Property Management:
Maintaining accurate financial records in Safe 300 CRE needs consistent reconciliation. Keep your financials balanced across the three important modules comprising Bank Services, General Ledger, and Property Management. Our precise three-way reconciliation process makes sure your tenant and deposit ledgers tie perfectly to your cash accounts and GL balances. When all of them are synchronized, you can be certain that your financial data is consistent, transparent, and audit-ready.
Where to
Bank Services:
First step is to start using Reconcile Statements or Reconcile E-Statements (OFX feeds) options within bank services. This procedure helps match both bank balance and your book balance. This identifies any inconsistencies between the two books.
Property Management (PM) Module:
Next step is to review tenant accounts receivable and security deposit ledgers to ensure they align with GL liability accounts. Keeping the PM records accurate is significant for reflecting correct balances across all the ledgers.
Tip: For additional guidance, check Sage Knowledge Base and community threads for guidance on Cash Management ↔ GL reconciliation best practices. These resources are there to troubleshoot tips and workflow optimization strategies so that you can streamline the reconciliation process.
SOP
Post all subledgers (AP/AR) before reconciling
Post all subledgers (AP/AR) before starting reconciliation. An unposted transaction can create disparities in the ledger.
Reconcile to statement date
Reconcile to the statement date, then export your bank reconciliation report. This will make sure that the records reflect the same date as per the data of the bank.
Export GL cash ledgers
Export GL cash balances and PM tenant/deposit ledgers for the particular period of time. Working within the same period can avoid any kind of time discrepancies.
Export PM ledgers including deposits
Verify alignment: Bank should equal GL equals the total of ledgers (on the same date). Investigate and correct any stale items or miscoded transactions. If there is any difference, then you need to resolve it to avoid any kind of problem later.
Be
Consistency and accuracy are significant to sound financial management. With a clean three-way reconciliation, create a solid foundation for financial reporting as well as decision-making. Moreover, you can be compliance-ready. Make reconciliation a consistent habit and document each cycle wisely.
To streamline the process and maintain audit readiness, download the checklist. This will help you in checking if the reconciliation cycle is done and have been aligned.
