Account Reconciliation Tasks
When you add a client, Keeper automatically pulls all bank and credit card accounts as Account Reconciliation Tasks.
Overview
Account Reconciliation tasks will show you the date of the Last Reconciled Transaction as well as the balance of the account as of month-end.
If you click into an Account Reconciliation task, you will see a ledger of all transactions in that account. You can also filter this report for transactions with the following states:
Reconciled – the transaction has been verified in a reconciliation
Cleared but not reconciled – the transaction has been added from the bank feed but not verified in a reconciliation
Uncleared – the transaction has not been matched to a bank feed item or reconciled to a statement
Add loans and other accounts you reconcile by clicking the Add New button at the bottom of the section.
Removing an account from your Account Reconciliations
If any of the accounts listed are not accounts you regularly reconcile, you can remove them.
To delete an account from the Account Reconciliation task list, click on the task to expand it, and then choose Delete reconciliation task to remove it from the list. It's a red button on the top right of the table.
Account Reconciliation task names will not be updated automatically if the name of the account changes in QuickBooks Online or Xero. To update the account task's name, we recommend removing and re-adding the account in Keeper to reflect any changes made since creating the task.
Timestamped account balances
You can also add a timestamped balance column to display the balance of the account timestamped to when you completed the task. This can help you identify accounts whose balances have changed since you reconciled them.
If the timestamped balance does not match the live book balance, that means something has changed in the account since you reconciled it, so you can click into the task to see the register and investigate.
Enable practice-wide time-stamped balances under Practice Settings > Practice Management > Workflows > Monthly close settings 🎉
Timestamped balances will only be captured for tasks completed on the Close page. They will not be captured for tasks completed via the Task List.
Intercompany reconciliations and transfers
Intercompany transfers allows you to reconcile Due To/From account balances across accounting files and post adjusting transactions from one file to the other.
This feature does not currently support multi-line expenses or invoices.
How to set up Intercompany functionality
Let's say you have two clients with intercompany transactions between them: ParentCo and ChildCo.
1) In ParentCo's file Settings, set up ChildCo as an Associated Company
2) In ParentCo's Account Reconciliation section, click the third column, toggle to Intercompany, and add the Due To/From ChildCo account
3) Map ChildCo's offsetting Due To/From ParentCo account via the info button so its balance shows up in the Other File column, and you can tie out the two files' balances against each other
4) To post an offsetting Journal Entry from ParentCo to ChildCo (e.g., for an expense that is attributable to ChildCo but was paid by ParentCo):
Click the More Information Button
Navigate to the Transfer tab
Fill in the details of the offsetting Journal Entry
Click Transfer to create a Journal Entry in ChildCo with matching dates, amounts, descriptions, and accounts
5) Perform steps 1-4 in ChildCo for ParentCo
Due to/from reconciliations
If you reconcile Due To/From Accounts against each other, you can also set up the Account Reconciliation tasks to pull the balance from the other file to make it easier to tie them out in your closing process.
Not seeing the third column under Account Reconciliation? Make sure you've followed the steps above. To recap,
Set up ChildCo as an Associated Company
Add the Due To/From ChildCo account
Map ChildCo's offsetting Due To/From ParentCo account