Modern Treasury has an advanced reconciliation dashboard to help finance and operations teams oversee their company’s cash activity across banks. Within the reconciliation dashboard, you can view reconciliation statuses across accounts and utilize the reconciliation side-by-side tool to manage unreconciled exceptions by manually matching bank transactions against Expected Payments. This dashboard offers teams with precise, real time views into their financial activity, and provides automated workflows to streamline financial operations.Taken together, the reconciliation dashboard gives finance teams insights into their cash activity, and the tools to drive efficiency and better decision making throughout the organization.
This article will guide you through the reconciliation dashboard and reconciliation side-by-side tool. It will explain features and outline how to utilize the tools. The goal of this guide is to explain features and walk through how to utilize these tools so that you can make the most of these powerful capabilities. In this guide we will cover:
Overview of the reconciliation dashboard
The reconciliation dashboard provides a comprehensive and digestible snapshot of your reconciliation status across your accounts. By combining high-level metrics with detailed account filters and views, the reconciliation dashboard offers teams real time transparency and control over their company’s financial activity.
There are three main components:
- Summary Metrics: Key metrics are displayed prominently at the top of the page when you log in. These metrics summarize unreconciled bank transactions, total reconciled volume, and unreconciled volumes by inflow and outflow.
- Detail Table: The summary table provides a more granular look into individual accounts. It offers key metrics to help you to quickly assess reconciliation status across accounts or account groups.
We offer filters to support your financial analysis. These filters allow you to view reconciliation statuses across a specific time period or currency. With filters, you can quickly drill down into accounts and resolve any unreconciled exceptions.
- Create Bulk Expected Payments: This tool allows you to create Expected Payments in bulk without engineering resources. Once you’ve created Expected Payments, you will be able to view each Expected Payment in the reconciliation side-by-side tool to match against a bank transaction. See more info here.
Reconciliation Metrics Definitions
|Available Balance||The available balance represents the total amount of funds that are currently available for use across all accounts for the selected currency.|
|Prior-Day Balance||The prior-day balance reports the account balance at the end of the previous business day across all accounts for the selected currency.|
|Reconciled Volume||The reconciled volume reflects the total volume of transactions (for the selected currency) that have been successfully reconciled within Modern Treasury across all accounts. It is calculated by dividing the total volume reconciled by the total volume moved.|
|Unreconciled Inflows||Unreconciled inflows represent the total volume of incoming transactions (for the selected currency) that are unreconciled across all accounts. Unreconciled inflows metric is calculated by dividing total volume of unreconciled inflows by the total volume of inflows.|
|Unreconciled Outflows||Unreconciled outflows represent the total volume of outgoing transactions (for the selected currency) that are unreconciled across all accounts. Unreconciled outflows metric is calculated by dividing total volume of unreconciled outflows by the total volume of outflows.|
To reconcile transactions
- On the left side, select an unreconciled bank transaction.
- On the right side, select an Expected Payment.
- With both objects selected, click on the "Reconcile Selected” button in the top right.
- Once processed, the bank transaction and the Expected Payment are both changed to “reconciled.”
- If you accidentally reconcile something, you have the ability to reverse back to the original state.
Frequently Asked Questions
What should I do if I accidentally reconcile something incorrectly?
If you make a make a mistake you can click "Undo" to reverse both the transaction and Expected Payment to their original state