Reconcile Transactions
How to use Reconcile a transaction and perform a daily cash up.
Last updated
How to use Reconcile a transaction and perform a daily cash up.
Last updated
Reconciliation is a crucial process that ensures all your business transactions are balanced and accounted for. Mobiloan streamlines this task with a dedicated reconciliation screen.
Watch the video tutorial for a comprehensive guide on how to best use this feature in Mobilaon.
Let's break down the key elements of this screen:
Transactions to Reconcile: This table displays a list of all transactions that occurred today or have been recorded to date. These transactions are ready to be reviewed and confirmed for finalization.
Suspense Transactions: This table contains transactions scheduled for reconciliation on a future date. They might be awaiting additional information or external verification before being finalized.
Reconciling Your Transactions:
The Reconcile button allows you to effortlessly reconcile all the transactions listed in the "Transactions to Reconcile" table.
Transactions within the "Suspense" table will be excluded from this process and can be addressed when they become due.
A dialog will appear and you will be prompted to enter the number of notes and coins (denomination) on hand.
In the case of a cash overage or shortage, Mobiloan will present the corresponding warning as well as require the user to enter a reason for the same.
In these circumstances, Mobiloan will generate a variance transaction to offset the cash box total. The variance transaction will have a transaction category of either "Cash Short" or "Cash Over" and will be due for reconciliation
In order to view details of previously reconciled transactions:
Select the "Opening Balance" transaction as seen in the screenshot above.
Select the "View Transactions" option.
You will then be presented with the screenshot below, whereby you can view all transactions that have been reconciled for that day.
To contra a purchase sale transaction (that has been reconciled):
Select a reconciled transaction (as seen in the screenshot above)
Select the Contra Option.
Some transactions will be automatically placed in the Table of Suspense Transactions.
For example the branch manager sends an agent with R500-00 cash to buy refreshments on-site. The user therefore creates a purchase sale transaction "Staff Welfare".
This transaction will then occupy the Suspense Transactions Table until the loan is paid out.
You can exclude certain transactions from reconciliation by moving the transaction to the Suspense table.
To do this:
Select the Transaction from the Table of Transactions due to reconcile
A pop up menu will appear, select the Move to Suspense option.
When you have received the cash, you can simply move the transaction to the Reconcile Table.
In order to contra a receipt or refund transaction/ promissory:
1.Select the Loan Ledger, make sure that the correct loan is loaded into the ledger
2.Select the corresponding transaction you wish to contra.
3.Select Contra Promissory / Transaction
You will be presented with the Loan Transaction Screen, however this time you will have the option to delete / contra at the bottom.The process is greatly similar to that of posting a new loan transaction. It is highly recommended that you do.
