Key Steps
Step 1: Access Unmatched Bank Records 0:03
Navigate to the reconciliation page.
Locate the unmatched bank records column.
Step 2: Select and Create Expense Entry 0:11
Select the relevant bank feed transaction.
Create a new expense entry.
Step 3: Input Transaction Details 0:23
Add a bill ID if necessary.
Input the transaction description.
Ensure the date and payment date fields match the date the expense was paid.
Step 4: Code the Transaction 0:33
Confirm that the transaction is coded to the trust account.
Step 5: Enter Vendor and Link Details 0:42
Enter the vendor details.
Select the correct listing or reservation linked to the transaction.
Step 6: Choose Expense Account 0:42
Choose the relevant expense account for the transaction.
Step 7: Add Description for Owner Statement 0:42
Add a description that will appear on the owner statement if billed to the owner.
Step 8: Assign Expense to Owner or Property Manager 0:54
Check the 'bill to owner' box to add the expense to the owner's statement.
Leave it unchecked to assign the expense to the property manager.
Step 9: Save the Transaction 0:54
Save the transaction to record the expense.
Confirm that the expense is removed from the bank reconciliation page.
Cautionary Notes
Ensure all details are accurate before saving the transaction to avoid discrepancies.
Double-check the vendor and expense account selections to ensure proper allocation.
Tips for Efficiency
Regularly review unmatched bank records to minimize backlog.
Use templates for common expense descriptions to save time.