How to Reconcile in Reapit PM

Overview

Reconciliation confirms that the trust ledger in Reapit PM matches your trust bank account. This article covers:

• Importing bank transactions
• Matching transactions
• Investigating a variance
• Finalising and reporting

Import bank transactions

1. Download the transaction file from your bank in OFX or CSV format, or skip this step if your agency uses an automated bank feed.
2. Navigate to Trust › Reconciliation and select + New reconciliation.
3. Enter the statement date and statement closing balance from your bank statement.
4. Select Import file and choose the downloaded file. Transactions appear in the unmatched list.

Tip: Agencies on a bank feed see transactions arrive automatically each morning, which makes a short daily reconciliation practical instead of a long end-of-month session.

Match transactions

1. Reapit PM auto-matches transactions where the amount and reference align with a ledger entry. Auto-matched items show a green tick.
2. Work through the remaining unmatched items:
   • Tenant payments — match to the tenant using the payment reference, then receipt if not already receipted.
   • EFT payments out — match to the corresponding payment batch.
   • Bank fees and interest — record them via Quick entry so the ledger reflects them.
3. The variance figure at the top of the screen updates as you match. It must reach $0.00 before you can finalise.

Investigate a variance

If the variance is not zero after matching:

1. Select Variance report to list ledger entries with no bank match and bank transactions with no ledger match.
2. Common causes are unpresented cheques, a receipt entered for the wrong amount, or a bank transaction dated outside the statement period.
3. Correct the ledger entry, or carry a legitimately unpresented item forward — it will appear in the next reconciliation automatically.

Finalise and report

1. When the variance shows $0.00, select Finalise.
2. Print or save the reconciliation report, and file it with the bank statement for your auditor.
3. The reconciliation is locked once finalised. Any later correction must be processed as a new ledger entry in the current period, never by editing history.

Note: Most states require trust reconciliation at least monthly, within a set number of days after month end. Check the requirements for your state.