Audience: Landlords & Property Managers
What are Reconciliations?
Reconciliations are the ability to compare the Transactions that you added to Housters against your bank or credit card account statements, to ensure that every Transaction was added and none were missed.
How do I enable Reconciliations in Housters?
On the Preferences screen, you can set your Accounting Mode to either Double Entry or Advanced Double Entry. This allows you to specify not just what types of Transactions you are adding (e.g. a rent payment or a repair) but also where the money came from or went to (e.g. a bank or credit card account.) Read more about the Accounting Modes on our Preferences help topic.
How do I perform a Reconciliation?
With either Double Entry or Advanced Double Entry mode enabled, they unlock the ability to perform Transaction Reconciliations from the Reconciliation screen. You can pick an account (which is really a Transaction Type in the Assets or Liabilities category), set a starting balance and date range that matches up with your bank or credit card account statement, and check the boxes of individual Transactions in Housters that match up with Transactions on your statement. The ending balance in the Reconciliation should match the ending balance on your account statement if all Transactions match.
If the ending balances match, you can go ahead and click the Post Reconciliation button. This will lock in the reconciliation for that statement, move on to the next monthly statement date range, and set the ending balance from the last statement as the starting balance for the next statement.
If the ending balances do not match, then it means that the Transactions you added into Housters don’t match up with the Transactions on your statement. In this case, you should review each Transaction and ensure that you didn’t miss any that need to be added into Housters, and that you inputted the amounts correctly.
Because reconciliations have you input your account balances, this has the added bonus of allowing Housters to then track how much money is in your accounts and display those account balances on the main dashboard. Simply go to the Transactions screen, edit an Assets or Liabilities Type, and set the “Show Balance on Dashboard?” setting to Yes. Pretty cool!