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Reconcile Your Bank Statement Each Month

Updated

What this does: Matches the deposits recorded in GrowthZone to your monthly bank statement: card and bank (ACH) deposits from GrowthZone Pay (GZ Pay) first, then checks and cash.

Applies to: GrowthZone associations using GZ Pay. REALTOR® associations using National Association of REALTORS® (NAR) e-commerce should use Month End Processes for REALTOR® Associations instead.

Before you start: Have a copy of your bank statement for the month. GZ Pay creates its deposits in GrowthZone automatically (see Create/Record Deposits & Refunds).

Time needed: 20 to 30 minutes each month.

Good to know:

  • If you use the QuickBooks Online integration (full sync in near real time), deposits are recorded in QuickBooks, not GrowthZone. The GZ Pay Transfers Details Report can still help you find them. For QuickBooks questions, see the Intuit help center.
  • These steps are a suggested routine. Your own business practices decide how often and how you reconcile.

Reconcile GZ Pay deposits (card and ACH)

GZ Pay sends money to your bank as transfers, net of fees. Match each transfer to a bank deposit.

  1. Go to Reports, click All Reports and search for GZ Pay Transfers Details Report. Click the report name to open it.
    All Reports page searched for GZ Pay Transfers, with GZ Pay Transfers Details Report boxed
  2. Set Date Range to the month you are reconciling, for example Last Month.
    GZ Pay Transfers Details Report with the Date Range options open
  3. Under Display Options, set Summarize By to Transfer Id. More than one transfer can happen in a day, so this keeps them apart.
  4. Click Run Report. To work in a spreadsheet, click Actions (•••) and select Export as Excel.
    GZ Pay Transfers Details Report with Summarize By Transfer Id, Export as Excel and Run Report boxed
  5. Tick off each transfer against your bank statement. Total is the amount deposited in the bank, after fees. Fee shows the card processing fees.
    GZ Pay Transfers Details Report results with the Total (net amount deposited) and Fee (credit card fees) columns called out

Checkpoint: Every transfer total matches a bank deposit.

Reconcile check and cash deposits

Leave out card and bank (ACH) payments, then match each deposit date to the bank.

  1. Go to Reports, click All Reports and search for Deposit Report. Click the report name to open it.
  2. Set the Deposit Date Range, for example Last Month.
  3. Under Additional Criteria / Filters, add Payment Type Not Equals Credit Card.
  4. Click Add filter (+), choose OR, and add Payment Type Not Equals Bank. ACH payments are called Bank in this report.
  5. Under Display Options, set Summarize By to Deposit Date.
    Deposit Report with Payment Type Not Equals Credit Card or Bank filters and Summarize By Deposit Date boxed
  6. Click Run Report, and export to Excel if you like.
  7. Tick off each deposit against your bank statement. The deposit date should be the day the checks or cash went to the bank and were recorded in GrowthZone.
    Deposit Report results grouped by Deposit Date with check and cash totals

Export accounting transactions

To send GrowthZone’s journal entries to your accounting software, see Accounting Transaction Export: prerequisites, daily deposits and monthly export. Then follow your accounting software’s steps to import the file.

Video: Reconciliation guide for standard users (Screencast video; may show the earlier navigation)

Common pitfalls

  • Bank deposit lower than the GrowthZone total: GZ Pay deducts fees before the transfer. Compare against the Total column, not the gross amount.
  • Two transfers on one day look like one: summarize by Transfer Id.
  • Card or ACH payments in the check and cash report: add both Not Equals filters (Credit Card and Bank).

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