Reconcile deposits with bank

StoredSafe

Does anyone have a good system to reconcile deposits with your bank statement? I have tried a few ways and it all seems very tedious. I feel like there has to be a better way. 

JulieAton

Do you export data to QB or another accounting program?   I only manually enter for the reason you stated above.  I have a good system that works for me. I only do Daily Close when I make a bank deposit.  Usually 3 or 4 times a month.  In QB I  enter the amounts from the Daily Deposit Report.  EX: Rent & any of the other categories you enter as rent minus total of ACH-Debit-Charge.  I then enter the other categories-Late Fees, Insurance, Merchandise.  This amount should match the Bank Deposit amount listed as the 1st subtotal in 2nd column.   I keep a daily ledger from the Daily Payments Report of ACH and Card payments.  I confirm this amount to the daily emails from my processing company. Then enter in QB.

I like manually entering the figures because it gives me chance to actually see all the figures instead of importing them!  Gives me a better feel for what is going on.

StoredSafe

How do you only do a deposit 3-4 times a month? We charge on the first of every month but still have new move ins at least a few times a week that come with new payments and deposits. Are you just referring to checks and cash? I guess the payments from the daily close reports not always grouping together the same as my bank account shows is the most frustrating. Ex: payment from April 1 of $40 gets grouped with April 3 payment of $30, but April 2 payment is a deposit by itself of $50. I find myself spending so much time tracking to make sure every deposit is appropriately accounted for. What processing company do you use? I definitely like to manually enter things as well.

JulieAton

StoredSafe said:

How do you only do a deposit 3-4 times a month? We charge on the first of every month but still have new move ins at least a few times a week that come with new payments and deposits. Are you just referring to checks and cash? I guess the payments from the daily close reports not always grouping together the same as my bank account shows is the most frustrating. Ex: payment from April 1 of $40 gets grouped with April 3 payment of $30, but April 2 payment is a deposit by itself of $50. I find myself spending so much time tracking to make sure every deposit is appropriately accounted for. What processing company do you use? I definitely like to manually enter things as well.

I get some payments by check around the 1st to the 10th of the month.  All new rentals are card or ACH payments.  You are correct that I only do the daily close when I have enough checks to justify a trip to the bank.  I suggest you try entering the card/ACH payments like I do from the Daily Payments Report.  Even then I have a few that aren't grouped correctly due to cut off times or something.  But by keeping track of it daily it is pretty easy to find and correct.  My processing through SBOA is Paya.  Paya send out and email every night of the transactions.  I do realize there are owners that require the daily close and daily deposit.  But I am the owner!  I do occasionally here from a tenant that pays late that it takes forever before their check clears the bank.   Well it took forever for you to send me the check! LOL