation: This item has not been reconciled at all.
Reconciliation is not mandatory. Each organization can choose to activate it or not.
For more information on reconciliation, watch our webinar on Financial Reconciliation!
RECONCILING ALL PAST TRANSACTIONS AUTOMATICALLY
To ask Amilia to reconcile all past transactions automatically (and avoid seeing the missing or incomplete reconciliation icons everywhere!):
- Go to Clients > Accounts.
- Display the maximum possible number of clients per page with the selection tool on the bottom right of the page.
- Check the box to the left of Account owner.
- In the Operations menu, choose Auto-reconcile selected accounts.
All transactions in this group of accounts will be reconciled automatically. A few transactions may still show incomplete or missing reconciliations in accounts where there is a balance owing or credits awarded.
RECONCILING A SPECIFIC CLIENT ACCOUNT
- Access Clients > Accounts.
- Click on the name of the account owner to enter their account.
- In the Operations menu, choose Auto-reconcile.
All transactions in this account will be reconciled automatically. A few transactions may still show incomplete or missing reconciliations if they haven’t been paid in full or if a credit was awarded without a subsequent purchase with which to be matched.
RECONCILIATION IN YOUR DAY-TO-DAY OPERATIONS
Starting now, to continue reconciling items in your client accounts, all you need to remember is that invoices are usually the point of origin for most transactions, and to follow the instructions below!