The Reconcile Transaction modal in COUNT is a powerful tool designed to simplify transaction management, ensuring your financial records remain accurate and aligned with real-world activity. This guide provides an in-depth walkthrough of the modal’s features and various tabs and shows how to use them effectively.
Accessing the Reconcile Transaction Modal
Hover over any transaction row on the Transactions page.
Click on the category field to open the Reconcile Transaction modal.
The modal dynamically adjusts based on the transaction type and context, with COUNT AI automatically highlighting the most relevant tab using its smart detection capabilities.
Reconcile Transaction Modal
Each tab in the modal serves a distinct purpose, helping you reconcile transactions quickly and accurately. Below is a detailed breakdown:
Categorize
Purpose: Classify transactions as income or expense using COUNT’s predefined categories.
Key Features:
Search for categories using the search bar.
Create custom categories directly by clicking "Add New Category."
Assign the selected category by clicking "Assign Category."
Example: Categorizing interest income as “Income | Earned Interest.”
Pro Tip: Use specific, descriptive category names for better financial insights.
Transfer
Purpose: Mark transactions as fund transfers between accounts.
Key Features:
Automatically detects probable transfers.
Manually select the destination account if no automatic match is found.
Option to "Auto-create a matching transaction" in the destination account if needed.
Example: Logging a $1,000 transfer from Checking to Savings accounts.
Pro Tip: Enable “Auto-create a matching transaction” for smoother transfer tracking.
Duplicates
Purpose: Identify and resolve duplicate transactions to maintain clean records.
Key Features:
Automatically highlights duplicates when detected.
View and compare duplicate entries side by side.
Retain one transaction and delete duplicates to avoid double-counting.
Example: Removing duplicates caused by manual entry and bank feed import.
Pro Tip: Regularly check for duplicates to ensure accurate reporting.
Assign to Bill (for expense transactions)
Purpose: Match expense transactions to unpaid bills for better tracking.
Key Features:
View unpaid bills with details like amount, due date, and vendor.
Select multiple bills to match a lump-sum payment.
Assign payments by clicking "Assign Payment to Bill."
Example: Splitting a $1,200 payment across two bills of $700 and $500.
Pro Tip: Match transactions promptly to avoid overdue bill tracking.
Assign to Invoice (for income transactions)
Purpose: Match income transactions to invoices to mark them as paid.
Key Features:
View open invoices with details like customer name, invoice amount, and due date.
Select multiple invoices for a single payment.
Apply payments by clicking "Apply Payment to Invoice."
Example: Matching a $3,000 deposit to two invoices of $1,500 each.
Pro Tip: Use the search bar to quickly locate invoices by customer or amount.
Match to Undeposited Funds
Purpose: Link deposits to undeposited funds for accurate bank reconciliation.
Key Features:
View undeposited funds from prior payments or sales.
Select the correct deposit entry to match with the transaction.
Ensure funds are accurately reflected in the final bank account.
Example: Matching a $2,500 bank deposit to a $2,500 invoice previously paid using COUNT payments.
Key Features and Automatic Suggestions
Automatic Tab Selection: Tabs are highlighted automatically based on transaction patterns (e.g., duplicates, transfers).
Smart Suggestions: Probable matches for transfers, invoices, or bills are flagged to streamline the process.
Manual Overrides: Easily override AI suggestions to assign categories, accounts, or links as needed.
Working with Multiple Matches
For transactions that apply to multiple invoices or bills:
Select all applicable invoices or bills by checking their boxes.
Ensure the total amount matches the transaction before applying the payment.
Use this feature to reconcile lump-sum deposits or payments efficiently.
Example Scenarios
Categorizing Interest Income
Scenario: A $4.22 entry appears in your Checking account.
Open the modal by clicking the category field.
Navigate to the Categorize tab.
Select “Income | Earned Interest” from the list.
Click "Assign Category" to save.
Handling a Transfer
Scenario: $1,000 debit in Checking matches $1,000 credit in Savings.
Open the modal and go to the Transfer tab.
Confirm the AI-suggested match or manually select the destination account.
(Optional) Check "Auto-create a matching transaction" to add the transfer to the account.
Click "Transfer" to finalize.
Assigning a Payment to Multiple Invoices
Scenario: $3,000 deposit linked to two invoices.
Open the modal and navigate to the Assign to Invoice tab.
Select both invoices (e.g., Invoice #3 for $2,000 and Invoice #2 for $1,000).
Click "Apply Payment to Invoice" to mark them as paid.
Frequently Asked Questions
What happens if no automatic matches are found?
What happens if no automatic matches are found?
You can manually assign the transaction by navigating to the appropriate tab and selecting the relevant category, account, bill, or invoice.
What does “Auto-create a matching transaction” do?
What does “Auto-create a matching transaction” do?
This feature creates a new transaction in the selected account to ensure both accounts are balanced when logging transfers.
By leveraging the Reconcile Transaction modal and COUNT AI’s intelligent suggestions, you can efficiently manage your financial records with confidence and accuracy.