darwin Cloud now includes automatic bank reconciliation

User setup bank account authorization within darwin Cloud.  Then, each day, your bank sends all your bank activity into darwin Cloud automatically.  When  ready to do your bank reconciliation, darwin Cloud already “knows” all the deposits and checks that have cleared your bank account.  It auto-matches the checks and deposits from your bank to the checks and deposits in darwin Cloud .  Our testing shows that over 90% of the items in darwin Cloud successfully auto-match.

This new technology is a huge timesaver.  You can free your accounting staff to do valuable work like budgets and forecasting.  Bank reconciliations are essential. They are the proof of our financial reports and a hedge against any kind of fraud.  

But up till now, they have always taken a lot of time.  Get that time back with this important efficiency tool now available for all darwin Cloud users.

darwin Cloud now has automatic bank reconciliation. There's been this thing going on for along time with our clients where they'll say.  I really wanna quit Quickbooks, and do all my accounting in AccountTECH But there's this auto reconcile feature in Quickbooks.  And I really can't give that up.  Well now you can, because auto reconcile has come to darwin Cloud.

Bankstream

This is where you'll connect all your bank accounts and all your credit cards to darwin Cloud

1. Click Banking menu
2. Click Balances submenu  

This feature pulls all your credit card charges every day and posts them to your financial.

On the Balances screen:  

3. Click the connect button
4. Choose how you want to connect your bank accounts
5. In the popup window, click connect
6. In the popup window, find your bank

Then enter the credentials to log into online banking.  What this does is tell your bank it's authorized to send all your transactions to darwin Cloud.  This is how darwin Cloud gets all your bank and credit card transactions.

How automated bank reconciliation works

Once the bank stream feature in darwin Cloud has been successfully set up and the bank accounts connected, the transactions will come in everyday thru the Classify sub menu. This is where users will be able to classify, approve and post those transactions that comes in thru the day.

1. Click Banking menu
2. Click Classify submenu
3. Choose date type
4. Choose bank account
5. Click search
6. Click classify

Once done, these items will automatically be included on your next bank reconciliation. To view the items

1. Click Reconciliation
2. Click search
3. Choose the company
4. Select the bank account
5. Click on the result shown to select

6. Click on the auto cleared button
7. Enter the date. This will pull all the bank transactions up to the date entered
8. Click run

9. The system will then notify the user of the successful items that has been cleared