Hello! So, I recently just got employed with a company that uses IFS as their accounting software. I work in the accounting department and right now they do not use the bank reconciliation feature in IFS. They use excel spreadsheets and manually reconcile that way. I want to improve that process and utilize the bank rec feature within IFS. Now my question is, how do I go about starting that process? Will I need to make entries for each bank account to show the ending balances from May? I’d like to use the automatic transaction matching function and I’d like to be able to start reconciling for the month of June. I apologize if this seems confusing, I am new to IFS as well and figured this was a good place to start! Thank you for your time!
How to begin using the bank reconciliation function
Hi
Please refer to the below link for the process of bank reconciliation.
How to Perform Bank Reconciliation | IFS Community
In addition to that when you configure automatic bank reconciliation, you need to follow these steps.
- Set Up Basic Data:
- Navigate to the Payment Institute window.
- Select the relevant payment type grouping.
- Configure the necessary details for your bank account.
- Enable Auto-Matching:
- Right-click on the payment type and select “Attribute for Auto Matching”.
- This enables automatic reconciliation between bank statement lines and system transactions.
- Load Bank Statements:
- Import the bank statement data, including ending balances and individual transactions, into the system.
- Automatic Matching:
- The system will automatically match bank transactions with cash account transactions.
Discrepancies, such as open checks in the system for cashed check transactions, are handled during reconciliation
Best Regards,
Tharindu
+1
Hi Tharindu! Thank you for the response! How do I go about all the previous months/years of transactions that are sitting in there since they never reconciled in IFS when they started using it?
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