Reconciliations are needed to keep your financial information in synchronization with your accounting transactions. Whether you have an accounting software such as QuickBooks or Xero, or if you manually keep your financial records, you need to reconcile your financial transactions. For more information on accounting integrations, please see CoreBridge's Supported Accounting Integrations. Reconciliations verify your physical cash, checks, credit cards, or other financial transactions with data processed and posted within CoreBridge. Access to financial data within CoreBridge is determined by Employee Roles and/or Individual Employee Access. For more information on granting access, please see Managing Employees. The Reconciliation & Sync screen will list all reconciliation periods that have been synced and those periods that have not been synced ready for preview.
Table of Contents
Navigate to Accounting / Reconciliation & Sync.
Preview to Reconcile
Navigate to Accounting / Reconciliation & Sync.
1. Click on Preview - This will be all unreconciled financial transactions posted.
Note: It is recommended to reconcile at the end of each day.
2. Go the Payment Summary tab.
3. Cash
a. Starting Cash Balance - The starting cash balance will be your ending cash balance since the last reconciliation.
b. Enter Cash In - This is all cash added into the cash drawer since the last reconciliation, not counting customer's cash payments.
Note: If you go to the ATM to replenish your cash drawer, that amount would be entered here since money is being added to the cash drawer. It is common to use this field on your first reconciliation allowing CoreBridge to match what is already in your register. This does not count customer's cash payments.
c. Cash Received Total - This is the total amount of payments received with cash as a payment method in the system since the last reconciliation period.
Note: Click on the link under Cash Received Total for details. Click Done after reviewing the transaction list.
d. Enter Cash Paid Out - This would be cash coming out of the drawer, such as, petty cash notes, office supplies, office lunch, or miscellaneous.
Note: This would not be change given to a customer.
e. Cash Drawer Balance - This is the sum of cash recorded in CoreBridge.
f. Actual Counted - Enter the physical count of money in the cash drawer.
Note: The physical count should equal the system calculated cash balance. You can click on the down icon to populate this field with the system calculated amount as a shortcut after verifying the cash amount.
g. Difference - This is the difference between the system calculated amount and the physical draw count. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, recount the cash and review all transactions.
h. Cash To Deposit - This is the amount of cash to remove from the drawer and deposit in the bank.
Note: This will decrease the Ending Cash Balance for this reconciliation period and will be the Starting Cash Balance for the next reconciliation period.
4. Checks
a. Checks Amount - This is the total amount of payments received with check as a payment method in the system since the last reconciliation period.
Note: Click on the link above for check details. Click Done after reviewing the transaction list.
b. Actual Counted - Enter the total value of the checks received.
Note: The check total must equal the system calculated check balance. You can click on the down icon to populate this field with the system calculated amount as a shortcut after verifying the check total.
c. Difference - This is the difference between the system calculated check balance and the counted check total. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, recount the checks and review all transactions.
5. Wire Transfer (External)
a. Wire Transfer (External Amount - This is the total amount of payments received with wire transfer as a payment method in the system since the last reconciliation period.
Note: Click on the link above for wire transfer details. Click Done after reviewing the transaction list.
b. Actual Counted - Enter the total value of wire transfers received.
Note: The wire transfer total must equal the system calculated wire transfer balance. You can click on the down icon to populate this field with the system calculated amount as a shortcut after verifying the wire transfer balance.
c. Difference - This is the difference between the system calculated wire transfer balance and the counted balance. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, recount the wire transfers and review all transactions.
6. Credit Card - Payment made by credit card can be Non-Integrated or Integrated in the system. For more information on credit card processing within CoreBridge, please see CoreBridge's Integrated Merchant Service Providers.
Credit Card (Non-Integrated) are credit card payments entered manually in the system and processed on an external merchant provider not integrated with Corebridge. Credit Card (Integrated) are credit card payments processed within CoreBridge with an integration with our merchant service providers.
a. Credit Card (Non-Integrated) Amount - This is the total amount of credit card non integrated as a payment method in the system since last reconciliation period.
Note: Click the link above for credit card non-integrated details. Click Done after reviewing the transaction list.
b. Actual Counted - Enter the total value of credit card non-integrated processed. You can click on the down icon to populate this field with the system calculated amount as a shortcut after verifying the amount.
Note: The credit card non-integrated total must equal the system calculated amount.
c. Difference - This is the difference between the system calculated credit card non-integrated and the counted amount. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, review all transactions.
d. Credit Card (Integrated) Amount - This is the total amount of credit card integrated as a payment method in the system since last reconciliation period.
Note: Any payments processed through the Customer Portal will display here. Click the link above for credit card integrated details. Click Done after reviewing the transaction list.
e. Actual Counted - Enter the total value of credit card integrated processed. You can click on the down icon to populate this field with the system calculated amount as a shortcut after the amount has been verified.
Note: The credit card integrated total must equal the system calculated amount.
f. Difference - This is the difference between the system calculated credit card integrated and the counted amount. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, review all transactions.
7. Custom Payment Methods - Payment methods such as Zelle, Venmo, or other 3rd party payment systems. For more information on custom payment methods, please see Payment Methods.
a. Custom Payment Amount - This is the total amount of payments received with custom as a payment method in the system since the last reconciliation period.
Note: Click on the link above for custom details. Click Done after reviewing the transaction list.
b. Actual Counted - Enter the total value of the custom payments received.
Note: The custom total must equal the system calculated custom balance. You can click on the down icon to populate this field with the system calculated amount as a shortcut after verifying this amount.
c. Difference - This is the difference between the system calculated custom payment balance and the amount counted. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, recount the custom payments and review all transactions.
d. Custom Payment Method Label Amount - This is the total amount of payments received for your custom payment label you have added as a payment method in the system since the last reconciliation period.
Note: Click on the link above for custom details. Click Done after reviewing the transaction list.
e. Custom Label Actual Counted - Enter the total value of the custom label payments received.
Note: The custom label total must equal the system calculated custom label balance. You can click on the down icon to populate this field with the system calculated amount as a shortcut after verifying this amount.
f. Difference - This is the difference between the system calculated custom label payment balance and the amount counted. This amount must be 0.00 to proceed.
Note: If the difference is not 0.00, recount the custom label payments and review all transactions.
Example: Whatever custom payment method that you create in the system will be listed here, this example is Venmo.
8. In-Store Credit - This amount represents in store credits applied as payments for invoices in this reconciliation period.
9. Bad Debt Total - This amount represents receivables marked Bad Debt to be written off as a business loss in this reconciliation period.
10. Early Payment Credit Total - This represents a credit given to a customer for making a payment early in this reconciliation period.
11. Refunded Payments - This amount represents all refunds issued to customers during this reconciliation period.
12. Voided Orders - This amount represents all voided orders that have been invoiced with full or partial payment received.
Note: Click on the links in each section to view details.
13. Go to the Payments and Refunds tab to review all system posted transaction since the last reconciliation.
14. Go to the Financial Summary Tab to review to review your Financial Reports for this reconciliation period.
Note: At the top of the screen will show the date and time from the last reconciliation period and this preview date and time.
15. Click Reconcile.
16. To view the current reconciliation or previous reports, navigate to Accounting / Reconciliation & Sync. Reports are saved with the date and time in the reconciliation list and assigned a number.
a. Reports can be viewed by clicking on the number.
Note: The Prefix on the reconciliation number denotes the business location.
b. Report can be downloaded by clicking on the Ellipsis on the right in the list.
c. Click Done.
Reconciliation Options
Navigate to Accounting / Settings / Reconciliation Options
1. Select Reconciliation Options.
2. Locations - These are the business locations.
a. Toggle to Disabled or Enabled daily automatic closing by location at the end of each day.
b. Reconciliation Option selections will show by hovering over the Auto Reconciliation label on the upper right on the Reconciliation & Sync listing screen.
Helpful Tips
Error messages may pop up during your reconciliation. The system will not allow you to proceed if your difference exceeds 0.00.
1. If the difference is not 0.00, review all transactions.
2. Verify your account mapping with your external accounting software in Settings / Integrations / Installed Integrations / Your Accounting Package.
3. CoreBridge will round to 4 decimal places, while many other accounting software packages round to 2 decimal places. This could result in a .01 difference. If this is the case, please reach out to [email protected].