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Streamline Your Finances with Automated Bank Reconciliation in ProLaw

Managing bank reconciliations can be a time-consuming task, but with ProLaw’s automated bank reconciliation feature, you can significantly streamline the process. This powerful tool allows you to efficiently reconcile bank transactions by importing a file directly from your bank, accessible right from the reconciliation window’s taskbar.

How Automated Bank Reconciliation Works

The Automated Bank Reconciliation Import window provides a user-friendly interface to define the format of your bank’s reconciliation file, similar to how transactions are imported. This flexibility ensures compatibility with various bank file formats.

Here’s what you can do with automated bank reconciliation:

  • Map Account Numbers: Easily link account numbers from your bank file to the corresponding account numbers within ProLaw.
  • Set Default Accounts: Specify a default account for entries if no account number is present in the bank file.
  • Reconciliation Codes: Designate specific codes from the reconciliation file that indicate an item should be cleared.
  • Date Flexibility: Define the date format and even set a “fudge factor” for dates. This allows for minor discrepancies between the date in the reconciliation file and the date in ProLaw (e.g., clearing a deposit if the amount matches and the date is within five days).

Understanding the Import File Requirements

To ensure successful and accurate clearing of entries, your text file from the bank needs to meet a few minimum requirements:

  • Format: The file must be in either a fixed-width format (where each field has a predetermined character length) or a delimited format (where a separator like a comma distinguishes each field).
  • Minimum Data per Line: Each line of the file must include at least:
    • For checks: The check number and amount.
    • For deposits: The date and the amount.
  • Account Number (Conditional): If all entries pertain to a single checking account, the account number is not required in the file. However, if entries are for different checking accounts, the file must include the account number.
  • Status Codes (Optional): You have the option to include status codes.
  • Consistent Formatting: The format of the information should remain consistent from line to line throughout the file.
  • One Entry per Line: Each line in the file must contain information for exactly one entry.

Examples of File Contents

Fixed-Length File Example:

10/3/09   10001-001 1234   10.5
12/22/09 10001-001 1235   25.5
1/3/09    100251-12 1236   12.25

In this example:

  • The date always occupies 10 characters.
  • The account number is the next 9 characters.
  • The check number is the subsequent 5 characters.
  • The amount is the final 7 characters.

Delimited File Example:

1001-001,1234,10/3/2009,10.5
1001-001,1235,12/22/2009,25.5
10251-125,1236,1/3/2009,12.25

In this example (assuming a comma delimiter):

  • Everything before the first comma represents the account.
  • Between the first and second commas is the check number.
  • Between the second and third commas is the date.
  • The last field is the amount.

By leveraging ProLaw’s automated bank reconciliation, you can significantly reduce manual effort, improve accuracy, and gain greater control over your financial records.

 

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