Automatically Reconcile Bank Transactions Using Advanced

The Advanced option for Bank Reconciliation matches transactions using the date, amount, and the analysis fields you choose.

If you want to match transactions only using date and amount and one analysis field, use the Match one to one option.

1. Go to Banks, then select Bank Reconciliation.

   If using IRIS Financials version 7.0.2290 or later, select Automatic Bank Reconciliation.
   

2. Select the relevant Bank Account.
   

3. Select Auto Reconciliation, then Advanced.

   If using IRIS Financials Version 7.0.2258 or later, the Auto Reconciliation option has been removed as Bank Reconciliation is only used for automatic reconciliation.

4. To choose the analysis field to match transactions on, select the relevant additional criteria or analysis fields for Criteria 1:

   To remove a Criteria section, select X. If you want to match on more criteria, to display an additional Criteria section, select Add.

   1. (Only for IRIS Financials Version 7.0.2258 or later) To add a criteria section select NEW.
   2. Select values for Value 1 and Value 2.
   3. To set how accurately the system tries to find a match, select one of the following Strength options:
      • Weak — tries to find partial matches based on Value 1 and Value 2.
      • Medium — only matches if the values for Value 1 and Value 2 match an item that is similar.
      • Strong — only matches if the values for Value 1 and Value 2 match on more than one item.
      • Exact — only matches if the values for Value 1 and Value 2 are an exact match.
   4. If matching on more than one type of criteria, for each additional section, select whether you want the system to match on all criteria or any of the criteria sections:
      • And — to only match transactions if they match on all criteria sections.
      • Or — to match transactions if they match on any of the criteria in any of the sections.
        
5. When you have selected all the criteria for matching, select Next.

6. The automatically reconciled transactions are displayed for you to review.

   If the Strength for matching was set to Exact:

   • Only transactions where an exact match was found for the criteria have a green Tick icon in the Confirm Match column. If the match is not correct, clear the match and manually match it to the correct transaction.

   If Strength for matching was set to Strong, Medium, or Weak:

   • Transactions with an exact match, have a green Tick icon in the Confirm Match column. If the match is not correct, clear the match and manually match it to the correct transaction.
   • Transactions that have more than one match have a orange Question Mark (?) icon displayed in the Confirm Match column. You must manually match the transactions that are correct.
   • If no match was found, the Confirm Match column is blank and you must manually match the transactions.


7. When you have matched all the required transactions, select Next.

   To finish the reconciliation, the Difference for selected matched transactions must balance to 0.00. If the difference is not 0.00, you must adjust the reconciliation.

8. Check the details of the matched items are correct, then to confirm the matches, select Reconcile.

   To display details of a transaction, select the Expand (+) icon.

9. (Optional) You can select the details to run the Bank Reconciliation Report on.
10. When you have run the report, or if you do not want to run a Bank Reconciliation Report, select Finish.