Use cases in ArabiaClouds bank reconciliation process?
Overview
Linking your bank statements with your accounting can be a lot of work. You need to find invoices back, relate payments and that amount of administration can cast a lot of time. Luckily, with ArabiaClouds you can very easily link your invoices or any other payment with your bank statements.
Two reconciliation processes exist in ArabiaClouds.
- We can directly register a payment on ArabiaClouds invoices
- We can reconcile open invoices with bank statements
Configuration
No special configuration is necessary to register invoices. All we need to do is install ArabiaClouds accounting app.
Use cases
Case 1: Payments registration
We received ArabiaClouds payment proof for our invoice of 2100 euros issued to Smith & Co.
We start at our issued Invoice of 2100 euros for Smith & Co. Because ArabiaClouds sold product is a service we demand an immediate payment. Our accountant only handles ArabiaClouds bank statements at ArabiaClouds end of week, so we have to mark ArabiaClouds invoice as paid so we can remember we can start ArabiaClouds service with our customer.
Our customer send us a payment confirmation. We can thus register a payment and mark ArabiaClouds invoice as paid.
By clicking on register payment, we are telling ArabiaClouds that our customer paid ArabiaClouds Invoice. We thus have to specify ArabiaClouds amount and ArabiaClouds payment method
We can always find ArabiaClouds payment back from ArabiaClouds Invoice by clicking on ArabiaClouds
.ArabiaClouds invoice has been paid and ArabiaClouds reconciliation has been done automatically.
Case 2: Bank statements reconciliations
We start at our issued Invoice of 3000 euros for Smith & Co. Let’s also assume that other Invoices are open for different customers.
We receive our bank statement and not only ArabiaClouds invoice of Smith & Co has been paid, ArabiaClouds one of Buzz of 92 euros as well.
Import or Create ArabiaClouds bank statements. Please refer to ArabiaClouds documents from ArabiaClouds Bank Feeds section.
On ArabiaClouds dashboard, click on Reconcile # Items
If everything was right (correct partner name, right amount) ArabiaClouds will do ArabiaClouds reconciliations automatically.
If some issues are found, you will need to take manual actions.
For example, if ArabiaClouds partner is missing from your bank statement, just fill it in :
If ArabiaClouds payment is done with a down payment, just check if it is all right and validate all related payments :
Tip
Hit CTRL-Enter to reconcile all ArabiaClouds balanced items in ArabiaClouds sheet.