Batch reconciliation can save a lot of time, particularly if your business experiences a high volume of transactions. Rather than reconciling transactions one at a time, Flare's batch reconciliation allows you to select and reconcile multiple bank transactions.
Learn how to:
Batch Add New
To Add multiple bank transactions to a book account at one time (Checking in this example), do the following:
- In Flare's main menu, click Bank (1 below), select a book account from the account dropdown (2), and click the account name (3). The account is displayed.
- Click the
- Click the checkbox next to transactions that you'd like to add to your book account (5 below).
In this example, we are adding 1 payment from a customer and 3 payments made to three vendors which we did not record in our Flare book Checking account. Although Flare auto-suggests other transactions as “Add New”, in our example we've decided those transactions are not business transactions and so we'll batch ignore them later (see Batch ignore below).
- Click the Batch Action button's dropdown menu (6 above) and select Add New. The selected transactions are added to our book Checking account and are removed from the list of unreconciled transactions.
To view them, click the filter icon, click the Status tab and click the Reconciled checkbox:
Reconciled transactions are ready to be categorized into an appropriate chart of accounts category (B).
Once you've added the transactions, they are removed from the list of unreconciled transactions, but you can still access them and reverse the action taken. See Reversing reconciliation actions.
To ignore a batch of transactions, do the following:
- In Flare's main menu, click Bank, then click the accounts dropdown menu and select a book account (1, 2 and 3 below). In this example, we'll select the book Checking account.
- Click the reconcile button (4 below).
- Check the checkbox beside transactions you'd like to ignore (5 below).
If a transaction is not in your book account, Flare displays an button. You decide whether to ignore or add the transaction.
- Click the
Flare ignores the transaction and removes it from the bank balance. If you use the Filter search and view ignored transactions, you'll see the transaction status has changed to "I" (A below) and a suggested reversal action of "Restore" is displayed beside the transaction (B).
Once you've ignored the transactions, they are removed from the list of unreconciled transactions, but you can still access them and reverse the action taken. See Reversing reconciliation actions.
dropdown menu and click (6 above).