The Reconciliations page shows any reconciliations in process, as well as any completed reconciliations.
- Initiate a new reconciliation by clicking the '+' symbol in the section header
- Perform a search to find specific transactions included in reconciliation reports. Search for specific source\payees, memo detail, or transaction ID
- Filter view by Status, & Date range using the filter dropdown menus
- View full reconciliation details, including worksheet, three-way reconciliation report & associated bank statement by clicking on a given reconciliation
- To complete a reconciliation currently in progress, select (click) the open reconciliation from the list.
For completed reconciliations, clicking the ellipses menu to the right of the reconciliation provides additional activities:
- Detailed reconciliation report. This report includes cleared and uncleared deposits and disbursements, cleared and uncleared balances, and an adjusted trust ledger balance
- 3-way reconciliation report. This report compares the adjusted trust bank account balance (after accounting for cleared and uncleared deposits and disbursements), the sum of the client ledger balances, and the trust ledger balance. This report is helpful in instances in which you need to demonstrate compliance with trust accounting regulations.
- Update the bank statement. Selecting this option will allow you to upload an updated statement from the bank and attach it to the reconciliation.
- Delete the reconciliation. If you need to delete a reconciliation, you may do it by selecting this menu option.
|Trust account balance||Represents the current Trust account balance including all cleared and uncleared transactions|
|Deposits||The sum of all deposits within the specified date range. The default date range is the past 3 months|
|Disbursements||The sum of all disbursements within the specified date range. The default date range is the last 3 months|
|Owed to Operating||This is the amount of all earned fees & advanced client costs that can be paid from the Trust account to the Law Firm Operating account. This amount is the sum of all invoices that have been paid using the “Transfer from Trust” payment method.|
|Date||Reconciliation date (Date the reconciliation was completed)|
In progress – Reconciliations that have been started and saved but not completed
Finished – Reconciliations that have been completed
|Ending balance||Indicates the adjusted ending Trust account balance as of the reconciliation date|
|Bank statement||Links to any Trust account bank statements that have been uploaded and attached to a reconciliation|
NOTE: For your protection, MONESQ will not allow you to enter a new transaction with a date that falls within a prior reconciliation period.