...
A practical guide to the life-cycle of a reconciliation item. For this example, pretend you received a credit card bill for three expenses. One of those expenses is approved, the other two are still in draft. The screenshot below shows our two draft cards. How do you pay the credit card bill without having to chase down your approvers for the other two expenses? Reconciliation items, that's how!
Read This
If you are glossing over this documentation, don't skip this part. If you have been using Projector to approve AP items previously you may need to do it differently now.
...
- Edit the grid
- Add "Vendor Name" as a column
- Tick the checkbox next to Vendor Name
- Put it at the top of the column list
- Save the search as a favorite
...
Create Blank Payment Voucher
...
- Go to Topics | Payment Vouchers | + Payment Voucher
- From dropdown choose Blank payment voucher
- From second dropdown choose your credit card provider
- Enter voucher date and number
- Click Create
Open Blank Payment Voucher
Open your new, blank payment voucher.
Edit Financial Info
Click the pen and paper icon to start entering reconciliation information.
Enter Statement Amount
On the first tab, Payment Amount, choose the radio button Set payment amount... and enter the amount on your credit card statement. In the screenshot below I've set it to $395.
Add Cost Cards
Move on to the second tab, Cost Cards. All cost cards that are workflow approved appear in the list. You can click the icon to edit which columns of data are displayed. Tick the checkbox for each card that belongs on this payment voucher. In this case I have ticked a single card for $40. Take a look in the upper right and you'll see that I still need $355 of reconciliation items to reach my $395 total.
Create Reconciliation Items
...
In the screenshot below you can see that I created line items for my missing cost cards. Go ahead and click Save. You are done for the time being.
Reconcile Items
When a new cost card is workflow approved, you'll revisit step 2 in the wizard above. Tick off all the new cost cards. Notice that Projector automatically recalculates the unreconciled amount to reflect the new cost card additions.
Finally, go to step 3 again, X out the reconciliation items and tick the Reconciliation is complete checkbox.
Credit Card Fees
If you have a credit card fee that will never have a corresponding payment voucher, then you can leave it as an unreconciled item on the payment voucher.
...