Our monthly reconciliation can take some time to perform. Our bank offers a digital file with all of the cleared transactions; is there a way to import this file and match them up to my General Ledger entries?
General Ledger’s Import Bank Transactions feature uses financial files in multiple formats (.OFX, .QBO, or .QFX) to help clear your bank transactions. This allows you to match up journal entries that are already in the system against the ones in the file.
To import bank transactions
- In the Quick Launch, search for and select “Import Bank Transactions.” Alternatively, you can click the Import Bank Transactions button on the Dashboard.
- Select the financial file downloaded from your bank. Once the import is complete, you will have the option to delete the import file. The Dashboard will be displayed, with the Last Import updated.
To match imported transactions to journal entries
- On the Dashboard, click the red number next to Last Import to see a list of imported transactions.
…or…
In the Quick Launch, search for and select “Bank Account Manager,” and then click the Confirm Transactions button. - On the Matched tab, transactions from the bank that already exist in GL are shown. The match is based off of several criteria; check number, date, and amount are all taken into consideration. Transactions can be edited and unmatched from this window if necessary.
- On the Unmatched tab, new GL journal entries can be made by using the Create button.
- After transactions are matched, click Confirm.
When you start your reconciliation, all cleared entries will be selected, cutting down the amount of time that the reconciliation takes.
We use separate Trust bank accounts for the same physical bank account in order to separately track trust payments. Is there any way to link these bank accounts to make reconciliation easier?
You can link multiple bank accounts using the same Account #. This allows you to separately track payments, but to reconcile the bank account once.
To link bank accounts
- In the Quick Launch, search for and select “Bank Account.”
- Select the first bank account you want to link and note the Account #.
- Select the second bank account you want to link.
- Enter the same Account # as the first bank account.
- Press Ctrl+S.
- When prompted to link the bank account, click Yes.
When reconciling, you can select any of the bank accounts. All of the transactions from each of the bank accounts will show up in your reconciliation.
The following limitations exist for linked bank accounts:
- You cannot link accounts if both accounts being linked have a reconciliation record assigned. An error message will be displayed and you will be prevented from linking the accounts. You must undo any reconciliations performed to remove the reconciliation record before you will be able to link the accounts.
- Accounts that have been linked cannot be unlinked once a reconciliation record exists for the linked accounts. You must undo any reconciliation records before you will be able to unlink the accounts.
- Unlinked bank accounts with reconciled transactions cannot be linked to another bank account. However, an unlinked account with no reconciled transactions can be linked to these accounts.
- Changing the password used to protect PDF reconciliation reports for a linked bank account will update the password used for any other linked bank accounts.
Tabs3 Trust Accounting (Trust) is designed to help your firm keep track of the trust accounts you manage.
Trust tracks an unlimited number of trust accounts and manages up to 99 different bank accounts. The software can warn you when an account goes below a minimum balance, and provides optional credit card processing (merchant account required).
You can print checks, enter manual checks, record electronic fund transfers (EFTs), print trust ledgers for individual trust accounts and bank accounts, reconcile your bank account in the software, and track your trust transactions through a variety of reports.
Trust provides seamless integration with Tabs3 Billing, PracticeMaster, Tabs3 Accounts Payable (AP), and Tabs3 General Ledger (GL).
- In Tabs3 Billing, trust balances can be shown on work-in-process reports, trust transactions or balances can be shown on billing statements, and payments made to your firm from a client’s trust account can automatically generate a payment in Tabs3 Billing.
- In PracticeMaster, trust balances are shown as part of Matter Manager’s Billing Summary.
- IRS 1099 Forms (1099-MISC or 1099-NEC) information can be printed in Trust or be combined with AP 1099 information.
- Payments to the firm from Trust can create journal entries in GL. Additionally, accrual entries for Trust bank balances can optionally be posted in GL.
Trust accounting regulations require strict adherence. Tabs3 Trust Accounting provides peace of mind with the tools to help your firm manage your trust accounts. For more information, contact your local consultant, or contact our Sales Department at sales@tabs3.com.
We want to add an extra layer of security to our financial information in General Ledger. Users are already restricted from accessing General Ledger, but is there a way to protect the PDF files created for our reconciliation reports so only authorized users can open them?
General Ledger provides the ability to apply password protection to the reconciliation report PDF files to help keep the firm’s financial information protected both inside and outside the software.
To specify a password for a bank account’s reconciliation report PDFs
- In the Quick Launch, search for and select “Account Information.”
- Select the desired Account #.
- Click the Account Setup button.
- Click the Bank Info button.
- Select the Use a password to protect PDF reconciliation reports check box.
- In the Password field, enter the password you want to use.
- Click OK.
- Click Save.
Future reconciliation reports will now require a password to be entered in order to open.
Our bank and credit card accounts are very active, and it takes longer than we’d like to complete our monthly reconciliation. Is there a way that we can streamline this process to make it any quicker?
The Import Bank Transactions program allows you to import transaction information via a file that you download from your bank or credit card company. File formats supported include the .OFX, .QFX, and .QBO file formats.
During the import process, Trust compares the imported bank account transactions with existing checks, deposit slips, and EFT transactions. If matching transactions are found, they are shown on the Matched tab so they can easily be marked as having cleared the bank. Any imported transactions that cannot be matched are shown on the Unmatched tab, allowing you to easily match them with existing transactions or create new entries based on the imported information.
To import bank or credit card transactions
- From the File menu, point to Open and select Bank Account Manager.
- Select the Bank Account for which you want to import bank transactions and then click the Import Bank Transactions button.
- Select the file you received from your financial institution and click OK.
- Once the import has completed, click the Confirm Transactions button.
- Review any transactions on the Unmatched tab, matching them as needed.
- Review the transactions on the Matched tab and click Confirm once complete.
You have now reduced the time it takes to reconcile your bank and credit card accounts.
Note: This process is also available in Tabs3 General Ledger (GL).
Did you know that you can easily review past reconciliation reports when needed, right from the software? Both General Ledger (GLS) and Trust Accounting (TAS) store Reconciliation Reports as PDFs for quick review.
To review a past Reconciliation Report
- From the Reports menu, select Reconciliation Reports.
- Select the report you want to view.
- Click Open.
Note: Reconciliation reports are stored in the Reconciliation folder of the Current Working Directory.
Thinking about purchasing a license for our Trust Accounting, Accounts Payable, and/or General Ledger software, but not sure what they offer? Take a quick tour!
The Tabs3 Financials Overview video walks you through the highlights of our financial software. Learn more about how you can easily manage trust accounts, get financial statements, write checks, reconcile bank statements, and print 1099’s in one seamlessly integrated software suite!
Watch this four-minute video here:
Training Videos can be accessed at Tabs3.com/videos. You can also access the videos while in the software by selecting Help | Training Videos.
We’ve added the ability to open the Three-Way Reconciliation Report via the TAS Dashboard! When you update to Version 20.1.7 or later, you can quickly run this report for the bank account’s last reconciliation by clicking the 3-Way Rec link.
Note: The text “No reconciliation history” will be displayed if no reconciliation records exist for the account.
