Reconciling Discrepancies

In the Reconciliation section, you can view Transactions on the left and Expected Payments on the right. The goal of reconciling discrepancies here is to ensure that the transactions recorded in the system match the expected payments.

Steps to Reconcile Discrepancies:

Select an Account:

Use the dropdown menu at the top to choose the account you want to reconcile. This will filter both the transactions and expected payments to only show data relevant to that account.

Review Transactions:

In the Transactions section, you’ll see a list of actual recorded transactions, each with details like the Transaction Date, Reference ID, Amount , and Type .

Review Expected Payments:

In the Expected Payments section, you can see the payments you anticipated, listed with similar details as transactions. These payments could be based on invoices or scheduled payments.

Identify Discrepancies: At the top, you’ll notice summary information:

• Transactions (0) and Expected Payments (0) currently show zero counts, which means there are no transactions or expected payments loaded for this account yet. Normally, if data were present, these counts would help you quickly assess if there’s a difference.

• Difference (₦0) shows the total discrepancy amount. If there’s a mismatch between total transactions and expected payments, this amount will reflect the difference, helping you identify the financial gap.

Reconciling:

• Click on Reconcile in the top right to begin the reconciliation process.

• This button will typically trigger a comparison between each transaction and expected payment, matching them based on factors like amount, date, and reference ID.

• Any discrepancies, such as missing payments or unmatched transactions, will be flagged for review

Create Expected Payments (if needed):

• If you realize that an expected payment is missing (perhaps you forgot to log it), you can click Create Expected Payment on the right. This allows you to add a new expected payment manually, which can then be matched against an existing transaction.

By following these steps, you can systematically match each Transaction to an Expected Payment and resolve any Discrepancies . This process ensures that the financial records accurately reflect all expected and actual transactions, helping maintain financial accuracy.