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Best Practices for Bank Reconciliation

Silo AR/AP users (without QuickBooks integration or Silo Accounting)

  1. View invoices:
    • Navigate to Finance > Sales > Invoices and select the date range for viewing invoices.
    • Select the appropriate filters to view specific sets of invoices (the most common are Customer, Type, and Status)
  2. View purchases and expenses:
    • Navigate to Finance > Expenses > Expenses and select the date range for viewing purchases and/or expenses
    • Select the appropriate filters to view specific sets of purchases and/or expenses (the most common are Vendor, Type, and Payment Status)
  3. View payments:
    • Once you've filtered to the list of payments you want to review, press the blue chevron on the left of each payment to expand the payment details, including the list of invoices or expenses the payment is applied to.
    • Navigate to Finance > Sales > Payments (for customer payments) or Finance > Expenses > Payments (for vendor payments)
    • Select the appropriate filters to view specific sets of payments
  4. View credits/returns:
    • Navigate to Finance > Sales > Credits (for credits to your customers) or Finance > Expenses > Credits (for returns to your vendors)
    • Select the appropriate filters to view specific sets of credits or returns

All data can be exported to a .csv file using the Export button.

 

Silo Accounting Users (without QuickBooks integration)

  1. Ledgers:
    • Navigate to Finance > Ledgers
    • Select the date range and account you'd like to review
    • View all transactions recorded in the specified account and date range
    • The ending balance of the account for that time period will be at the top of the view next to the most recent transaction
    • Press Export ledger to download transactions to a .csv file
    • Press the chevron next to each transaction to expand the transaction details and view which accounts were affected
  2. Reports:
    • Navigate to Reports > Financial
    • Select either P&L or Balance Sheet
    • Select a date range to view the report
      • Reports can be exported to a .csv file and edited or combined in Excel.

 

Silo QuickBooks Integration Users (without Silo Accounting enabled)

  1. Error log troubleshooting: Any entity with an error that appears in the error log will not sync to QuickBooks until the error is resolved. This can cause discrepancies between AR/AP data in Silo and QuickBooks. If there are any errors, you will see a link to the error log in the top right corner of the Accounting screens. Review the error log to ensure all data from Silo has synced successfully to QuickBooks.
    • Review the description field to see the specific error and how to resolve it.
    • Use the “disconnect” button if you don’t want that specific entity and any connected entities to sync to QuickBooks. Note that if you make any subsequent updates to this object in Silo, the same updates will need to be made manually in QuickBooks to avoid discrepancies.
  2. Accounts Receivable/Accounts Payable totals: a quick way to view AR/AP totals in Silo is the AR Overview and AP Overview screens. 
    • AR Overview (Finance > Sales > Overview) shows a day-by-day breakdown of all AR transactions with a summary total on the top right of the graph.
    • AP Overview (Finance > Expenses > Overview) shows a summary overview of total expenses recorded and an aging breakdown of all unpaid expenses within the selected date range.
    • To view individual customer or vendor balances, go to the other Sales/Expenses tabs and filter by customer or vendor to view individual transactions and overall balances for that customer or vendor.
    • All reports for AR/AP data can be exported to a .csv file to be viewed in Excel.
  3. QB Sync Status Column: The QB sync status column can be used to see whether a transaction has successfully synced to QuickBooks. Use this column to find any transactions that haven't synced successfully or have an error associated with them to resolve and then sync to QuickBooks.

 

QuickBooks Integration Users (with Silo Accounting enabled)

  1. Error log troubleshooting: Any entity with an error that appears in the error log will not sync to QuickBooks until the error is resolved. This can cause discrepancies between AR/AP data in Silo and QuickBooks. If there are any errors, you will see a link to the error log in the top right corner of the Accounting screens. Review the error log to ensure all data from Silo has synced successfully to QuickBooks.
    • Review the description field to see the specific error and how to resolve it.
    • Use the “disconnect” button if you don’t want that specific entity and any connected entities to sync to QuickBooks. Note that if you make any subsequent updates to this object in Silo, the same updates will need to be made manually in QuickBooks to avoid discrepancies.
  2. QB Sync Status column: The QB sync status column can be used to see whether a transaction has successfully synced to QuickBooks. Use this column to find any transactions that haven't synced successfully or have an error associated with them to resolve and then sync to QuickBooks.
  3. Ledgers:
    • Navigate to Finance > Ledgers
    • Select the date range and account you'd like to review
    • View all transactions recorded in the specified account and date range
    • The ending balance of the account for that time period will be at the top of the view next to the most recent transaction
    • Press Export ledger to download transactions to a .csv file
    • Press the chevron next to each transaction to expand the transaction details and view which accounts were affected
  4. Reports:
    • Navigate to Reports > Financial
    • Select either P&L or Balance Sheet
    • Select a date range to view the report
      • Reports can be exported to a .csv file and edited or combined in Excel.
  5. Cost of Goods Sold value: Be aware that there will likely be a discrepancy in cost of goods sold between Silo and QuickBooks. This is because Silo calculates the cost of goods sold at the lot level, while QuickBooks calculates based on the average purchase price of all lots sold for each item. Use journal entries to adjust for COGS discrepancies in QuickBooks.
  6. The following transactions are not included in the integration and need to be recorded manually in QuickBooks. Please ensure these are recorded in QuickBooks before closing your books for a specific period.
    • Inventory waste (manual and closing loss)
    • Bounced checks
    • Manual journal entries