How do you Reconcile Accounts in Traction?

This article will demonstrate how to Reconcile an account in Traction.

 

 

Reconcile Process

1.  Click on the Dashboard icon and select the Accounting tab.  Click on Reconcile from the left-hand side menu.

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2.  Select the desired account from the drop-down menu.  Next, fill in the Ending Balance and Ending Date for the account being reconciled.  When all of the information is entered click on the Start Reconciling button.



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3.  If you have entered the incorrect information, click on the Edit Info button in the top right corner.  This will take you back to the Reconcile an Account screen where you can edit your information.  The option to Save For Later or Close Without Saving is in the top right of your screen.  The transactions can be sorted to show All or just Payments or Deposits.  The check marks for transactions indicates that they are cleared.  There is also an option to View Summary to see any outstanding payments or deposits.

 

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4.  Once all of the transactions are checked, the button in the right corner changes to Complete Reconciliation.  After you have finished going through your transactions, click on the Complete Reconciliation button.  If you are in balance, then a window will appear telling you that your account is reconciled.  Click on the You can find a summary of the reconciliation here to see the details and print if desired.  Once you have reconciled this month, your ending balance is recorded as your beginning balance in the Reconcile an Account screen.

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5.  Click on the Account Register to view the transactions.  The Status of all of the transactions has been updated to R.

 

 

Updating Entity Start and End Date to Show Previous Year's Transactions

If you have transactions in your Account Register from the previous year that are not showing in the Reconciliation tool, you will need to update the Start and End date for the associated entity temporarily.

 

1.  Navigate to the Dashboard, expand Let's Get Started, click on Step 1, followed by the big green button.

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2.  Click on the entity that is associated with the account you are trying to reconcile.  A new panel will open.  Click on the pencil icon to enter the edit mode.

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3.  Update the Year End Date to the year that contains the missing transactions.  In this example, I have transactions in 2022 that are not showing.  I will enter 12/31/2022 as this date.  Click the Save button.

 

You are all set.  When you start the Reconcile tool again, you will see the transactions from the previous year.

 

 

Update Beginning Balance

If your current beginning balance is incorrect, you can easily adjust this value for your next reconciliation. 

Type in your new beginning balance, click Update and Continue, and the new balance will be used.

 

 

 

 

Scenarios and Resolutions

If you are having difficulty completing your reconciliation, we encourage you to check the following: