How to retrieve Bank Transactions and run Automatic Reconciliation
1. Options for Running Bank Feeds with Automatic Reconciliation
Bank feeds with automatic matching is scheduled for an upcoming release and is not currently generally available.
To import bank transactions and to perform the automatic reconciliation process can be run by:
- Automatically runs after the Recurring Payment Processor is run. Either at the scheduled time, or by "Run Now" link on the Merchant Facility.
- By pressing the "Refresh Transaction" button on the "Bank Feed" Tab
- By pressing the "Transaction Refresh" button on the "Bank Account" Tab.
The refresh process runs in the background. Once complete, the following would have occurred:
- Will create or update Bank Account Transactions.
The transactions received will for those Bank Accounts that are Active and have their transactions details matching the "Bank Feed Criteria" that was setup.
These will be visible from the "Bank Feed" and "Bank Account" Tabs.
Only Bank Feeds and Bank Accounts that are marked as Active will be processed
- Will link the Bank Account Transactions to a Payment Txn's where the Payment Txn is:
- Linked to the same Merchant Facility as the Bank Account - Merchant Facility. This is in the "Bank Account Merchant Facility" object related to the "Bank Account".
- Matches the criteria in setup in "Bank Account Txn Matching Criteria" that is marked as Active
- Has a transaction date that is within the number of days from today as setup on the "Bank Feed" tab, field "No of days to check for Matching Payment"
- Payment Txns must NOT have a status of Error and Bank Reconciled must NOT be checked
- Once a Payment Txn has the sum of related Bank Transaction Amounts = to the Statement Amount, then it will have the field "Bank Reconciled" checked and will not be considered for future reconciliation
- A link is created between the Payment Txn and the Bank Transaction. This link is via a joiner (related) object called "Bank Account Txn Payment Txn". This allows for the related Payment Txns to be seen against the Bank Account Transaction and also for the Bank Account Txns to be seen as a related list against the Payment Txn.
1.1. Running from the Recurring Payment Processor
The normal way of running the daily reconciliation is by starting the Recurring Payments processor (1) form the Start button on the Merchant Facility.
You can click the "Run Now" link (2). ONLY do this if you are sure of what you are doing as this will also run the Recurring Payment Process - DO NOT double click press twice.
1.2. Running from Bank Bank Feed Tab
Press the "Refresh Transactions" button (1) from the Bank Feed detail page.
After a few moments and when the background processors have finished, the Bank Transactions (2) will be populated with the refreshed transactions