This article will show you how to reconcile a Provider Statement to a Bank Transaction. There are 2 different options, both are explained below. Additionally, this guide also covers troubleshooting scenarios for reconciliation.
Option 1
Click Income Reconciliation under Business
Click Bank Statements
Alternatively, you can also go in via the relevant month:
Then select Bank Statements on the side menu:
Locate the Bank Statement you want to reconcile a Provider Statement against and click the 'View Bank Statement' eye icon
On the next screen, you can select multiple Bank Statement transactions to reconcile to a Provider Statement
Tick the relevant Bank Statement transactions
Click reconcile to statement transactions
You'll then be asked to select if you would like to reconcile to a provider statement or individual transactions:
If you want to reconcile to a full statement, then select Provider Statements. If you want to reconcile to individual provider statement transactions, select Individual Transactions.
You can reconcile to multiple Individual Transactions, but only to 1 Provider Statement
In both screens, you have the option to search by Client Name and Policy Number. You also have More Filters available:
Select Provider Statements or Individual Transactions (Provider Statements for this example)
Tick the relevant Provider Statement
Click Reconcile
You'll then receive a notification stating the system has attempted to reconcile the selected provider statement to the selected bank transactions:
If you refresh the screen, if reconciled successfully, it'll show a green tick indicating the Bank Statement is fully reconciled to the Provider Statements/Transactions.
Option 2
Click Income Reconciliation under Business
Click Bank Statements
Alternatively, you can also go in via the relevant month:
Then select Bank Statements on the side menu:
Locate the Bank Statement you want to reconcile a Provider Statement against and click the 'View Bank Statement' eye icon
Once you're within the relevant Bank Statement, click the 'View bank transaction' eye icon, for the transaction you'd like to reconcile a Provider Statement against
On the next screen, click 'add provider statement reconciliation'
You'll then be asked to select if you would like to reconcile to a provider statement or individual transactions:
If you want to reconcile to a full statement, then select Provider Statements. If you want to reconcile to individual provider statement transactions, select Individual Transactions.
You can reconcile to multiple Individual Transactions, but only to 1 Provider Statement
In both screens, you have the option to search by Client Name and Policy Number. You also have More Filters available:
Select Provider Statements or Individual Transactions (Individual Transactions for this example)
Tick the relevant Provider Statement Transaction
Click Reconcile
A pop up box will then appear in the top right hand corner, advising you that the system has attempted to reconcile the selected provider statement transactions to the selected bank transactions.
When you refresh the page, if it has reconciled successfully, you will see the relevant Provider Statement Reconciliation showing under the Bank Statement Transaction.
Should you need to remove the Provider Statement Reconciliation, you can do this within this screen too.
If you then go back to the Bank Statement Screen, if you've reconciled 100% of the Bank Statement, it'll show a green tick indicating the Bank Statement is fully reconciled to the Provider Statements/Transactions.
Troubleshooting Reconciliation Scenarios
While the standard reconciliation process works for most situations, you may encounter scenarios that require special handling. The following sections address common challenges and provide solutions for managing exceptional cases in the reconciliation process.
Managing Missed and Doubled Payments with Provider Statements
If a provider skips a payment in one month and doubles the amount in the following period, you can reconcile these transactions seamlessly in Plannr's system. To do this:
Link the bank statement entries to the provider statements they relate to.
Use the Plannr system's functionalities to allocate received funds to the relevant provider statement(s), covering multiple periods if needed.
Ensure each payment is accurately attributed and proportioned, as this allows clear tracking and avoids discrepancies.
Client Invoice Reconciliation
If a client payment is not reconciling as anticipated, take the following steps:
Verify whether a provider statement was automatically created by the system when the transaction occurred (this should be the case for Client paid fees)
If no provider statement was created, delete the charge schedule & expectation entry and re-add it in Plannr. When re-added, the system should generate a linked provider statement automatically.
To streamline reconciliation and avoid issues:
Regularly review both bank and provider statements for discrepancies.
Use clear and complete notes, especially for doubled or late payments.