Financial Reconciliations

This page reviews everything related to the financial settlements page, how to access it, its concept, and its features.

To access the “Financial Reconciliations” page, please follow these instructions:

• Start by clicking on the “Financial” section in the main menu.
• Then, click on “Financial Accounts” available in the top bar of the page.
• Next, click on the “Financial Reconciliations” link.

Concept of Financial Reconciliations, Their Uses, and Benefits:

• Concept of Financial Reconciliations:

1. 1. Financial account reconciliation is the process of comparing and matching financial transactions recorded in the system with the transactions listed in the financial statements provided by banks or external financial institutions. This is done to verify the accuracy and correctness of financial data and to ensure balance and alignment of balances between different records.
   2. This process involves comparing the monetary amounts recorded in the internal system with the amounts recorded in official bank statements, such as bank statements and other financial operation statements. If there are discrepancies between the numbers in the internal system and those in the bank statements, these discrepancies are accurately identified and processed to ensure balance and accuracy in financial data.
   3. Bank account reconciliation is considered an essential part of financial auditing and accounting procedures, as it helps ensure the accuracy of financial reports and verifies the accuracy of financial records for companies and individuals.

• Available Filters and the Function of Each Filter:

1. 1. Financial Account Filter: With this filter, you can specify the financial account for which you want to perform a reconciliation. It allows you to view all financial transactions related to this account for easy reconciliation.
   2. Branch Filter: It provides access to financial transactions associated with a specific branch. You can view transactions for selected branches or review transactions for all branches in the system, preparing for reconciliation.
   3. Reconciliation Management: You can navigate between previously completed reconciliations for modifications or create new reconciliations as needed.

• Primary Financial Reconciliation Data Table:

  1. Reconciliation Date: This date is automatically determined according to the current date, but it can be adjusted as needed.
  2. Opening Balance Field: This field is used to enter the opening balance value mentioned in the bank statements provided by external banks or financial institutions.
  3. Closing Balance Field: This field is used to enter the closing balance value listed in the bank statements provided by external banks or financial institutions.
  4. Total Value: This field displays the total value of the financial account according to the internal records recorded in the system.
  5. Settled Value: This field summarizes the values that have been settled within the transaction table.
  6. Difference: It represents the difference between the total values settled through the records in the system and the closing balance appearing in external statements.

• Financial Transactions Records Data Table:

  1. View Financial Documents: The table provides a list representing all available financial documents, such as invoices, outstanding invoices, receipts, and more. These documents are sorted according to transaction numbers.
  2. Link to Financial Documents: Using the unique number for each transaction, the user can access the financial document directly.
  3. Access Accounting Entries: The table provides a custom button for each transaction that can be used to view the accounting details of the financial entry associated with that document.
  4. Financial Transaction Matching: This table is a powerful tool for matching internal financial transactions with external financial statements. If a match is confirmed between a transaction recorded in the system and its counterpart in external statements, the user can activate the visible “checkbox” button indicating the match.

Using this guide, companies and institutions can efficiently conduct financial reconciliations with precise documentation, contributing to improved financial performance and gaining a better understanding of the institution’s financial status.